James Wynn’s $46 Million Profit on Hyperliquid Sparks Debate Over Centralized Exchanges

• A trader, known as James Wynn, has generated a staggering $46 million in profits within just two months on the decentralized exchange Hyperliquid.

• This remarkable achievement stems from strategic high-leverage trading on Bitcoin and popular meme coins like PEPE and TRUMP.

• Wynn openly criticized centralized exchanges, advocating for Hyperliquid’s decentralized approach.

James Wynn earns $46 million trading on Hyperliquid, leveraging Bitcoin and meme coins while criticizing centralized exchanges. A game changer in crypto?

Hyperliquid Trader Criticizes CEXs While Riding $46 Million Profit Wave

James Wynn’s trading strategy has captured significant attention since he started on Hyperliquid in mid-March 2025. Employing high-leverage positions, Wynn has made aggressive trades that have pushed his profits to unparalleled heights. With leverage ratios between 5x and 40x, his trading style epitomizes the risky yet potentially rewarding nature of decentralized finance.

According to on-chain analytics firm Lookonchain, Wynn’s most significant trade is a 10x long on the meme coin PEPE, contributing $23.8 million in unrealized gains. Additionally, his 40x long position on Bitcoin has logged around $5.4 million in paper profits. This data underscores the lucrative possibilities offered by decentralized trading platforms.

Diving Deeper into Wynn’s Strategy and Performance

Wynn’s impressive performance is not merely luck; it is the result of meticulous analysis and skillful execution. With five open positions still generating unrealized gains, Wynn’s approach places him atop Hyperliquid’s trader leaderboard. In the last 24 hours alone, his profits soared by an astonishing $11.4 million, solidifying his status as a leading trader in the decentralized arena.

Hyperliquid Top Traders List. Source: X/James Wynn

Hyperliquid User Base Continues to Grow Despite Controversy

Beyond profit gains, Wynn has emerged as a vocal advocate for decentralized exchanges, harshly criticizing centralized platforms like Bybit. His claims highlight concerns over potential market manipulation, which he argues jeopardizes retail traders.

Wynn refused a lucrative offer of $1 million monthly from Bybit, citing significant ethical concerns. In his words:

“They want me to trade on Bybit; I won’t stop using Hyperliquid even if they offer me $1 million a month. Half the reason I’m shilling my trades publicly is because I want HL to dominate the exchange market share because other exchanges are corrupted.”

Wynn’s statements raise critical discussions regarding the disparities between centralized and decentralized platforms.

Despite the recent controversy surrounding Hyperliquid, particularly with the JELLY meme coin short squeeze, the platform maintains a robust following. Many traders continue to choose Hyperliquid for its ability to allow users complete control over their funds without intermediaries.

Hyperliquid Market Dominance. Source: DeFiLlama

In just a year, Hyperliquid has grown to capture over 60% of the decentralized perpetual trading market, up from 44% at the end of 2024, as per DeFiLlama data.

Conclusion

The success of James Wynn on Hyperliquid emphasizes the potential for traders in decentralized markets. His profits serve as an affirmation of the significant gains possible on platforms that prioritize transparency and user control over funds. As more traders begin to favor decentralized exchanges, the implications for the broader market could be profound, shifting how trading is perceived and executed.