Eslami, a former Magic: The Gathering player known for winning the first man-machine poker challenge, bagged up 618,500 to take the outright lead.
Cheong, a former November Niner, is close behind with 574,000, although he needed to hit a two-outer earlier in the day to stay alive.
Jason Koon (574,000), Antonios Roungeris (551,000) and David Miscikowski (550,500) round out the top five.
Mueller, Timoshenko, Madsen All Survive
With a $3,700 buy-in plus re-entries, the 622 players bumped the prize pool up to $2.1 million with $500,000 waiting for the winner.
Of those 622 players, plenty of them were top pros and several have made it through Day 2 with decent stacks.
One of those is Greg "FBT" Mueller, who bagged 431,000 to sit just outside the top 10 overall.
Lee Markholt (449,500), Elio Fox (267,000), Yevgeniy Timoshenko (266,000), Jeff Madsen (250,000) and Jared Hamby (246,000) are all in good shape heading to tomorrow.
Isaac Baron, Erick Lindgren, Dwyte Pilgrim and Justin Young are also still in contention.
Action picks up again at 12 pm PT from the Bicycle Casino in Los Angeles with the plan to play down to 18.
The money bubble will burst at 63 players with a min-cash worth $7,500.
Follow along live with the WPT Live Updates team.