What is the trader who made $112.5M in a month holding now? $676M of shorts and not a single long

The Satoshi Index ranks traders by return by default. Switch the sort to P&L, the dollars actually earned, and a completely different set of faces appears at the top.

That is because the top account by return is usually a small account that multiplied, while the top account by P&L is a large account that moved a few percent.

As of 07:38 KST on October 28, the top 30-day earner had made $112.5M in a month. The second had made $87.2M.

Both accounts hold about $200M in equity, and neither holds a single long. They were short ETH, BTC, SOL, ZEC and HYPE, and nothing else, to the tune of $676M and $574M respectively.

And their position lists were almost identical.

We went through Satoshi Note's Satoshi Index data to see what the biggest earners are holding right now.

1. The top two earners hold almost the same positions

A quick word on return versus P&L first. Return is the percentage made on equity; P&L is the dollar amount made. Sort by return and small accounts rise to the top. Sort by P&L and large accounts rise to the top.

Accounts are shown by the first six characters of their wallet address only.

The two accounts are similar in size, in having no longs, and in leverage. Lay the positions out by coin and the resemblance becomes even clearer.

Both hold ETH and BTC shorts of roughly $200M each at 5x, with SOL, ZEC, HYPE, XRP, PUMP, ENA and DOGE shorts at 3–7x underneath. The structure is the same in both accounts.

$676M of shorts on $212M of equity works out to about 3x leverage at the account level.

Together the two accounts hold $1,249M of shorts. Of the $3,436M in shorts held by all top 30-day traders, 36% belongs to these two.

Positions this similar do not prove the two accounts belong to the same person. There is no way to tell from wallet addresses alone.

2. Over $100M made in a month, but today's positions are roughly flat

Unrealized P&L here is the gain or loss on an open position valued at today's price. It is not locked in, and it is not included in the 30-day P&L above.

The two accounts that made over $100M in a month currently show an unrealized loss of $7.8M for the first and an unrealized gain of $0.1M for the second.

Next to what they have already made, today's positions are close to flat.

By coin, the ZEC short is in profit for both (+$7.3M and +$1.9M), and the BTC short is the largest loss for both (−$11.5M and −$6.6M).

3. Third place closed everything, fourth place onward runs 20–25x shorts

From third to twelfth place the shapes vary.

Third place, 0x87f9, has $121.2M in equity and no open positions at all. It made $26.7M in a month and closed everything.

From fourth place the shapes diverge. 0x7fda and 0xfe7c hold ETH shorts at 25x, and 0x45d2 and 0xfc27 hold BTC shorts at 20–25x. Where the top two hold large amounts at a low 3–5x, these accounts built their positions with high leverage.

0xdd53 holds 24 positions, every one a 3x short, much like the top two. Tenth place, 0x0b8a, holds a single position, a HYPE short, at an unrealized loss of $4.9M.

Seventh place 0x45d2's $35.2M HYPE short is down $22.7M, the largest unrealized loss of any position among the top 20.

4. 15 of the top 20 are short HYPE

Overlay the positions of the top 20 earners and the direction is lopsided.

15 of the 20 are short HYPE. An earlier piece noted that the 108 HYPE shorts held by top 30-day traders carry $57.8M of unrealized losses. A good share of that loss belongs to these top earners.

Not one long position is shared among them. The 20 hold $34.2M long against $2,194M short, so longs are just 1.5% of the book.

The top 20 7-day earners look almost the same: 15 short ETH, 14 short BTC and 12 short HYPE.

The 1-day tab is the exact opposite. Its top 20 earners hold $260M long against $67M short, and the shared positions are longs: ZEC long (6), LIT long (5) and HYPE long (4). The direction at the top depends on which window's P&L ranking you read.

5. The top account by return is a different account with $9M

Even on the same 30-day tab, the top account by return is a completely different account from the top account by P&L.

The 30-day return leader, 0x3a98, shows a 10,230% return on $8.96M of P&L and $9.05M of equity. Its equity was close to zero a month ago, which is why the ratio is so extreme.

Second by return, 0x05c6, is at 295% on $0.15M of P&L and $0.61M of equity. The 7-day return leader, 0xb324, is at 162% on $0.14M of P&L and $0.21M of equity.

The return list is small accounts and the P&L list is large accounts, and the two do not overlap. The return leader 0x3a98 is not in the top 20 by P&L.

Because the Satoshi Index ranking page sorts by return by default, the accounts on the first screen are not the accounts in this piece.

Closing — the biggest earners were large accounts running low-leverage shorts

In this snapshot the top two 30-day earners were two accounts of about $200M each, and both held ETH, BTC, SOL, ZEC and HYPE shorts at 3–5x with no longs at all. Their shorts alone were 36% of all top-trader shorts.

They made over $100M in a month, but their current positions were roughly flat, and both were losing on their BTC short.

Below third place the methods varied, from an account that closed everything to accounts that built 20–25x shorts, but the direction converged on short. 15 of 20 were short HYPE and no long was shared.

The top account by return was an entirely different account with $9M in equity. Which way you sort the ranking changes what "top trader" looks like considerably.

FAQ

Why is the top account by return different from the top account by P&L?

Return is a ratio to equity, so small accounts rise to the top. The 30-day return leader 0x3a98 made $8.96M on $9.05M of equity, a 10,230% ratio. The P&L leader 0x5b5d made $112.5M on $212.0M, a 65% ratio. The sort button on the ranking page switches between the two.

Do the top two, holding only shorts, represent all top traders?

The top 30-day traders as a whole are 91% short, and these two accounts hold 36% of those shorts. Take them out and the remaining $2,187M of shorts still dwarfs the $330M of longs. The top 1-day traders, however, are 80% long, the opposite. It depends on which window you read.

Where can I see these numbers myself?

On the Satoshi Index ranking page (satoshinote.io/traders), switch the sort to P&L to get the order in this piece. Press an account to see its positions. No login is needed and the data refreshes every 30 minutes (dYdX every 3 hours).

Satoshi Index

Satoshi Note's Satoshi Index shows the positions of top traders on four exchanges, Hyperliquid, Lighter, dYdX and Pacifica, in one place.

You can sort the top traders of each window by return or by P&L and see what they hold, how much is long versus short, and the unrealized P&L of every position.

No login required.

https://satoshinote.io/traders

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Data as of October 28, 2026, 07:38 KST (22:38 UTC October 27). The top 100 accounts by 30-day return on the four exchanges were re-sorted by P&L and matched against the per-account positions on each coin page. P&L and return are the exchanges' figures for the window and exclude the unrealized P&L on current positions. Positions are counted only where they appear in a coin page's top 100, so small positions may be missing. The P&L ranking is an order within the top 100 by return, not an exchange-wide ranking. Unrealized P&L is not locked in and will change with the time of the snapshot. This content is provided for information about market data and does not recommend any coin or position.