Large traders on the decentralized perpetual exchange Hyperliquid have significantly increased their bearish bets on Bitcoin. As of November 7, 2026, whale accounts hold between $892 million and $924 million in short positions, while long positions range from $454 million to $483 million.
This activity marks the highest level of short interest since October 2025. The net short bias is estimated between $345 million and $470 million. The largest single short position on the platform is approximately $178.5 million, with an entry price of about $76,390.
Other notable short positions include individual trades of $155 million and $101.8 million, alongside several others exceeding $60 million. Whales shifted to a net short position on October 27, 2026, and have continued to expand these holdings since that date.
The total open interest for Bitcoin perpetuals on Hyperliquid stands at approximately $3.13 billion. Beyond Bitcoin, some of these whale accounts are also maintaining short positions on HYPE, the native token of the platform, signaling a broader cautious sentiment among major market participants.
