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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.

53.5% of the 155 tracked Hyperliquid NIL positions are long (long/short ratio 1.15). By value, longs hold 54.4% ($3.23M long vs $2.70M short). Positions of $1.00M or more are 100.0% long by value.

45,606 positions in 10,399 tracked walletsHyperliquid native perpsRefreshed every 2 minAs of 02:28 UTC

Accounts long155 tracked
53.5% long
Ratio 1.1583 long · 72 short
Value longby size
54.4% long
Ratio 1.20$3.23M$2.70M
Whales long$1.00M+ positions
100.0% long
1 long · 0 short
Coverage of NIL OItracked
38.3%
$5.93M tracked · $7.75M OI63.2% checked ≤ 15 min

NIL long/short: Hyperliquid vs Binance and Bybit

share long
SourceCountsShare longRatio
Hyperliquid (tracked)accounts 53.5%1.15
Hyperliquid (tracked)position value 54.4%1.20
Binanceaccounts 37.2%0.59
Bybitaccounts 53.8%1.16
Binance top tradersposition value 68.4%2.17

By position size

tracked NIL positions at the mark price
Position sizeLongShortAccounts longLong valueShort valueValue long
Under $10K4745 51.1%$74K$88K 45.8%
$10K–$100K3020 60.0%$969K$781K 55.4%
$100K–$1M57 41.7%$1.11M$1.83M 37.8%
$1M and up10 100.0%$1.07M$0 100.0%

Largest tracked NIL positions

top 20 by size · all coins
WalletSideSizeEntryUnrealised PnLLiq. priceDistanceLeverageChecked
0x60b0…991e Long $1.07M 0.1400 -$581K — — 3× cross just now
0x8cc9…2b6a Short $661K 0.08228 -$61K 0.7082 +680.75% 3× cross just now
0x7d42…4290 Long $375K 0.06483 $107K — — 2× cross 18 min ago
0x5bc4…3b0c Short $324K 0.09386 $11K 0.9201 +914.29% 3× cross 1 min ago
0x936c…bb0f Short $285K 0.1055 $46K 8.046 +8769.60% 3× cross just now
0x64b7…9da9 Long $262K 0.06123 $85K — — 3× cross just now
0x21ca…811d Long $228K 0.1168 -$66K — — 3× cross 5 min ago
0x1b7c…0c6a Short $209K 0.1132 $52K 0.5216 +474.97% 3× cross 23 min ago
0x5740…a9da Long $136K 0.1287 -$57K — — 3× cross 29 min ago
0x985f…501f Short $126K 0.1062 $22K 0.8198 +803.69% 3× cross 2 min ago
0x369d…d251 Short $118K 0.1012 $14K 0.6920 +662.82% 3× cross 28 min ago
0x254a…971e Long $113K 0.1280 -$46K — — 3× cross 7 h ago
0x641e…b6c8 Short $108K 0.1278 $44K 0.6576 +624.92% 3× cross 21 min ago
0x7717…bd7e Short $94K 0.1038 $14K 5.011 +5424.27% 3× cross just now
0xae43…478d Short $90K 0.06584 -$25K 0.2515 +177.30% 3× cross 18 min ago
0x888e…6d77 Short $89K 0.1208 $29K 1.235 +1261.60% 3× cross just now
0xf9d9…1eba Long $87K 0.1125 -$21K 0.05233 -42.31% 3× cross 6 h ago
0x8825…2cb7 Short $75K 0.08635 -$3,606 0.9508 +948.17% 3× cross 16 min ago
0x7704…311b Long $68K 0.1145 -$18K — — 3× cross 10 min ago
0xeb0f…4637 Long $67K 0.08252 $6,027 0.03499 -61.43% 2× isolated 24 min ago

Tracker coverage and freshness

all Hyperliquid perps · 44.7% of OI
TierWalletsWith positionsTracked valueTarget cycleActual cycle
A300300$8.35B60 s60 s
B3,0003,000$2.96B15 min29 min
C45,9207,099$352.38M4 h14 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); 37.6% 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 38.3% 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.