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\n Summary<\/span>\n <\/p>\n <\/p>\n According to real-time data from analytics<\/a> platform Coinglass, large traders on perpetual DEX<\/a> Hyperliquid currently hold a combined $3.4 billion in notional positions across the venue. Of that, $1.737 billion is in long positions, accounting for 51.08% of whale exposure, while $1.663 billion is in shorts, or 48.92%, leaving the long\u2013short ratio effectively balanced at 1.04.<\/p>\n <\/p>\n Despite the slight tilt toward longs, whales are in the red on bullish bets and green on bearish ones. Coinglass snapshots cited by market outlets show unrealized P&L on long positions at roughly -$153 million, while shorts are ahead by about $161 million, suggesting recent price action has punished leveraged dip\u2011buyers more than it has squeezed short sellers.<\/p>\n Within the aggregate figures, one address \u2014 0xa5b0..41 \u2014 stands out for its aggressive positioning on Ether. Data from Hyperliquid whale trackers show the address holding a 15x leveraged long on ETH opened around $2,148.7, effectively a full\u2011size bet at that entry level.<\/p>\n As of the latest reading, that ETH position is running an unrealized loss of roughly $8.5965 million, reflecting how even a modest spot move against a 15x leveraged trade can translate into multi\u2011million\u2011dollar drawdowns for whales. Prior Coinglass\u2011based reports have flagged the same address multiple times as it shifted from being in profit to deeply negative as ETH whipsawed around the low\u2011$2,000s.<\/p>\n The current $3.4 billion whale footprint comes after weeks of scrutiny on perpetual DEX data quality, with Coinglass previously comparing volume, open interest and liquidations across Hyperliquid<\/a>, Aster<\/a> and Lighter. In that analysis, Hyperliquid showed higher liquidations relative to volume, indicating more genuine leverage and risk transfer versus pure incentive\u2011driven wash activity, though critics argued one\u2011day snapshots can be misleading.<\/p>\n For now, the slightly long\u2011biased but loss\u2011making whale book on Hyperliquid suggests big accounts are still willing to lean long across assets, but have mistimed entries into recent volatility. With shorts currently in aggregate profit, funding, liquidation maps and open interest shifts in coming sessions will show whether these whales add to risk, cut exposure, or flip more decisively to the short side.<\/p>\n <\/p><\/div>\n\n\n