Karla Barker 
Notable activity has been recorded among Hyperliquid’s “money printers” — those with profit and loss above $1 million, according to CoinGlass. Two traders have consolidated short positions in XRP totaling more than $5.4 million, demonstrating different approaches to risk management but a unified view on the coin’s outlook.
Two Polar Positions on the Platform
On-chain data provides insight into the logic behind these trades. At the moment, two polar positions stand out on the platform. One trader’s short is sitting on roughly 1,500% unrealized profit, which is a staggering figure. Yet they haven’t exited. The reason might be more about strategy than stubbornness. These large players seem to be betting on a continued downtrend, or perhaps they are hedging against broader market moves.
Market-Wide Hedge Worth $1.29 Billion
The situation with XRP reflects broader sentiment among the largest wallets on Hyperliquid. Hyperliquid whales appear to signal a $1.29 billion market-wide hedge. Currently, total short positions in the “Money Printer” category stand at $1.29 billion, significantly exceeding long positions at $910 million. That’s a clear tilt toward bearishness across multiple assets, not just XRP. It suggests that these top traders see turbulence ahead, or they are simply protecting their portfolios after recent gains.
XRP’s Open Interest and Short Bias
XRP firmly holds a place in the top 10 assets by open interest on the platform at $38.79 million among the most successful traders on Hyperliquid. There is a clear bias toward shorts — $15.72 million in longs versus $23.07 million in shorts. This may indicate either risk hedging or a direct institutional bet on a correction after the spring rally of 2026. Some might call it a contrarian play, but the numbers don’t lie: the bears are in control here.
Squeeze Risk Remains Low for Now
Despite the presence of multi-million dollar shorts, XRP does not appear overheated in terms of immediate squeeze risk. This allows bears to maintain their positions without fear of sudden forced closures on minor price fluctuations. The funding rates and open interest distribution suggest that liquidation cascades are unlikely unless there is a sharp, unexpected rally. For now, the top XRP shorter is happy to sit on that 1,500% unrealized profit, waiting for the right moment to exit — if they ever do.