How SPX 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.
47.2% of the 180 tracked Hyperliquid SPX positions are long (long/short ratio 0.89). By value, longs hold 46.4% ($3.24M long vs $3.74M short). Positions of $1.00M or more are 100.0% long by value.
47,599 positions in 10,895 tracked walletsHyperliquid native perpsRefreshed every 2 minAs of 06:16 UTC
Accounts long180 tracked
47.2% long
Ratio 0.8985 long · 95 short
Value longby size
46.4% long
Ratio 0.87$3.24M$3.74M
Whales long$1.00M+ positions
100.0% long
1 long · 0 short
Coverage of SPX OItracked
42.8%
$6.99M tracked · $8.17M OI59.3% checked ≤ 15 min
SPX long/short: Hyperliquid vs Binance and Bybit
share long
Source
Counts
Share long
Ratio
Hyperliquid (tracked)
accounts
47.2%
0.89
Hyperliquid (tracked)
position value
46.4%
0.87
Binance and Bybit don't publish a long/short ratio for SPX, or it hasn't loaded yet.
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); 38.0% 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 SPX 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.
SPX Hyperliquid long/short ratio FAQ
How is the Hyperliquid SPX 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 SPX open interest does this cover?
The tracked SPX positions add up to 42.8% of SPX'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.