Key Highlights
- Whale traders on Hyperliquid hold about $4.5 billion, with longs and shorts almost evenly split.
- Long positions are slightly more profitable, with whales showing gains on ETH leveraged trades while shorts are in bigger losses.
- Hyperliquid whales are slowly increasing long positions over time, while the HYPE token is up 15% over the past month despite short-term dips.
Whale traders on the Hyperliquid platform currently hold about $4.50 billion in combined positions, making it one of the largest tracked clusters of leveraged activity in decentralized derivatives markets.
According to data from Coinglass, the positions are almost evenly split, with long traders betting $2.28 billion, which is about 49.41%, and short position traders holding 50.56%, which amounts to $2.27 billion. This near balance shows neither side has full control of positioning at the moment.
There are about 40,476 long traders, with short traders reaching 23,463. Long positions are currently showing about $81.5 million in profit, while short positions are sitting on roughly $114 million in losses.
This difference suggests that the current price action is slightly favoring buyers over sellers, even though traders remain evenly divided in direction.
Long traders slightly ahead in profit
A standout trade in the data comes from whale address 0x6c85..f6, which holds a 20x leveraged long position on ETH entered at $2,265.44.
The position is currently showing an unrealized profit of approximately $3.81 million, making it one of the most profitable single trades recorded in the dataset.
A second major wallet, 0xa5b0..41, is also actively trading ETH with 15x leverage, entered at around $2,265.48. That position is currently showing about $3.78 million in unrealized profit, according to Coinglass data feeds.
The same wallet has shifted through profit and drawdown phases as the ETH price moved around different levels.
Meanwhile, recent data from Glassnode adds that these Hyperliquid whales have maintained a steady net long exposure over the past two months.
The platform states that large traders have “consistently increased their long positions” while price action has remained mostly range-bound, meaning no strong trend in either direction.
HYPE token shows mixed momentum
Hyperliquid’s native token HYPE is currently trading around $43.45. The token is down about 1.45% in the last 24 hours, but the high time frame shows a better performance.
The 15% increase over the past 30 days, according to CoinMarketCap, and 10% up in the last seven days from a weekly low of $38. Despite the daily drop, trading activity is still on point, with about 19%, reaching $412 million in volume.
At the same time, data from Tokenomist shows that more than 42% of the total supply has already been unlocked, with additional scheduled releases ahead. This includes a 9.92 million HYPE unlock expected in June 2026, valued at around $443 million.
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