[Satoshi Index] Top Crypto Traders on Hyperliquid, Lighter, dYdX and Pacifica Hold 94% of 24-Hour Notional in Shorts, With Bitcoin Above 99%

‘Satoshi Index’ is a daily series in which Satoshi Note™, a crypto portfolio tracker, analyzes the current positions of top traders using on-chain data. Data refreshes hourly; figures reflect the aggregation time stated in the article. [Editor's note]

As of 3:22 p.m. KST on Nov. 13 (06:22 UTC), the top 100 traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $123 million in long positions and $1.98 billion in short positions in crypto perpetual futures, a long share of about 6%. The figure sums each exchange's top 100 by 24-hour performance separately, by asset.

In this morning's aggregation (5:19 a.m. KST) the same group held about $172 million long and $1.999 billion short, a long share of 7.9%. In the roughly 10 hours since, long notional fell by about $49 million while short notional changed little, lowering the long share by 2.1 percentage points. On Hyperliquid prices, comparing 8:41 a.m. with 5:41 p.m. KST, Bitcoin (BTC) moved from $71,220 to $68,848, down 3.3%, and Ethereum (ETH) from $2,014 to $1,936, down 3.9%.

The 7-day group holds about $179 million long and $2.19 billion short, a long share of 7.5%, down 0.6 points from 8.1% this morning and still more than 90% short.

The 30-day group holds about $178 million long and $2.30 billion short, a long share of 7.2%, down from 9.5% this morning. Unrealized P&L stands at a gain of about $299 million for the 24-hour group, $333 million for the 7-day group and $347 million for the 30-day group, all larger than this morning.

BTC in the 24-hour group has 46 long and 220 short accounts, with more short accounts than this morning's 66 long and 186 short. By notional the group holds about $4.1 million long and $848 million short, more than 99% short. The 7-day group has 60 long and 204 short accounts, a long share by headcount of 23% against 32% this morning, the largest change among the assets that can be compared with the morning table. It holds about $43.5 million long and $867 million short. The 30-day group has 60 long and 207 short accounts.

ETH in the 24-hour group has 60 long and 162 short accounts, a similar split to this morning's 56 long and 146 short, and holds about $20.0 million long and $345 million short, a long share of about 6%, down from about 12%. The 7-day group has 56 long and 177 short accounts, a long share by headcount of 24%, and holds about $12.8 million long and $407 million short. The 30-day group has 59 long and 172 short accounts.

In the 7-day group Zcash (ZEC) saw its long share by headcount rise from 25% this morning to 29%, unlike BTC. It has 37 long and 92 short accounts and holds about $11.2 million long against about $151 million short. Its price is down 3.6% over 24 hours, and the group's unrealized gain on it is about $40.4 million.

In the 24-hour group Hyperliquid (HYPE) went from 38 long and 107 short accounts to 46 long and 101 short, but its notional is still much larger on the short side, about $11.5 million long against about $227 million short. Its price is up 1.1% over 24 hours. Among the top 20 assets by notional, the number with more long than short notional in the 24-hour group is still one, Nvidia (NVDA), as this morning.

The groups are re-selected every hour on performance over each window, so when the accounts that make the ranking change, the direction split changes with them. Short-window rankings tend to lift the traders who were on the right side of that window's price moves. With BTC down 6.3% and ETH down 5.5% over 24 hours, the larger unrealized gain of the 24-hour group can be read alongside that selection effect.

The figures also sum only the top-100 positions on four exchanges, so a few large positions can sway the notional split, as BTC's roughly $867 million of short notional in the 7-day group shows, and holdings on other exchanges or in spot are not counted, leaving any hedging unknown. Current positions describe the present, not where the market goes next.

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Disclaimer: This article is provided for informational purposes only, based on public on-chain data, and does not recommend buying or selling any digital asset or any trading direction. The current positions and past performance of top traders do not guarantee future returns. All investment decisions and their consequences rest with the investor.