Top Trader Longs Fall to 8.3% Across Four Derivatives Venues

Longs Slump to 8.3% in Seventeen Hours

The strongest performers of the past 24 hours across Hyperliquid, Lighter, dYdX and Pacifica, four DEX venues, had cut their long exposure to about $158 million against roughly $1.733 billion in shorts by the 08:08 snapshot taken on November 15, local time, a long share of 8.3%. The tally, refreshed hourly, sums the top 100 positions by recent performance on each of the four order books. One aggregation earlier, stamped 14:54, the same 24-hour group still carried about $266 million in longs against $1.588 billion in shorts, or 14.4% long. Over roughly seventeen hours the long book shed about $108 million while the short book added about $145 million, opening the directional gap by 6.1 percentage points. The reshuffle tracked a steep selloff: Bitcoin lost 6.9% over the measured 24 hours and Ethereum 9.5%, with Bitcoin quoted at $63,424 in the morning snapshot, down 5.4% from $67,065, and Ethereum at $1,741, down 8.3% from $1,898. As of this writing, our live monitoring shows Bitcoin at $64,166, down 6.3% on the day, and Ethereum at $1,770, down 8.6%. The longer windows lean less decisively bearish. The 7-day group sits at 8.6% long, a point above the prior evening's 7.6%, and the 30-day group at 10.8%, up 2.1 points from 8.7%. The 7-day short book eased by about $197 million over the same span. Unrealized profit rose across all three cohorts, to about $442 million for the 24-hour group, $498 million for the 7-day and $489 million for the 30-day, against $249 million, $358 million and $376 million the evening before. Among the twenty largest assets by notional, not one carried a larger long than short amount in the 24-hour group in the morning snapshot, down from three a day earlier, when XMR, MON and SPY still did.

Shorts Stack Up on Bitcoin and Ethereum

Bitcoin's own 24-hour group tells the sharper story. Ranked accounts split 61 long against 187 short, a shift from 69 and 165 the evening before, and in dollar terms the group held about $23.8 million long against $627 million short, leaving shorts with 96% of the counted notional. The 7-day Bitcoin group counts 65 longs against 194 shorts, with about $59.9 million long and $729 million short, while the 30-day group stands at 67 longs and 195 shorts. Ethereum moved differently on headcount: its 24-hour group added three longs to reach 62 while shorts grew by 31 to 152, and amounts settled at about $50.2 million long against $281 million short, a 15% long share, with unrealized profit of about $66.5 million. The Ethereum 7-day group kept its long headcount ratio at 28%, level with the prior evening. Monero produced the largest swing among coins with comparable tables: its 7-day group flipped to 43 longs against 42 shorts, lifting the long headcount share from 43% to 51%, while its 24-hour group swung from nearly even books of $13.7 million long and $13.65 million short to $2.3 million against $16 million. XMR lost 12.4% over the 24 hours. HYPE saw the deepest long-side retreat among the named assets: long notional fell from about $48.7 million to $7.1 million, roughly a seventh of the prior figure, while shorts grew from $238 million to $317 million, cutting the long share from 17.0% to 2.2% as headcount went from 46 longs and 105 shorts to 39 and 136. HYPE dropped 11.7% in the same window. The sum counts perpetual positions only: balances held through spot trading fall outside it, as does any hedge a trader runs on venues outside the four, which matters for anyone sizing directional exposure or running copy trading strategies that mirror these accounts.

The Selection Effect Behind the Shift

The hourly re-ranking does most of the explaining. Groups are re-picked every hour by period performance, so accounts that called the drop correctly rise to the top of the 24-hour list, and the roughly $442 million of unrealized profit sits with those shorts. The sum also covers only the top 100 positions per venue, a thin slice of total open interest, which means a handful of accounts, the $729 million of 7-day Bitcoin shorts for one, can dominate the total, while hedges held elsewhere stay invisible. What the figure captures is a snapshot, not a forecast: after the 6.1-point slide in long share, Bitcoin has steadied near $64,166 and Ethereum near $1,770, and the distance between the two readings, 8.3% against 14.4%, now stands as the measurement that defines the group's posture.