Hyperliquid’s Largest Accounts Put 64% of Metals Bets on a Fall
Hyperliquid, a crypto perps exchange, shows $114.7 million short against $64.3 million long in its sampled metals book. Copper is the exception, with most exposure long.
Key points
- Fifteen accounts hold $1.4 million of XCU exposure, with 71% of it long.
- The current sample contains 139 account-market positions, against 136 a day earlier.
Hyperliquid's biggest metals perp traders keep 64% of their sampled exposure on prices falling. Despite that short tilt in the sampled book, Gold'sXAU$3,840.12-0.27% ordinary price movement matters far more than payments from longs to shorts.
Hyperliquid's public data shows $114.7 million short against $64.3 million long. Five metals markets make up the sample. These are dollar exposures, not collateral or a share of accounts. Perps track prices without giving traders ownership of the asset.
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 12:20 p.m. ET, Nov. 15.
| Short side | $114.7 million |
|---|---|
| Long side | $64.3 million |
One ordinary day's price move outweighs about five weeks of the funding Gold shorts collect. Over the 7 days to Nov. 15, Hyperliquid's hourly funding averaged 5.7% a year, with Gold perp longs paying shorts. A constant $10,000 short would have received $1.56 a day.
A typical day's move, 0.5%, is worth about $53 on that position. The move is the median absolute change across 29 daily close-to-close moves, by our count. Funding changes hourly, so the average is not a current quote.
- Share of metals exposure short
- 64% Across five sampled metals markets
- Sampled short exposure
- $114.7 million The larger side of the book
- Sampled long exposure
- $64.3 million Across the same five markets
- Account-market positions sampled
- 139 One account can appear more than once
Why it matters
CopperXCU$6.12-0.38% cuts against the group. Fifteen accounts hold $1.4 million of XCU exposure, with 71% of it long. That exception shows how the group's overall tilt can hide a market where sampled exposure points the other way.
Gold longs average 18.9x leverage. At that average, a modeled 3.4% fall would trigger Hyperliquid to close the position, though each account has its own liquidation price. A day's low reached that fall from the previous close on 17 of 327 days.
For Gold shorts, leverage averages 9.5x. At that average, a modeled 8.4% rise would trigger Hyperliquid to close the position, though each account has its own liquidation price. No day's high reached that rise from the previous close in 327 days.
Leverage of 10x or less in Gold outlasted 19 of every 20 adverse five-day spans. Higher leverage gives ordinary price changes less room. At 10x, a long is liquidated after about a 5.3% move against it, before fees.
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What's next
The current sample contains 139 account-market positions, against 136 a day earlier. Those samples are not matched, and markets can have different observation times. Day-to-day differences therefore cannot establish that the same accounts traded.
This is a map of where sampled money sits, not a record of profits or losses. The positions were observed after prices moved.
If Copper remains mostly long when positions are checked by noon Eastern Time on Monday, it will still cut against the group's 64% short tilt.