Hyperliquid whales hold $4.016B with longs barely edging shorts

Latest Coinglass data show Hyperliquid whale accounts holding a combined $4.016 billion in notional positions, with longs only marginally ahead of shorts on size but comfortably in the lead on PnL as one heavily leveraged $ETH long dominates the winner’s circle.

Latest Coinglass whale-tracking data indicate that large traders on Hyperliquid currently hold a combined $4.016 billion in notional positions, almost perfectly balanced between the two sides of the book.

Whales are near flat but shorts are underwater

Long exposure stands at $2.024 billion, representing 50.39% of whale holdings, while short exposure totals $1.992 billion, or 49.61%, putting the long‑short ratio at 1.02 and signaling only a marginal bullish skew in positioning.

Despite that near symmetry, performance is asymmetric: long whales are up about $14.8423 million on their positions, whereas short whales show an unrealized loss of roughly $41.6691 million, implying that recent price action has leaned against bears even as positioning remains almost evenly split.

Coinglass’ Hyperliquid whale tracker, which aggregates large-account data across perpetuals, highlights that this is part of a broader pattern where the account‑based long/short ratio hovers near 1.0 while PnL swings are driven by timing and leverage rather than headline notional alone.

Key $ETH whale running 15x leverage

Within that aggregate, one address stands out: whale wallet 0xa5b0..41, long tracked by derivative data feeds and prior reports, currently holds a 15x leveraged long position on $ETH opened at an entry price of $2,265.48.

At current pricing levels referenced by Coinglass, the position shows an unrealized profit of approximately $2.9404 million, making it one of the largest single-account $ETH long PnLs on the platform right now.

Historical snapshots from RootData show the same address repeatedly re‑pricing its $ETH 15x long as the market has moved — at times sitting on multi‑million‑dollar gains when $ETH traded near $2,150–$2,000, and at other times shouldering seven‑figure drawdowns when price reversed.

A recent crypto.news guide to the Hyperliquid whale tracker stressed that such concentrated, high‑leverage whale positions can act as “hidden liquidation magnets,” influencing order‑book dynamics as funding, price, and margin levels converge.

Another crypto.news explanation noted that a long‑short ratio clustered near 1.0 with large absolute notional can signal a market poised for sharp moves once one side is forced to de‑risk, especially when short PnL is already deeply negative as current data suggest.

A separate crypto.news update tracked earlier Hyperliquid snapshots where total whale exposure was nearer $3.7 billion, with the same 0xa5b0..41 address running the $ETH 15x long from $2,265.48 at a smaller unrealized gain — underscoring how the trade has swelled in value alongside the broader build‑up in whale notional.