Shorts make up 65% of sampled exposure to Bitcoin, Ether and the other big coins on Hyperliquid
The large accounts sampled on Hyperliquid, a crypto perps exchange, held $1.39 billion in bets that Bitcoin, Ether and the other big coins will fall and $760.2 million in bets that they will rise. The short share is the same as a day earlier.
On Hyperliquid's perps for BitcoinBTC-3.88%, EtherETH-3.45% and the other big coins, the biggest accounts have 65% of sampled exposure on a fall. They are betting almost two-to-one that prices fall, so they gain if prices fall and take losses if they rise.
One ordinary day's price move outweighs about four weeks of the pay the shorts collect for holding their bets. At the average funding rate over the 7 days to Nov. 13, a constant $10,000 short in the Bitcoin perp would have received $2.65 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. 13.
| Short side | $1.39 billion |
|---|---|
| Long side | $760.2 million |
On that $10,000 short, an ordinary day's 0.8% price swing comes to about $78. The sampled accounts hold $2.15 billion in total position size across 6 markets. These position values are not deposits.
In dollars, the sample holds $1.39 billion short against $760.2 million long. The lean is unchanged from a day earlier. The sample counted 629 positions a day earlier and 631 now. In the Bitcoin perp, 69% of the sampled $1.24 billion is short, up from 68% a day earlier.
- Sampled exposure on the short side
- 65% Sampled notional exposure, not collateral
- Large-account dollars short
- $1.39 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.
On BNB-3.16%, 64% of the sampled $9.7 million is long across 39 account positions.
Funding is Hyperliquid's hourly rate for the perp, averaged over the 7 days to Nov. 13 (shorts were paid about 9.7% 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 Saturday.
The samples are not matched accounts. Differences can reflect changed membership or prices, not just trades. They do not establish profits or losses.