Analytics · On-chain derivatives
Hyperliquid Whale Positions, explained
A live look at the largest open positions on Hyperliquid, an on-chain perpetuals exchange where every position is public. Which wallets are long, which are short, how much leverage they use and how far each sits from liquidation. What each part of the page shows, where the numbers come from, and what a list of big wallets can and cannot tell you.
- Measures
- Open positions
- Table
- Top 100
- Ratio chart
- BTC · ETH · SOL · HYPE
- Source
- CoinGlass
a live snapshot, not a history
largest positions by dollar value
hourly or daily bars
with a price line for context
What is this page?
It is a live snapshot of the largest open positions on Hyperliquid, a perpetuals exchange that runs on its own public chain. For each large wallet it shows the side (long or short), the size in dollars, the entry price, the leverage, the current profit or loss and the price at which the position would be force-closed.
Unlike most charts on the site this is not a time series. It shows what is open now and refreshes as positions change.
Why positions can be seen
A position on most exchanges is private. On Hyperliquid, every position is recorded against a wallet address on a public chain, so anyone can read it. That is what makes a list of the largest wallets possible, and it is also why the page can show liquidation prices, which are normally hidden.
Where the numbers come from
Position and activity data come from CoinGlass, which reads them from Hyperliquid. The price line on the ratio chart comes from CoinGecko, so each reading is lined up with where price was at that moment.
The four summary boxes add up the full set of tracked positions. The table lists the 100 largest of them, sorted by dollar value, so it shows the top of a longer list.
The four parts of the page
Summary boxes. Total long exposure, total short exposure, the net of the two, and the aggregate unrealized profit or loss across the tracked wallets.
Long/Short Trader Ratio. For Bitcoin, Ethereum, Solana or HYPE, how many Hyperliquid accounts are long divided by how many are short, plotted with the coin’s price. Above 1 means more accounts are long than short. It counts accounts, not dollars, so one very large position and one very small one count the same.
Positions table. The 100 largest positions, each with its wallet, coin, side, size, entry price, leverage, profit or loss and liquidation price. It sorts and filters by coin and side.
Activity feed. The most recent large positions opened or closed, with the wallet, coin, side, size and time.
How to read it
Read the totals as a description of the moment. A large gap between long and short exposure shows where the tracked wallets are leaning today, on this one venue.
Read leverage and liquidation price together. A high leverage position sits close to its liquidation price, so a small move in price can close it. Where several large positions share a nearby liquidation price, that price is a level at which forced closing would cluster if it were reached.
Read the ratio chart over weeks, not bars. The ratio counts accounts, so it can move even when the dollar exposure does not. Compare it with the price line to see how account positioning and price have moved together in the past.
What the page does not tell you
A list of big wallets feels like inside information, which is when it is easiest to over-read. Five things to keep in view.
A wallet is not a person
One trader can spread positions across several wallets, and one wallet can belong to a fund, a desk or a vault. The page counts wallets, so it cannot say how many independent traders are behind the numbers.
It is one venue
Only Hyperliquid is covered. A large short here can be a hedge against coins held elsewhere, and a large long can be the other half of a trade on another exchange. The page cannot see that other side.
The table is the top of a longer list
The summary boxes add up the full set of tracked positions, but the table lists only the 100 largest. Smaller positions, which are most of them, are in the totals and not in the rows.
Large does not mean informed
A big position shows that someone holds it, not that they are right. Large accounts are sometimes early and sometimes wrong, and they can carry losses that a smaller account could not.
Liquidation prices move
A wallet can add margin, reduce size or close at any time, which shifts its liquidation price or removes it. The figure describes the position at the moment of the snapshot.
The page shows what large wallets hold. It cannot show why they hold it.
Where it fits
This is a live, single-venue page in the Analytics section, alongside the open interest, funding, long/short and liquidation charts. It is a snapshot instead of a history, it covers one exchange, and it is not an input to either Heatmeter. It is most useful as context next to the slower charts, to see how the largest on-chain positions are arranged right now.
Common questions
What is the Hyperliquid Whale Positions page?
A live snapshot of the largest open positions on Hyperliquid, an on-chain perpetuals exchange. It shows total long and short exposure across the tracked wallets, a chart of how many Hyperliquid traders are long against short, a table of the 100 largest positions, and a feed of recent opens and closes. It describes what is open right now. It is not a time series and it does not feed either Heatmeter.
Why can positions be seen at all?
Hyperliquid settles on its own public chain, so each position is recorded against a wallet address that anyone can read. Most centralised exchanges keep positions private. Here the data is the exchange's own public record, which is why this page can exist.
What counts as a whale?
A wallet holding one of the largest open positions in the data we receive. There is no fixed dollar threshold that we set: the table simply lists the 100 largest by position value, and the totals add up the full tracked set.
What does the Long/Short Trader Ratio measure?
The number of Hyperliquid accounts holding long positions divided by the number holding short positions, for one coin, plotted against that coin's price. Above 1 means more accounts are long than short. It counts accounts and ignores their size, so it is a different view from the dollar totals in the boxes.
Why only hourly and daily bars on the ratio chart?
Those are the two intervals the data source returns valid history for. The hourly view covers roughly the last six weeks, and the daily view covers a little over a year.
What is unrealized PnL?
The profit or loss on an open position at the current price, not yet locked in by closing it. It changes every time price moves, so the aggregate figure in the summary boxes moves with the market.
Is this a buy or sell signal?
No. It describes where large wallets on one venue hold positions at this moment. Patterns between positioning and price have shown up before, but they are historical observations and not a guide to what happens next.
Related guides
Others in market structure — How much borrowed money is in the market, which way bets are leaning, and where money is moving.
- Options Max PainThe price at which the most options would expire worthless, for every upcoming expiry, next to the money riding on each.
- Liquidity FlowWhich part of the crypto market is winning share and which is losing it, on a monthly and a daily view.
- Liquidation HeatmapEstimated price levels where leveraged futures would be force-closed, from CoinGlass price and open interest.
- Altcoin Season IndexCoinGlass’s published 0–100 rotation index, with 80 and above marking Altcoin Season and 20 and below Bitcoin Season.
- Altcoin Strength IndexA weekly 0–100 score for altcoins against Bitcoin, where 0 means historically cheap and 100 historically expensive.
Every indicator we track — the full glossary.
Open the page
Everything above is the method. On the page you can switch the ratio chart between four coins and two bar sizes, sort and filter the positions table, and follow the latest large opens and closes.