Hyperliquid's big traders bet $3.78 billion on a drop. One put $126 million on HYPE rising
DeepSea's tracked traders held six dollars of shorts for every dollar of longs last week. Against that tide, one wallet opened a $126.62 million HYPE long, and a 40x bitcoin bet sat 2.4% from liquidation.
Key points
- Tracked Hyperliquid traders held $607.43 million in longs against $3.78 billion in shorts, a 0.2x long/short ratio, DeepSea's report for October 26 to November 1 shows.
- The week's largest single move: wallet Sharkca88 opened a $126.62 million HYPE long at 5x leverage on October 30.
- DeepSea listed 23 large positions worth $95.95 million within 10% of liquidation, including an $18.27 million bitcoin long at 40x.
What DeepSea's data shows
DeepSea's weekly report tracks 876 traders with 6,960 open positions on Hyperliquid, a large exchange for perpetual futures (bets on price with no expiry date). They held $607.43 million long and $3.78 billion short, a ratio of 0.2x, up from 0.1x the week before. Only 26 of 179 coins leaned long.
The biggest bets against the market were on bitcoin ($1.10 billion short versus $163.87 million long), ether ($842.41 million versus $116.23 million) and HYPE ($578.86 million versus $113.20 million). Even so, traders added longs during the week: net long rose $161.41 million on ETH, $129.97 million on BTC and $38.55 million on HYPE.
The largest move was by the wallet DeepSea labels Sharkca88, which opened a $126.62 million HYPE long at 5x on October 30. Another, Shark23f5, opened a $41.57 million HYPE long at 10x the same day.
Data: DeepSea (desea.io), checked November 3, 2026, 6:40 p.m. ET.
Who is close to the edge
Leverage multiplies gains and losses. At 40x, a move of less than 2.5% against you can wipe out the whole stake, and the exchange closes the position. That is a liquidation.
DeepSea lists 23 large positions worth $95.95 million within 10% of that point. The biggest is SMca60: an $18.27 million bitcoin long at 40x, opened at $76,749, with a liquidation price of $75,756, 2.4% away when the report was made. Another wallet, SM8183, held a $903,800 ether short at 25x, just 1.0% from liquidation.
Bitcoin traded at $77,811 at 6:40 p.m. ET on November 3, up 1.4% in 24 hours, according to CoinGecko. That is about 2.6% above SMca60's liquidation price. DeepSea's report does not show whether the position is still open.
Long vs short by coin, tracked Hyperliquid traders
US$ million
Source: DeepSea weekly report, October 26 to November 1, 2026.
The HYPE puzzle
At week's end, DeepSea counted only $113.20 million of HYPE longs across all tracked traders. That is less than Sharkca88's single $126.62 million trade. The report does not show what happened to that position after October 30, so whether it was cut, closed or counted differently is unknown. HYPE traded at $85.66 at 6:40 p.m. ET on November 3, up 2.0% in 24 hours (CoinGecko).
Who is winning
So far, neither side is cashing in. Open longs showed $8.81 million in unrealized profit; open shorts showed a $10.99 million unrealized loss. DeepSea logged 7,043 new positions, 681 flips from short to long, 678 the other way, and 33 liquidations.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think a market this one-sided is fragile. When nearly everyone is short, a quick rise can force shorts to buy back at once, which pushes the price up further.
- The 40x positions are a warning for beginners: being right about direction does not help if a small swing closes you out first.
- The trend matters as much as the snapshot. Traders added longs during the week, including $161.41 million net on ETH, and the ratio rose from 0.1x to 0.2x, so the lean toward shorts eased slightly.
What's next
- Whether bitcoin trades near $75,756, SMca60's liquidation price
- Whether the long/short ratio climbs above 0.2x next week
- New large HYPE longs from Sharkca88 or Shark23f5
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
