📢 The "Top Traders Monthly Report - October '25'' is out now! 🚀

Featuring curated, consistently profitable traders from the Binance and Hyperliquid Leaderboards.

We'll reveal key stats and insights that distinguish top traders in this competitive arena.

Let's explore the trading elites! 💪

Top 3 Traders of the Month - Overview#

October 2025 highlights its top three traders of the month as follows:

🏆Trader 0x8af (Hyperliquid)
🥈Trader 0x8bf (Hyperliquid)
🥉Trader 0xd8e (Hyperliquid)

The first ten days of October were marked by low volatility, with major assets trading sideways. In the middle of the month, markets turned upward, led by $SOL, which outperformed both $BTC and $ETH with a peak gain of nearly +24% since the start of the month. However, the rally reversed sharply in the final third of October during the largest crypto liquidation event on record, when over $20 billion were wiped out just after the U.S. tariff hike on China. Within days, most tokens retraced heavily, with $BTC and $SOL closing the month up around +4–5%, while $ETH ended down roughly –6%.

Amid this increase in volatility, several traders managed to capitalize on the market swings. The top three performers for October recorded the following realized PnL on closed positions: 0x8af with +$14.4M, 0x8bf with +$4.9M, and 0xd8e with +$4.2M.

0x8aF was the least active among the top performers, closing only six swing positions, all profitable, with an average gain of $2.4M each. His trades are typically held for weeks, with winning positions showing a much longer holding period than losing ones. Notably, 0x8aF was previously featured in Mirrorly’s “Quarterly Insight (Q3)” and in the article “Inside the Chaos: The Traders Who Turned the October 10 Crash Into Profit”.

0x8bF, by contrast, was the most active, closing 78 positions in October with a 48% win rate and a profit factor of 3.5. He also maintained the shortest holding periods among the three, averaging 11 hours for losing trades and nearly three days for winning ones.

Finally, 0xd8e executed 14 trades, achieving a 78.6% win rate, an exceptional profit factor of 19.6, and an average profit-to-drawdown ratio of 4.6. His trades typically spanned 2–5 days, demonstrating short- to mid-term positioning with strong risk-adjusted performance.

Trader Spotlight: 0x8af#

As anticipated, 0x8aF’s average holding period for positions closed in October extended over several weeks, in some cases even months. At the start of the month, he already held approximately $25M in open short positions. During the major liquidation event on October 10, 0x8aF closed five of these shorts, either as a form of profit-taking or potentially due to forced closing triggered by ADL mechanisms, realizing nearly $15M in profits.

Apart from $ETH and $XRP, the remaining closed positions were in memecoins, namely $BONK, $PEPE, and $FARTCOIN.

These three accounted for the bulk of 0x8aF’s profits, led by a single $FARTCOIN short that generated $4.1M, followed by $PEPE (+$3M) and $BONK (+$2.9M).

While the sample size was small (only six closed positions in October), the larger returns (%) are consistent with 0x8aF’s longer holding periods, which naturally allow for greater ROI compared to short-term traders. As shown below, he achieved gains of over 60% on half of his positions, around 20% on a third, and broke even on the final trade, which was opened after October 10.

Trader Spotlight: 0x8bf#

0x8bF was most active between late September and the first twenty days of October. He maintained exposure on both sides of the market, with notionals ranging from –$40M to +$60M, though his net exposure was predominantly short, averaging around –$20M, with occasional brief shifts into net-long territory.

His PnL curve shows a slow recovery from drawdown during the first week of the month, reaching breakeven around October 10, and accelerating sharply after the crash to end with nearly $5M in realized profits.

Throughout the month, 0x8bF traded primarily in major assets such as $BTC, $ETH, $SOL, $AVAX, and $HYPE, while also taking selective positions in trending tokens like $PUMP and $XPL.

His largest gains came from $HYPE, $SOL, and $AVAX, which together accounted for approximately $5.5M in realized profits. Performance on other symbols was largely flat, with $BTC being the only losing symbol of the period, resulting in a total loss of about $580K.

Out of 78 closed positions, more than 70% of 0x8bF’s realized PnL came from just two trades, one gain and one loss, both outside the P1–P99 percentiles. Combined, these two accounted for $3.48M of his total $4.9M in profits.

