Hyperliquid long/short ratio: how to read it

A long/short ratio tells you how traders are split between betting a price goes up (long) and down (short). On Hyperliquid, where every position is public, it can be counted exactly.

Two ways to count

• By traders: how many hold a long vs a short. 70% long means 7 in 10 holders are long.
• By value: how many dollars sit on each side. One whale can make value lean the other way from the count.

JoinEm's market pages show both for every market, for example BTC, ETH and HYPE.

Whose positions count

Most long/short ratios count every account, including market makers that are always on both sides and wallets that gamble. JoinEm counts only ranked traders: copyable wallets whose perp trading is up over 90 days. That makes it the positioning of traders with a record, not of the crowd.

How to read it

• A lopsided ratio is crowded, not certain. When most ranked traders are long, a drop hurts many of them at once.
• Compare count and value. If most traders are long but most value is short, a few large accounts disagree with the many.
• Look at who. Each market page lists which ranked traders hold it (from the daily snapshot) and their latest closed trades in that market, so you can see whether the consistent traders or the high-risk growers are driving it.
• Pair it with funding. High positive funding plus a long-heavy ratio is a crowded long: funding explained.

The live totals refresh every few minutes; who holds what is in Pro, live, with alerts.