Whale Activity on Hyperliquid: Platform Position Insights from Coinglass Data

Coinglass data reveals significant whale activity on the Hyperliquid platform, with major investors currently maintaining substantial exposure across derivatives markets. Understanding these large position movements provides valuable insights into institutional market sentiment and leverage strategies.

Total Whale Holdings and Exposure

Whales collectively hold $4.411 billion in positions on Hyperliquid platform, representing a substantial concentration of capital in the derivatives ecosystem. This significant asset base highlights how major traders leverage the platform position to execute large-scale trading strategies. The current distribution shows a relatively balanced, yet slightly bearish, positioning among high-net-worth participants in the market.

Long vs Short Position Dynamics

The platform position split reveals an interesting market dynamic. Long positions account for $2.095 billion (47.49% of total holdings), currently experiencing a -$167 million unrealized loss. Conversely, short positions hold $2.317 billion (52.51%), with an impressive +$307 million in unrealized gains. This distribution suggests that major whales are currently tilted toward downside protection, with short sellers capitalizing on recent market volatility and price movements.

Major Individual Position: High-Leverage ETH Trade

One notable whale address (0x9eec…ab) has taken an aggressive position on Ethereum using 15x leverage on Hyperliquid platform, originally entered at $3,201.03 per ETH. Given the current ETH price at $1,980, this particular position is experiencing an unrealized loss of approximately $14.26 million. This case exemplifies the risks associated with extreme leverage in derivatives trading, even for experienced institutional players.

Market Implications

The concentration of whale activity on Hyperliquid platform position data underscores the growing importance of derivatives markets for sophisticated traders. The current bearish lean in platform positions, combined with substantial short-side profitability, suggests cautious sentiment among major market participants heading into the current trading period.

Data as of February 16, 2026