As shown in the chart, the vast majority of other trades clustered between the 25th and 75th percentiles, with PnLs ranging from –$13K to +$18K, showing a mild positive skew (1.38x). This skew becomes more pronounced toward the extremes: at the 5th percentile (–$72K) versus the 95th percentile (+$286K), the ratio widens to 3.97x.

Trader Spotlight: 0xd8e#

With 14 closed positions, 0xd8e maintained a stable PnL curve, realizing most of his gains during the first half of the month. In terms of positioning, he was the most dynamic, shifting his net exposure from long to short just before the October 10 crash, and back to long afterward, with notionals ranging between –$10M and +$25M.

His timing was nearly perfect. Early in the month, he held a net-long exposure of about $10M and realized roughly $1M in profits as he flipped net short (~$7M) by October 5. This short exposure generated another $2M during the crash. In the following days, he switched long again for around $25M, capturing an additional $1M in profits by mid-October. By the end of the month, 0xd8e had accumulated total realized gains of $4.18M.

0xd8e traded a total of nine symbols, split between major assets and tokens tied to the DEX narrative, which has been particularly active in recent weeks. The latter included names such as $APEX, $ASTER, $XPL, and $PUMP.

However, more than 90% of his total monthly profits came from positions in major assets, with the top three ($HYPE, $SOL, and $BTC) contributing $3.8M out of $4.18M in realized gains. His DEX-related trades, while positive, added only $87K, or about 2% of the total.

Nearly half of 0xd8e’s total profits came from just two positions, which together generated $1.9M out of $4.18M. The remaining 12 trades accounted for $2.2M, with most falling between the 25th percentile (red line) and 75th percentile (green line), the range representing the middle 50% of performance after excluding outliers. The 22.3x ratio between the 75th and 25th percentiles indicates that profits in the upper quartile were over 22 times larger than those in the lower quartile, highlighting a strong positive skew in his returns distribution.

Case Study - 0x8aF’s Short Position Structure and Execution#

Roughly $10M of the $14M realized by 0x8aF came from short positions on three memecoins: $FARTCOIN, $PEPE, and $BONK. All were opened between the second half of May and the end of July, and later closed during the October 10 crash, likely triggered by Hyperliquid’s ADL mechanism.

Examining how these positions were executed and managed reveals a clear pattern: each trade began with a small initial size relative to the final notional exposure, leaving room to average in gradually and avoid the need for perfect timing, particularly on the short side. Using $BTC’s price as a reference, position entries and size increases typically occurred near resistance levels or after momentum began to cool. In essence, 0x8aF’s approach can be summarized as sell high, scale slowly, and stay patient.

$FARTCOIN was the most profitable of the three trades and also the oldest. 0x8aF opened the position in May with a notional of just under $1M and left it untouched for over two months. In the second half of July, he gradually added to the position, eventually building a $5M short, roughly 5x the initial size. With an average entry price slightly above $1.4 and an exit around $0.2, the trade generated a $4.1M PnL, representing an 86% ROI over a five-month holding period.

The short on $PEPE followed a similar structure. 0x8aF initiated it in late May with a notional just above $2M and,by the end of July, increased the exposure at roughly the same price to reach $4.5M in total. On October 10, the position was closed for a $3.0M profit, yielding a 65% ROI.

Finally, the short on $BONK was the most recent. It was opened in the second half of July with about $1.5M in notional and scaled up to nearly $4M by the end of the month, with an average entry of $0.035. The timing proved ideal, as August marked the top for most altcoins. This trade added another $2.9M in realized profits, with an ROI exceeding 80%.

As of now, 0x8aF is running his book at 4.4x leverage, with $44.7M in longs and $11M in shorts, and an unrealized PnL of –$1.9M. His top three positions by realized PnL are shorts on $DOGE, $SUI, and $ENA.

Conclusion#

October was characterized by sharp market swings and the worst crypto liquidation event ever seen. The top three traders (0x8aF, 0x8bF, and 0xd8e) each closed the month with multi-million realized profits, primarily driven by accurate positioning around the October 10 crash. Whether these results reflect skill or favorable market conditions remains to be seen, something we will monitor closely in the coming months.

Knowledge Base

Top Traders Report - October '25