Hyperliquid whale positions $7.336 billion… short 54.12%

Hyperliquid whales held $7.336 billion in aggregate positions as of the latest Coinglass snapshot, with shorts accounting for 54.12% ($3.971 billion) versus longs at 45.88% ($3.366 billion), a long-to-short value ratio of 0.85. The short tilt has persisted across recent readings, and the positioning is already underwater: longs are down $27.33 million while shorts have lost $79.88 million. The skew matters because it signals that large traders on the Hyperliquid perp DEX remain net bearish even as the aggregate book sits near $7.3 billion, leaving the market exposed to a short squeeze if prices push higher. Watch whether the short share keeps climbing or unwinds, and track the P&L gap between the two sides as a gauge of conviction.