‘Satoshi Index’ is a daily series in which Satoshi Note™, a crypto portfolio tracker, analyzes the current positions of top traders using on-chain data. Data refreshes hourly; figures reflect the aggregation time stated in the article. [Editor's note]

As of 6:49 a.m. KST on Nov. 9 (21:49 UTC on Nov. 8), the top 100 traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $188 million in long positions and $2.24 billion in short positions in crypto perpetual futures, a short share of about 92%. The figure sums each exchange's top 100 by 24-hour performance separately, by asset.

In last evening's edition (aggregated at 4:06 p.m. KST on Nov. 8) the same group held about $129 million long and $2.39 billion short, a short share of about 95%. In the roughly 15 hours since, long notional rose by about $59 million while short notional fell by about $153 million. On Hyperliquid prices, comparing 5:41 p.m. on Nov. 8 with 8:40 a.m. on Nov. 9, Bitcoin (BTC) moved from $75,940 to $75,126, down 1.1%, and Ethereum (ETH) from $2,238 to $2,138, down 4.5%.

The 7-day group holds about $228 million long and $2.78 billion short, a long share of 7.6%, up from 6.9% last evening and about 92% short. The 30-day group holds about $338 million long and $2.88 billion short, a long share of 10.5%, close to 10.0% last evening.

All three groups remain tilted toward shorts: the 24-hour group is 92% short, the 7-day group 92% short and the 30-day group 90% short. Unrealized P&L for the 24-hour group stands at a gain of about $180 million, up from about $135 million last evening, while the 7-day group shows a gain of about $199 million and the 30-day group about $214 million.

BTC in the 24-hour group has 92 long and 139 short accounts, with more accounts on the long side than the 59 long and 161 short of last evening. By notional the group holds about $58.4 million long and $702 million short, a long share of about 8%, with long notional about 3.8 times the roughly $15.3 million of last evening. The 7-day group has 71 long and 166 short accounts, a long share by headcount of 30%, and the 30-day group has 80 long and 178 short.

ETH in the 24-hour group has 43 long and 156 short accounts, about $16.4 million long and $490 million short, a long share of about 3%, against 49 long and 140 short last evening. The 7-day group has 54 long and 143 short accounts, a long share by headcount of 27%, down from 30%, and holds about $55.1 million long and $617 million short. The 30-day group has 59 long and 158 short accounts.

By asset, the 7-day move in NEAR Protocol (NEAR) was the largest among the assets that can be compared with the previous table. Last evening it had 18 long and 77 short accounts, a long share of 19% by headcount; in this edition it has 23 long and 71 short, or 24%. In the 7-day group NEAR's long notional rose from about $2.5 million to about $3.3 million against about $30.9 million short, a long share of 9.7%. In the 24-hour group NEAR has 24 long and 76 short accounts, its long notional rose from about $1.1 million to about $3.0 million, and its price is down 3.0% over 24 hours.

Hyperliquid (HYPE) in the 24-hour group has 42 long and 121 short accounts, up on the long side from 31 long and 117 short last evening, with a long share of about 5%. The 7-day group has 39 long and 137 short accounts and an unrealized loss of about $9 million, and the price is down 3.5% over 24 hours.

The groups are re-selected every hour on performance over each window, so when the accounts that make the ranking change, the direction split changes with them. Short-window rankings tend to lift the traders who were on the right side of that window's price moves. In this edition BTC, ETH and most other assets checked are down over 24 hours, and all three groups show an unrealized gain.

The figures also sum only the top-100 positions on four exchanges, so a few large positions can sway the notional split, as BTC's roughly $975 million of short notional in the 7-day group shows, and holdings on other exchanges or in spot are not counted, leaving any hedging unknown. Current positions describe the present, not where the market goes next.

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Disclaimer: This article is provided for informational purposes only, based on public on-chain data, and does not recommend buying or selling any digital asset or any trading direction. The current positions and past performance of top traders do not guarantee future returns. All investment decisions and their consequences rest with the investor.