REVERSE ENGINEERING WINTERMUTE'S $100M MARKET MAKING WALLET ON HYPERLIQUID
One thing nobody talks much about is that, since everything is on-chain, you can just LOOK with your own HUMAN EYES at what the tier 1 market makers like Wintermute are doing on Hyperliquid (or fetch it with a Claude script like me). Positions, Balances, Orders, everything.
Wintermute's Wallet: 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00
I pulled Wintermute's full account state on Hyperliquid - positions, balances, and open orders. Here's the complete breakdown.
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1/ THE SETUP
Wintermute runs a ~$95M operation on Hyperliquid:
- $57.8M perp account
- $37.4M in spot holdings
- 1,732 resting orders
- 76 markets quoted
- $199M total quoted notional
Wallet: 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00
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2/ QUOTING OVERVIEW
Total bid notional: $101.7M (51%)
Total ask notional: $97.2M (49%)
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3/ TOP MARKETS BY QUOTED NOTIONAL
BTC: $78.1M (105 orders, 0.96 bps min spread)
ETH: $32.0M (103 orders, 2.19 bps min spread)
SOL: $14.1M (54 orders, 1.39 bps min spread)
HYPE: $9.7M (27 orders, 23.8 bps min spread)
XRP: $9.6M (58 orders, 8.07 bps min spread)
DOGE: $9.1M (38 orders, 4.18 bps min spread)
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4/ THE TIERED SIZE STRUCTURE
Wintermute uses up to 11 size tiers per market with a consistent 2.5-2.8x multiplier (geometric) between tiers.
Smaller sizes near mid with tight spreads.
Larger sizes further out with wider spreads.
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5/ BTC QUOTING LADDER
Distance Size Notional
0.001% 0.05 BTC $4.7K
0.003% 0.11 BTC $10.3K
0.010% 0.37 BTC $34.6K
0.030% 2.67 BTC $250K
0.080% 13.4 BTC $1.25M
0.200% 27.5 BTC $2.57M
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6/ SPREAD ANALYSIS
Large cap (BTC, ETH): 1.6 bps avg spread
Mid cap (SOL, XRP, etc): 8.2 bps avg spread
Small cap: 45 bps avg spread
Tighter spreads = more volume expected
Wider spreads = adverse selection protection
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7/ INVENTORY POSITION
Total perp positions: 83 markets
Net exposure: $177M SHORT
This is accumulated inventory from market making, not a directional bet.
They're quoting across venues and inventory accumulates where the flow is. Offset on other CEXs/DEXs.
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8/ TOP POSITIONS (accumulated inventory)
ETH: $88.3M SHORT
SOL: $22.2M SHORT
HYPE: $21.2M SHORT
XRP: $8.8M SHORT
DOGE: $5.7M SHORT
BTC: $2.0M LONG
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9/ SPOT HOLDINGS
UBTC: $9.5M
USDC: $9.1M
UETH: $6.4M
HYPE: $4.2M
USDH: $2.2M
USOL: $2.2M
USDT: $1.7M
Total spot: ~$37M
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Lots more you could glean from the available data but I'll leave it there for now. Also it's not really "reverse engineering" since it's just saying what their balances and orders are. But I'm going for clicks here.
Data source: Hyperliquid public API
Analysis: January 2026
Live View:
app.trade.xyz/trade?market=X…
Full Raw Data & Graphics:
github.com/0xLoris/wintermut…