Most top NEAR traders on Hyperliquid hold short positions as the rally squeezes bears

Most top traders on Hyperliquid are betting against the market. On NEAR, that bet has been expensive. The largest NEAR short on the platform is sitting on roughly $13 million in unrealized losses. The largest long is up $17.35 million. The two whales at the top of the board As of September 30, 2026, the top NEAR short carried a notional value of approximately $22.78 million. It was using 3x leverage and showed unrealized losses of about $12.83 million. The biggest bull tells the opposite story. The leading long had a notional value of approximately $30.87 million on 10x leverage, according to the research data. Its unrealized gains were estimated between $17.13 million and $17.55 million. The squeeze on bears goes beyond a single wallet. Two addresses, 0xfe7c… and 0xdd53…, together held about 4.31 million NEAR in short positions. As of September 27, their combined unrealized losses exceeded $25 million, with each facing losses above $12 million. What drove the move The pain for shorts traces back to one number: price. NEAR climbed from the low-$2 range to approximately $5.37-$5.39 over the course of September. Activity followed the price. NEAR perpetual open interest reached approx...