Top Perp Traders on Four DEXs Go 75% Long Within 15 Hours

Top Traders Flip Long in 15 Hours

The accounts at the top of the 24-hour performance rankings on Hyperliquid, Lighter, dYdX and Pacifica flipped hard to the long side within 15 hours. In the latest hourly reading taken on Nov 4, long positions made up roughly 75% of the group's combined book: about $950 million in longs against $312 million in shorts. The previous evening's edition, compiled on the afternoon of Nov 3, showed $180 million long and $2.56 billion short, a long share of about 7%. Prices helped the longs along. Bitcoin climbed 1.7% from $76,492 to $77,781 over the window, and Ethereum rose 1.6% from $2,250 to $2,285. In dollar terms, longs grew by $770 million while shorts shrank by $2.25 billion. The Bitcoin book inside the group now lists 135 long accounts against 52 shorts, about $242 million long versus $129 million short, a 65% long share against 6% the prior evening. Ethereum's cohort swung harder still: 104 longs against 49 shorts, roughly $202 million long against $54 million short, or 79% long, compared with $28 million against $574 million and a 5% share a day earlier. The price move did not spare the group's aggregate result: unrealized profit of about $120 million turned into a loss of roughly $12.6 million. Total position value across the cohort fell to about $1.26 billion from $2.74 billion. The aggregation counts each venue's top 100 performers separately and sums the results by asset, so the totals cover perpetual positions only and leave spot holdings out. Because the rankings are rebuilt every hour from period performance, the roster of ranked accounts changes with each print, and the share can move without any single trader adding risk.

Longer Horizons Stay Short

The longer performance windows tell a different story. Among traders ranked on seven-day results, longs stand at about $418 million against $2.80 billion in shorts, a long share of 13%, down from 16.5% the previous evening. Longs in that cohort shed $71 million and shorts added $324 million, and unrealized profit narrowed from roughly $130 million to $70 million. The 30-day group is even more short-heavy: about $305 million long against $3.05 billion short, a 9.1% long share, up one percentage point from 8.1% but still overwhelmingly net short. Side by side, the divergence is stark:

Zcash produced the largest seven-day shift among the 20 most-held assets. Its seven-day roster fell from 44 longs and 67 shorts to 32 longs and 84 shorts, dropping the headcount long ratio from 40% to 28%. The group's ZEC book stands near $16.5 million long against $209 million short, and the token was quoted at $1,232.55, up 8.5% over 24 hours. The same asset sits at the other extreme in the 24-hour window: 74 longs against 25 shorts, about $116 million long against $8.6 million short, a 93% long share, after holding just $5.8 million in longs against $168 million in shorts the previous evening. Hyperliquid's own token shows 80 longs against 35 shorts in the 24-hour group, roughly $157 million long against $47 million short, after shorts collapsed from $379 million; HYPE traded at $85.60, up 1.9%. HYPE positions carry the largest unrealized losses of any asset in the series: about $18 million in the seven-day group and $59 million in the 30-day group. One limitation follows from the method: only the top 100 positions per exchange are summed, so a handful of large accounts can move the aggregate, and hedged exposure on other venues or in spot sits outside the count.

Re-Ranking, Not Conviction

Our read is that the 75% print is a composition effect as much as a conviction trade. Hourly re-selection pulls in accounts that rode the move up, so a swing this sharp mostly measures which way prices went. With Bitcoin near $77,500 and Ethereum around $2,280, both up about 1% over 24 hours in COINOTAG's live monitoring, the cost of carrying the new longs will show up in funding rates across these venues. How leverage is spread across the horizons matters more than any single window: the 24-hour crowd is long, while traders measured over seven and 30 days remain 87% and 91% short. A snapshot of 187 Bitcoin accounts and 153 Ethereum accounts, drawn from four top-100 lists, records the present book; unlike implied volatility, it makes no claim about the next move.