Learn what long/short bias means on HyperStats, why notional matters more than raw counts, and how to use token-level positioning correctly.
How to read long/short bias on HyperStats without confusing capital exposure with simple trader counts.
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.
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.
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.
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.
It means which side currently dominates open notional. It is not the same as simply counting how many traders are long or short.
Because notional better reflects actual capital exposure and market pressure. Count bias alone can be misleading when position sizes differ widely.