According to @EmberCN, a whale/institution bought about 7.5M USDT worth of $ASTER on spot while a linked wallet simultaneously opened a 3x leveraged short for 6.486M $ASTER on Hyperliquid, matching the spot size, source: @EmberCN. This positioning indicates a hedge or funding rate arbitrage rather than a naked long, given Hyperliquid’s positive funding where longs pay shorts with an annualized rate near 450% at the time, source: @EmberCN. The short/arb address is shown at hyperbot.network/trader/0x45d26f28196d226497130c4bAc709d808fEd4029, source: @EmberCN. For traders, the flow signals largely delta-neutral exposure and reduces the likelihood that the spot buy adds directional upward pressure on $ASTER, source: @EmberCN.