HYPE is 77% long on the 1-day window and 97% short on the 30-day window — change the window and you change the people

Reading the Index — analysis pieces that read the Satoshi Index numbers one angle at a time. Figures here are from the October 27, 2026 snapshot at 14:29 KST (05:29 UTC), top 100 by 1-day, 7-day and 30-day return, four exchanges (Hyperliquid, Lighter, dYdX, Pacifica) combined. Liquidation figures are from the liquidation map at 14:58 KST the same day.

Flip the window pills on the HYPE coin page from 1 day to 7 days to 30 days and the same coin shows three different faces: 77% long, then 94% short, then 97% short. The point of this piece is not which window is right. It is that each window contains different people.

At a glance

• On October 27 the Satoshi Index (Satoshi Note's public board that combines the positions of top-return accounts on Hyperliquid, Lighter, dYdX and Pacifica) shows HYPE at $112.8M long vs $33.8M short on 1 day (77% long), $14.1M vs $206.7M on 7 days (6% long), and $13.6M vs $379.9M on 30 days (3% long).
• Only 17 of the 81 one-day longs are also in the 30-day ranking (and all 17 are long there too); 86 of the 124 thirty-day shorts, holding $349.6M, are not in the one-day list. Of Hyperliquid's 48 one-day longs, 34 have a negative 30-day return.
• The 1-day window shows accounts that won yesterday; the 30-day window shows accounts that lasted a month. Not a price forecast, not a position recommendation.

The three windows side by side

In all three windows Hyperliquid is nearly the whole picture. On 1 day Hyperliquid is 48 long vs 15 short with $109.5M long; on 30 days it is 15 long vs 74 short with $373.8M short. Lighter, dYdX and Pacifica together hold $4.2M of HYPE on the 1-day window, 3% of the total.

Who are the 81 one-day longs — accounts that won yesterday

The 1-day window is the top 100 accounts by return over the past 24 hours. 81 of them are long HYPE, and when you overlay that list on the 30-day ranking, only 17 also appear there. The other 64 made the list on yesterday's result alone. Narrow it to Hyperliquid's 48 one-day longs and 34 of them have a negative 30-day return: losing on the month, winning yesterday, ranked because of yesterday.

Among Hyperliquid's one-day longs, 20 accounts hold $1M or more, $100.1M between them. Their entries run from $52.6 to $91.4, mostly between $75 and $85. With the mark at $77.58 (14:58 KST), that is roughly where the price is, so the one-day longs' combined unrealized P&L is +$0.3M, close to zero. Of the 81 longs, 21 are currently in profit and 60 in loss.

The top five hold 46% of the $146.5M in 1-day HYPE positions. Median leverage is 10x for longs and 3x for shorts; the longs are borrowing more.

Who holds the $380M 30-day short — 86 accounts missing from the 1-day list

Of the 124 thirty-day HYPE shorts, 86 are not in the 1-day ranking. Those 86 hold $349.6M of short, 92% of all 30-day shorts. The large shorts visible in the 7-day window are 0xb83d $46.5M (5x, entry $69.82), 0x5b5d $37.1M (entry $70.21), 0xf02d $37.1M and 0x45d2 $33.5M (10x, unrealized −$21.1M). Shorts entered around $70 are under water at $77.58; combined unrealized P&L on shorts is −$30.7M on 7 days and −$46.1M on 30 days.

So the 1-day and 30-day windows are not two faces of one coin but two populations: small accounts that won yesterday on a HYPE long, and large accounts that have held a short for a month and are currently losing on it. By contrast, 38 of the 49 one-day shorts also appear in the 30-day ranking, while only 17 of the one-day longs do.

On the liquidation map — longs close, shorts far

On the liquidation map (14:58 KST), with HYPE at $77.58, there are no liquidation prices within ±2% or ±5% on either side. Within ±10% there is only $1.04M of longs (2 accounts); the nearest long liquidation is $71.42 (−7.9%). The large shorts liquidate at $113.39 (0xf02d, $37.1M) and $113.65 (0x0b8a), +46% from the mark. The band more than 50% away holds $160.6M of shorts across 67 accounts. The big shorts are losing but far from liquidation; the longs are small but close to theirs.

Limits

• All three windows cover the top 100 accounts by return, not market-wide HYPE open interest.
• The window pill changes who is in the top 100; it does not split one account's position by period. That is why the people differ between windows.
• Hyperliquid is 97% of HYPE dollars, so this is effectively one exchange's figure.
• Entry and unrealized P&L are taken as the exchange reports them; an account that has held for a long time and added margin may show an entry far from the mark.
• dYdX is aggregated every 3 hours and can lag the other three.

FAQ

Which window should I look at, 1 day or 30 days?

They answer different questions. One day: "what are yesterday's winners holding now". Thirty days: "what are the accounts that lasted a month holding". When the two are opposite, as with HYPE, the populations are different people, and the better check is to overlay the account lists yourself.

If the 30-day shorts are losing, does that mean the shorts are wrong?

It only says they are in unrealized loss at today's price: −$30.7M on 7 days, −$46.1M on 30 days, with the large shorts' liquidation prices +46% above the mark. None of that says where the price goes next.

Where can I see these numbers myself?

On the Satoshi Index HYPE coin page (satoshinote.io/traders/coins/hype): the window pills and the account list. Liquidation prices are on the liquidation map (satoshinote.io/menu/liqmap). Both open without login and refresh every 30 minutes (dYdX every 3 hours).

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This column was written by the Satoshi Note team from a reading of the Satoshi Index figures. It does not forecast price direction or recommend positions. Per-window and per-account figures are on the Satoshi Index HYPE coin page; the liquidation distribution is on the liquidation map.