According to on-chain analyst Yu Jin, the whale/institution that purchased ASTER for 7.5 million USDT was not a naked long ASTER. An associated wallet of this address performed hedging or funding fee arbitrage operations on Hyperliquid: it shorted 6.486 million ASTER with 3x leverage (the same amount as the spot purchase). This should be a hedging or arbitrage of funding fees (the current fee rate on Hyperliquid is positive, that is, longs pay shorts for funding fees, and the annualized fee rate is as high as 450%).