Reading positioning
Price shows what happened. Positioning shows who is exposed and where they would be forced out. These are the indicators HyperBase builds from Hyperliquid’s public data, and how to read them without over-reading them.
Open interest
Open interest is the total size of open positions in a market. Rising price with rising open interest means new positions are driving the move; rising price with falling open interest often means shorts are closing. A sharp drop in open interest during a fast move usually marks liquidations.
Funding as a crowding gauge
Funding tells you which side is paying to stay in. A high positive rate means longs are crowded; a negative one, shorts. Crowded sides are where squeezes start, but a rate can stay extreme for a long time — it is a reason to look closer, not a signal on its own.
Where positions would be liquidated
Liquidation clusters place the liquidation prices of tracked traders’ positions around the mark price. Dense levels are where a move could cascade, as forced closes push the price further. They cover tracked traders only — the most active addresses — not every account on the exchange.
What the large and the profitable are doing
Cohorts show how traders of each size and each PnL record lean, market by market, and Position changes shows what tracked traders added to or cut over the last 15 minutes to 7 days. Whale positions list the largest positions in a market with their side, size, PnL, liquidation price and funding paid.
Treat all of these as context. Large accounts can be hedged elsewhere, profitable ones can be wrong, and a snapshot of positions does not show the orders behind them.