Two highly profitable traders on the Hyperliquid decentralized exchange have accumulated more than $5.4 million in short positions against XRP, signaling strong bearish conviction from some of the platform’s most successful users.
"Notable activity has been recorded among Hyperliquid's 'money printers', those with PnL above $1 million," according to data provider CoinGlass, which highlighted the large XRP positions.
The data reveals two distinct strategies. One trader, identified by the address 0x555...d43b, is sitting on a 1,557% unrealized gain from a $1.21 million short opened near XRP's peak. A second whale, 0xc30...a4c9, is applying heavy pressure with a more conservative 8x leverage, building a $4.21 million short position that creates significant resistance at the $1.419 entry point. The larger position is currently up $155,000, with a liquidation price of $1.61, a key level that could trigger a cascade of liquidations if breached.
This bearish stance on XRP is part of a wider trend among Hyperliquid's elite traders. Total short positions held by these "money printers" currently stand at $1.29 billion, significantly outweighing the $910 million in longs. Among the top ten assets by open interest on the platform, XRP shows a clear short bias, with $23.07 million in shorts versus $15.72 million in longs. This may indicate either institutional hedging or a direct bet on a correction following the spring 2026 rally.
The developments on Hyperliquid are noteworthy as the platform grows in prominence, challenging established players like Polymarket and Kalshi with new offerings like zero-fee event prediction markets under its recent HIP-4 proposal. The exchange's ability to attract significant, sophisticated capital, as evidenced by these multi-million dollar XRP shorts, underscores its increasing relevance in the derivatives landscape. While the large shorts signal bearish sentiment, they also introduce the risk of a "short squeeze," where a sudden price increase could force these traders to buy back their positions, further fueling the rally.
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