Top Perp Traders Cut Long Share to 10.1% on Four Exchanges

Shorts Add $635 Million in 16 Hours

Top-performing traders across four perpetual exchanges cut their long share to 10.1% by Wednesday morning, daily position-tracking data shows, down from 26.3% the previous evening. The 24-hour performance cohort held about $236 million in longs against $2.092 billion in shorts at the 07:35 tally on November 11, so short notional outweighed long exposure by roughly nine to one. Sixteen hours earlier the same group carried $519 million long against $1.457 billion short. Across that window longs shed about $283 million while shorts added roughly $635 million, a 16.2 percentage-point collapse in weighting.

The tally ranks the top 100 profitable accounts on each of four venues, Hyperliquid, Lighter, dYdX and Pacifica, decentralized order books that also appear in roundups of the best crypto exchanges, then sums every ranked crypto wallet address by asset and refreshes the table hourly. Prices moved the same direction. Between yesterday evening and this morning Bitcoin slipped from $74,519 to $73,797 on venue prints, a 1.0% loss, while Ethereum fell from $2,111 to $2,053, a 2.7% drop. Over the full 24 hours to the tally BTC was down 1.8% and ETH 3.6%. COINOTAG's live feed now puts BTC near $73,760, down 2.2% on the day, and ETH near $2,052, down 3.8%, so the drawdown has extended past the tracker's last snapshot.

The longer windows agree with the daily one. The 7-day group held 8.9% long, $243 million against $2.473 billion in shorts, down from 11.2% the evening before, and the 30-day group sat at 9.7% long, $262 million versus $2.445 billion, from 10.7%. All three windows now carry about nine tenths of ranked notional on the short side. Shorts outnumbered long accounts in every one of the three windows as well, a detail the per-coin tables make explicit.

BTC Shorts Swell to $760 Million

Bitcoin's 24-hour group shows the rotation at the account level. It held 59 longs against 163 shorts at the latest count, after 93 longs and 117 shorts the evening before, a flip from a long-leaning majority to nearly three shorts for every long. Dollar exposure followed: longs stood near $69.2 million against $760 million in shorts, an 8% long share, with short notional up from about $469 million a day earlier.

Ethereum's cohort moved the same way from a milder base. Its 24-hour group counted 65 longs and 126 shorts, against 66 and 96 the evening before, and the long share halved to about 12%, with $51.4 million long against $376 million short after sitting near 23%. The 7-day book holds $46.9 million long against $510 million short, 30% long by headcount, and the 30-day group lists 58 longs against 146 shorts. Unrealized profit rose across the board, to about $222 million for the 24-hour group, $245 million for the 7-day and $253 million for the 30-day, each above the evening reading.

The sharpest single-coin rotation sat in ZEC. Its 7-day group went from 43 longs and 47 shorts, a 48% long ratio, to 24 longs against 83 shorts, or 22%, and to $2.9 million long against $157 million short in dollar terms, a 1.8% share. The move tracked price rather than ZEC's tokenomics: the privacy coin lost 9.3% in 24 hours, a deeper drop than BTC or ETH took, and its 24-hour group's short side held about $30.7 million in unrealized gain. HYPE's 24-hour group turned as well, from 63 longs and 74 shorts to 33 longs against 123 shorts. Among the 20 largest books by notional, the evening tally still counted two coins with heavier longs than shorts in the 24-hour group, LIT and BNB; the latest count lists none.

Part of the swing is mechanical. Each window re-ranks its leaderboard hourly on period performance, so a falling tape keeps promoting traders who were short and pushing out those who were long. The methodology states the other limits plainly: only the top 100 accounts per venue are summed, spot balances and other exchanges sit outside the count, and hedges cannot be seen, which is why the BTC 30-day group's short book alone reaches about $896 million and can dominate the total. What the count establishes is where profitable money sits now: nine tenths of it short. The distance this piece keeps measuring is the one opened in 16 hours, from a 26.3% long share to 10.1%, while Bitcoin slid from $74,519 to $73,760.