Two leading Hyperliquid traders are shorting more than $1 billion across 22 crypto assets, with the largest bet on ETH, according to blockchain data.
According to data from the blockchain explorer Hypurrscan, the two most profitable traders on the Hyperliquid derivatives platform are currently holding short positions valued at more than $1 billion. The leading account, identified as wallet 0x5b5d…c060, carries $617.5 million in notional short exposure across 22 markets, while a second whale, 0xb83d…6e36, holds $439.4 million. Together they represent the largest bearish bets on the platform for the month of October‑November 2026.
The 0x5b5d account is heavily weighted toward Ether, shorting roughly 97,460 ETH worth $224.5 million at an average entry price of $2,322.72 and 5× leverage. Its liquidation price sits near $3,701, more than 60% above the current market level. Bitcoin is the next biggest position, with a short of about 2,320 BTC valued at $182.1 million entered at $76,366. The trader also shorts SOL, ZEC, XRP, gold, silver and a range of smaller tokens including WLD, ENA, DOGE, PUMP and Fartcoin. The most problematic position is a short on Hyperliquid’s native token HYPE, amounting to $43.1 million and currently showing an $8.3 million unrealized loss. Despite that, the account added roughly $700,000 of additional HYPE shorts on November 2, indicating confidence in the broader bearish stance. The second top trader, 0xb83d, mirrors a similar strategy, holding 30 short positions with a comparable exposure to HYPE and other assets, and reporting an $10.7 million unrealized loss on its HYPE short. Both accounts operate with moderate leverage—approximately 4.7× on average—providing a cushion against near‑term price moves.
Hyperliquid’s public leaderboard ranks 0x5b5d as the month’s top profit earner, posting $99.1 million in profit over the last 30 days and an all‑time profit of $207.7 million on $5.93 billion of trading volume. The second‑ranked trader posted similar gains, reinforcing the platform’s incentive structure for high‑frequency, leveraged strategies. The aggressive shorting comes as the broader crypto market has shown resilience following the recent Binance hack, which many analysts had expected to trigger a sharp sell‑off. Notably, Charles Edwards of Capriole Investments publicly reversed his bearish outlook after Bitcoin held above $77,000 three days after the theft. The timing also coincides with heightened market uncertainty ahead of the U.S. mid‑term elections, a factor that could amplify volatility. Hyperliquid itself is gaining visibility after Intercontinental Exchange announced a venture aimed at U.S. retail traders, potentially increasing liquidity and attracting more speculative activity.
Observers will monitor the price trajectories of ETH and BTC relative to the traders’ liquidation thresholds, especially as the market digests upcoming election results and any further regulatory announcements. The performance of Hyperliquid’s native token HYPE will also be a focal point, given the sizeable short positions and recent loss accumulation. Finally, any shifts in leverage usage or new large‑scale short positions on the platform could signal changing sentiment among top‑tier traders.
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