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NIL Long/Short Ratio (Hyperliquid)

How NIL traders on Hyperliquid are positioned: tracked accounts long vs short, position value long vs short, the split by position size and the largest positions, from real on-chain positions. Compare it with the Binance and Bybit ratios below.

52.7% of the 165 tracked Hyperliquid NIL positions are long (long/short ratio 1.12). By value, longs hold 54.5% ($3.04M long vs $2.54M short). Positions of $1.00M or more are 100.0% long by value.

47,282 positions in 10,731 tracked walletsHyperliquid native perpsRefreshed every 2 minAs of 05:33 UTC

Accounts long165 tracked
52.7% long
Ratio 1.1287 long · 78 short
Value longby size
54.5% long
Ratio 1.20$3.04M$2.54M
Whales long$1.00M+ positions
100.0% long
1 long · 0 short
Coverage of NIL OItracked
38.1%
$5.58M tracked · $7.31M OI73.9% checked ≤ 15 min

NIL long/short: Hyperliquid vs Binance and Bybit

share long
SourceCountsShare longRatio
Hyperliquid (tracked)accounts 52.7%1.12
Hyperliquid (tracked)position value 54.5%1.20
Binanceaccounts 37.2%0.59
Bybitaccounts 55.3%1.24
Binance top tradersposition value 68.6%2.18

By position size

tracked NIL positions at the mark price
Position sizeLongShortAccounts longLong valueShort valueValue long
Under $10K5250 51.0%$75K$86K 46.6%
$10K–$100K2921 58.0%$869K$767K 53.1%
$100K–$1M57 41.7%$1.07M$1.69M 38.8%
$1M and up10 100.0%$1.03M$0 100.0%

Largest tracked NIL positions

top 20 by size · all coins
WalletSideSizeEntryUnrealised PnLLiq. priceDistanceLeverageChecked
0x60b0…991e Long $1.03M 0.1400 -$625K — — 3× cross just now
0x8cc9…2b6a Short $634K 0.08228 -$34K 0.7553 +768.15% 3× cross just now
0x7d42…4290 Long $360K 0.06483 $92K — — 2× cross 29 min ago
0x5bc4…3b0c Short $311K 0.09386 $25K 0.9588 +1002.12% 3× cross just now
0x64b7…9da9 Long $251K 0.06123 $74K — — 3× cross just now
0x21ca…811d Long $219K 0.1168 -$75K — — 3× cross 14 min ago
0x936c…bb0f Short $207K 0.1054 $44K 11.101 +12660.44% 3× cross just now
0x1b7c…0c6a Short $201K 0.1132 $61K 0.5384 +518.82% 3× cross 3 min ago
0x5740…a9da Long $131K 0.1287 -$63K — — 3× cross 9 min ago
0x985f…501f Short $123K 0.1061 $27K 0.9479 +989.51% 3× cross 12 min ago
0x369d…d251 Short $112K 0.1011 $18K 0.7110 +717.31% 3× cross 9 min ago
0x254a…971e Long $108K 0.1280 -$51K — — 3× cross 10 h ago
0x641e…b6c8 Short $100K 0.1278 $47K 0.6744 +675.21% 3× cross 1 min ago
0x7717…bd7e Short $95K 0.1014 $16K 5.216 +5894.97% 3× cross just now
0xae43…478d Short $86K 0.06584 -$21K 0.2584 +197.00% 3× cross 29 min ago
0xf9d9…1eba Long $84K 0.1125 -$25K 0.05233 -39.85% 3× cross 9 h ago
0x8825…2cb7 Short $72K 0.08635 -$533 1.007 +1057.05% 3× cross 28 min ago
0x888e…6d77 Short $68K 0.1208 $26K 1.535 +1663.97% 3× cross 10 min ago
0x7704…311b Long $65K 0.1145 -$21K — — 3× cross 21 min ago
0x2a30…eca4 Long $53K 0.09711 -$6,142 — — 3× cross 10 h ago

Tracker coverage and freshness

all Hyperliquid perps · 45.1% of OI
TierWalletsWith positionsTracked valueTarget cycleActual cycle
A300300$8.19B60 s60 s
B3,0003,000$2.95B15 min29 min
C46,4477,432$365.95M4 h15 h

Tier A is the 300 wallets with the largest positions; B the next ones; C everyone else. Hyperliquid's API rate limit decides how often the smaller tiers can be checked, so their actual cycle can be longer than the target. Coverage is tracked value ÷ (2 × Hyperliquid open interest); 38.1% was checked in the last 15 minutes. Wallets not checked for 48 hours are left out of this page.

How to read it. The accounts figure counts each tracked account with an open NIL position once; the value figure weighs positions by size. Binance and Bybit publish their own ratios for all their users; the Hyperliquid figures here are computed from the public positions of the wallets this site tracks. Not financial advice.

NIL Hyperliquid long/short ratio FAQ

How is the Hyperliquid NIL long/short ratio calculated?

From the real open positions of the Hyperliquid wallets this site tracks. The accounts ratio counts every account with an open position once: the number of accounts long divided by the number short. The value ratio weighs positions by size at the mark price, so a few large traders can outweigh many small ones.

How is it different from the Binance or Bybit long/short ratio?

Binance and Bybit publish their own ratios; you have to trust their numbers. Hyperliquid is an on-chain exchange, so its positions are public and this ratio is computed directly from them. It covers the wallets this site tracks, not every account, so it is a large sample rather than the full market.

How much of NIL open interest does this cover?

The tracked NIL positions add up to 38.1% of NIL's open interest on Hyperliquid (tracked long plus short value divided by twice the open interest, since every long has a matching short).

How often does it update?

The positions are reloaded every 2 minutes. The 300 largest wallets are re-checked every minute, smaller ones every few hours, and wallets not checked for 48 hours are left out.

Is a high long/short ratio bullish?

Not on its own. Crowded positioning can unwind sharply: a market where most accounts are long can fall fast if those longs are forced to sell. Compare the accounts ratio with the value ratio to see whether the crowd and the large traders agree. This is market data, not financial advice.