Big-Coin Bets Lean 65% Short as BNB Traders Take the Other Side
The accounts hold $1.23 billion short against $675.7 million long in contracts that track tokens around the clock. BNB cuts the other way, with 62% of exposure betting on a rise.
Key points
- BNB cuts against its group, with 62% betting on a rise.
- If the big-coin short share rises above 65% by noon Eastern Time on Sunday, sampled short positioning has deepened.
The biggest perp traders on Hyperliquid, a crypto exchange, have 65% of their BitcoinBTC$65,628-4.91%, EtherETH$1,832.45-6.00% and other big-coin bets riding on a fall. That positioning gains when prices fall and loses when they rise, while the short sellers collect a fee from buyers. A perp is a contract that tracks a token's price around the clock. The 65% share measures exposure rather than deposits or account counts.
One ordinary day's price move outweighs about five weeks of the funding the shorts collect. That funding, a fee buyers pay short sellers to hold their bets, is averaged over the 7 days to Nov. 14. A constant $10,000 Bitcoin short would have received $2.41 a day.
Sampled long and short notional exposure, summed across the group's markets. A share of dollars, not of accounts; not collateral or market-wide open interest. Markets may have different observation times. Data as of 12:27 p.m. ET, Nov. 14.
| Short side | $1.23 billion |
|---|---|
| Long side | $675.7 million |
On that short, an ordinary daily move of 0.8% comes to about $82.
The funding calculation uses Hyperliquid’s hourly rates over the 7 days to Nov. 14. Recent funding averaged 8.8% a year, not a current quote.
- Share of big-coin exposure that is short
- 65% Across the selected group’s markets
- Sampled exposure across big-coin markets
- $1.91 billion Position value, not deposited collateral
- Account-market positions in the sample
- 630 One account can appear more than once
- Share of BNB exposure that is long
- 62% The market cutting against its group
Why it matters
BNB$589.81-7.58% cuts against its group, with 62% betting on a rise. Exposure in the sample totals $9.6 million. The sample covers 37 accounts.
Because each account has its own closeout price, 25x is only the long side's average. Under Hyperliquid's maintenance rule, that hypothetical long would be liquidated after a 2.8% fall, meaning the exchange closes it without requesting more cash.
Shorts average 20.8x leverage. A 3.5% rise hits Hyperliquid's minimum margin and forces it to close that average position.
Positions at 5x or less had far more room. At 5x, a modeled long is liquidated after a 19% fall and a modeled short after an 18.5% rise, before fees and funding. That contrast shows why lower leverage gives the trade more room before an adverse move forces a close.
BNB trade alerts · free
An email when BNB perps make a big move
When a large account opens, closes or flips a BNB position, funding changes sides, or the price moves 10% in a day.
At most one email a day. Unsubscribe in one click.
What's next
The sample maps current exposure, not profits, losses or collateral. Observation times can differ across markets. Samples are not matched across days, so differences cannot identify individual trades.
If the big-coin short share rises above 65% by noon Eastern Time on Sunday, sampled short positioning has deepened. If it falls below, it has eased.