The two leading traders on the Hyperliquid exchange this month hold more than $1 billion in combined short positions. The largest account, identified as wallet 0x5b5d…c060, has short exposure of $617.5 million across 22 markets, backed by roughly $131.2 million in equity and using about 4.7 × leverage.
Key positions
The biggest individual bet is on Ether, with a short of approximately 97,460 ETH valued at $224.5 million, entered at $2,322.72 per ETH with 5 × leverage. Bitcoin follows, with a short of about 2,320 BTC worth $182.1 million entered at $76,366 per BTC. Other notable shorts include SOL ($66.3 million), ZEC ($51.4 million), XRP ($19.5 million) and the platform’s own token HYPE ($43.1 million). The HYPE position shows an unrealized loss of about $8.3 million.
Second leading trader
The second‑ranked trader, wallet 0xb83d…6e36, holds short exposure of $439.4 million across 30 positions, backed by roughly $105.1 million in equity. Its largest shorts are 1,818 BTC ($142.7 million), ETH ($84.7 million), ZEC ($67.1 million) and HYPE ($54.7 million), with the HYPE trade also showing an unrealized loss of about $10.7 million.
Performance and leverage
Despite the losses on HYPE, both accounts remain profitable for the month. The top trader posted a monthly profit of $99.1 million, ranking first on Hyperliquid’s public leaderboard, while its all‑time profit stands at $207.7 million on $5.93 billion of trading volume. The second trader’s short positions are similarly leveraged, providing room to hold the positions without immediate liquidation risk.
Market context
The short‑heavy stance comes as the broader crypto market has shown resilience following recent high‑profile security incidents. Both traders maintain moderate leverage, and none of their primary short positions are near liquidation levels.
