Hyperliquid Whales Hold $7.146B, Long/Short Ratio 0.92

A long/short ratio just under 1.0 suggests large Hyperliquid traders are leaning marginally short even while carrying a substantial whale book, a positioning mix worth noting because it implies conviction is not uniformly bullish at size. The open question is whether this skew reflects hedging against spot exposure rather than outright directional bets, since aggregate whale holdings alone cannot distinguish the two. Watch whether the ratio drifts further below parity or reverts toward balance.