How to Read Hyperliquid Long/Short Bias
Learn what long/short bias means on HyperStats, why notional matters more than raw counts, and how to use token-level positioning correctly.
Long/short bias is one of the easiest metrics to misread. HyperStats uses notional-based bias so the token pages reflect capital exposure instead of just how many traders are on each side.
That matters because a market can have more long wallets but still be net short by capital, or the reverse.
Bias versus trader counts
Trader counts tell you how many wallets are on each side. Bias on HyperStats is meant to answer a different question: which side has more capital behind it right now.
That is why the token pages emphasize long notional, short notional, and L/S notional ratio.
How to use L/S notional ratio
L/S Ntl is the ratio of long notional to short notional. Above 1 means long capital dominates. Below 1 means short capital dominates.
It is more useful than a raw count ratio when you care about actual market pressure.
How to combine bias with activity
Current bias is a live snapshot. Recent activity windows tell you how the market has been opening and closing positions recently. Use both together.
A market can be net short by current notional while still showing a burst of recent long openings, and that combination can be important.
Frequently Asked Questions
What does long/short bias mean on HyperStats?
It means which side currently dominates open notional. It is not the same as simply counting how many traders are long or short.
Why does HyperStats use notional bias instead of trader-count bias?
Because notional better reflects actual capital exposure and market pressure. Count bias alone can be misleading when position sizes differ widely.
Related Guides
How to use HyperStats token analytics and token terminal data to understand notional bias, activity windows, and top current positions on Hyperliquid.
How to use the HyperStats token terminal to combine live price action, large-wallet markers, top positions, and token activity windows.
How to use HyperStats to follow whale wallets, watch real-time activity, and identify meaningful large-trader signals on Hyperliquid.