Shorts make up 64% of sampled exposure to Bitcoin, Ether and the other big coins on Hyperliquid
The large accounts sampled on Hyperliquid, a perps venue, held $1.64 billion betting Bitcoin, Ether and the other big coins fall, against $929.0 million betting they rise. The short share is the same as a day earlier.
The biggest accounts on Hyperliquid, a crypto exchange, have 64% of sampled bets in Bitcoin, Ether and other big coins on a fall. They hold them as perps, contracts that track a coin's price and trade around the clock. That puts them almost two-to-one on a drop, so they gain if prices fall and lose if prices rise.
One ordinary day's price move outweighs about four weeks of the funding the shorts collect. Funding is an hourly fee one side of a perp pays the other to hold the position. At its average rate over the 7 days to Nov. 11, a constant $10,000 short in the BitcoinBTC+0.03% perp would have received $2.79 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 12:39 p.m. ET, Nov. 11.
| Short side | $1.64 billion |
|---|---|
| Long side | $929.0 million |
On that same $10,000 short, an ordinary 0.8% day moves the value by about $82. Across the 6 markets, the sampled positions total $2.57 billion in position size. These position values are not deposits.
In dollars, the sample holds $1.64 billion short against $929.0 million long. The lean is unchanged from a day earlier. The check counted 676 positions then and 649 now. In the Bitcoin perp, 67% of the $1.42 billion held is short, up from 66% a day earlier.
- Sampled exposure on the short side
- 64% Sampled notional exposure, not collateral
- Large-account dollars short
- $1.64 billion Across the group's markets
- Markets in the group
- 6 Each past the size floor
Why it matters
The sample combines account-market positions. A trader holding two markets appears twice, and the markets can have different observation times.
Funding is Hyperliquid's hourly rate for the perp, averaged over the 7 days to Nov. 11 (shorts were paid about 10.2% a year). The price move is the median absolute percentage change over 29 daily close-to-close moves. Funding changes every hour, so this is the recent rate, not a quote.
What's next
The next check is noon Eastern Time on Thursday.
The samples are not matched accounts. Differences can reflect changed membership or prices, not just trades. They do not establish profits or losses.