Hyperliquid Whales Hold $6.03B, Long/Short Ratio 0.94

The sub-1.0 long/short ratio is the detail worth noting: Hyperliquid's largest accounts are leaning net short even as whale exposure sits above $6 billion, which suggests conviction rather than drift. That matters for a venue where size is concentrated enough that a few accounts can shape funding and liquidation dynamics across the book. Whether the tilt persists or unwinds as positioning adjusts is the open question.