$2.9B in Whale Positions Seen on Hyperliquid Derivatives, Data Shows

On-chain derivatives data from Coinglass via ChainCatcher shows that whale positions on the Hyperliquid platform currently total approximately $2.899 billion, with the long-short ratio near parity — signaling balanced directional bets from large traders. Recent numbers indicate long or bullish exposure around $1.3 billion and short or bearish exposure near $1.4 billion, reflecting slightly heavier short positioning by top whales.

The profit-and-loss profile also shows unrealized losses on longs and profits on shorts, consistent with broader market weakness in crypto since earlier in the quarter. Analysts note that large derivatives positions like these — especially from whale addresses with high leverage — can influence short-term volatility on Hyperliquid and related on-chain futures markets.

Though less than earlier peak estimates in prior months, the nearly $3 billion whale footprint underscores that institutional and high-net-worth traders remain deeply active in crypto perpetuals, using Hyperliquid’s high-leverage infrastructure to express macro views and spot directional bets.