Nearly all top XRP traders on Hyperliquid positioned short as token rallies 47%

The best-performing XRP traders on Hyperliquid are betting almost unanimously that the token is heading lower. According to data shared by trader and analyst @jodezXBT, the top nine wallets ranked by profit and loss on the decentralized perpetual futures exchange hold a combined $14.33 million in gross notional XRP exposure. Of that, 97% sits on the short side.

One wallet alone accounts for half of the total short interest, meaning a single trader is essentially anchoring the bearish thesis with roughly $7 million in exposure.

A crowded trade gets company

The short-heavy positioning isn’t limited to anonymous whales. Market maker Wintermute has been identified as holding more than $10 million in XRP shorts on Hyperliquid, part of a broader short portfolio exceeding $190 million across major assets on the platform.

XRP has rallied approximately 47% over the past week, yet these traders appear to be holding firm. Earlier in 2026, top short positions on Hyperliquid were sitting on unrealized gains exceeding 1,500% from entries made near XRP’s peak price of $2.43.

Hyperliquid’s growing role in price discovery

Hyperliquid launched in 2023 as a decentralized perpetual futures exchange built on a custom Layer-1 blockchain. It offers XRP perps with leverage up to 20x, alongside a wrapped token called FXRP for spot exposure.

Open interest for XRP across all crypto venues has approached $3.61 billion, with Hyperliquid contributing a meaningful share. The platform’s design means all positioning is visible on-chain in real time, which is how analysts like @jodezXBT can identify and aggregate the top-performing wallets.

The case for and against the shorts

Wintermute’s involvement adds an important caveat. Market makers don’t typically take directional bets for speculative reasons. Their short positions could reflect hedging activity tied to spot holdings, options exposure, or client flow rather than a pure directional view on XRP’s price.

For now, the scoreboard favors the shorts. Their unrealized gains from earlier entries remain substantial, and their willingness to hold through a 47% rally suggests either deep conviction or a cost basis that gives them room to absorb further pain.

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