Perp DEX Top Traders Hold $2.37B in Shorts, 94% of 24-Hour Cohort

Shorts Reach $2.37B on Four Venues

Aggregated derivatives positioning data across four perpetual venues shows the cohort of top-performing traders has turned overwhelmingly short. In the 06:06 snapshot on November 8, the 100 most profitable accounts over the trailing 24 hours on Hyperliquid, Lighter, dYdX and Pacifica held roughly $158 million in long futures positions against about $2.365 billion in shorts, a 93.7% short share. The tally re-ranks each venue's top-100 traders by period performance every hour and groups their positions by asset.

The reversal from the prior reading is stark. At 16:19 on November 7, the same 24-hour cohort counted about $892 million in longs against $215 million in shorts, an 80.6% long share. Over the 13 hours and 47 minutes between the two snapshots, long exposure fell by roughly $734 million while shorts expanded by about $2.15 billion. Price context over that span was mildly lower on Hyperliquid prints: Bitcoin (BTC) slipped from $76,099 to $75,788, a 0.4% decline, and Ethereum (ETH) from $2,248 to $2,235, down 0.6%. On a 24-hour basis both assets lost 0.2%, and live monitoring now places BTC near $75,800 and ETH near $2,240, essentially where the snapshot left them.

The longer lookbacks echo the same tilt. The 7-day cohort held about $212 million in longs against $2.816 billion in shorts, a 7.0% long share, down 2.2 points from the prior evening's 9.2%. The 30-day group carried roughly $305 million long against $3.08 billion short, a 9.2% long share, up 0.6 points from 8.6%. All three windows now lean short together, where only the 24-hour group leaned long the previous evening.

The per-asset books show the tilt running through both majors. Bitcoin's 24-hour group now lists 60 long-side and 160 short-side traders, against 110 long and 73 short the previous evening, with exposure of about $38 million long and $738 million short, a long share near 5%. The 7-day Bitcoin cohort counts 73 long and 161 short accounts, its headcount long ratio easing from 36% to 31%, while the 30-day group runs 75 long to 186 short.

Ethereum mirrors the shift. Its 24-hour cohort holds 68 long and 130 short traders, where Saturday evening's count was 96 long and 52 short; dollar exposure sits near $33.5 million long against $504 million short, about 6% long. In the 7-day window, 56 long and 129 short accounts put the headcount long ratio at 30%, down from 35%, on roughly $69.7 million long and $654 million short, and the 30-day group shows 54 long to 156 short.

Smaller assets carried the sharpest swings. LIT's 7-day cohort swung from 42 long and 50 short traders, a 46% headcount long ratio, to 25 long and 65 short at 28%, with long exposure cut from about $23.2 million to $2.8 million against $31.1 million in shorts; its 24-hour group stands at 21 long to 67 short, a 15.5% long share with an unrealized loss of about $2.4 million. Zcash (ZEC) printed the steepest price move, trading at $1,256.55 after a 5.0% fall over 24 hours; its 24-hour cohort holds 37 long and 93 short traders with roughly $3 million long against $241 million short, a long share near 1%, while the 7-day group's headcount ratio eased from 47% to 40% and long exposure fell from about $10.8 million to $5.9 million. Hyperliquid's HYPE 24-hour group reads 36 long to 108 short, also around 1% long. Unrealized results turned with the book: the 24-hour cohort swung from a $21.9 million loss to a $124 million gain, and the 7-day and 30-day groups show gains of roughly $140 million and $164 million respectively.

A Cohort, Not a Consensus

The 94% print describes a rebuilt leaderboard as much as a change of heart. These cohorts are re-selected hourly by trailing performance, so short-window membership can turn over almost entirely; the swing from 81% long to 94% short is partly re-composition, not the same accounts reversing. Short-span ranks reward whoever called the recent move correctly, and with most assets, BTC and ETH included, lower over the day, the short side captured the ranking. The sum also covers only top-100 positions on four venues, which lets single large books dominate, while spot holdings, other exchanges and hedge status stay invisible. Unlike price oscillators such as the RSI or channel tools like Bollinger Bands, the measure tracks positions, not momentum; treating the 94% share as a directional signal would be closer to FOMO than analysis. The figures stand as a dated snapshot: about $2.37 billion in shorts against $158 million in longs across the 24-hour cohort, measured on the morning of November 8.