Perp Trades Analysis
Monitor Long/Short positions, derivatives flows, and large whale perp executions on Hyperliquid.
Last updated: June 19, 2026
Perp Trades Analysis
Perp Trades Analysis tracks real-time activity on perpetual futures contracts, using data from the leading decentralized perp exchange Hyperliquid.
This tool analyzes Long/Short positioning, contract flows, and aggressive whale trades to help users project short-term price directions.
1. Core Derivatives Metrics
The perp dashboard tracks several unique metrics:
A. Long-Short Dominance Index (Money LSDI)
- LSDI: A value ranging from -1 (Shorts completely dominant) to +1 (Longs completely dominant).
- Reflects the market sentiment and position balance of perpetual contract traders.
B. Battle Money & Net Force
- Battle Money: The total contract volume locked in active conflict between Longs and Shorts at the current price level.
- Net Force: The net difference between new Long positions (Add Long) and new Short positions (Add Short). A positive Net Force indicates that buyers are aggressively pushing the market.
C. Position Action Breakdown
Categorizes perp orders into 4 actions:
- Open / Add: Opening or adding size to a Long or Short position $\rightarrow$ Indicates strong expectation of trend continuation.
- Reduce / Close: Taking profit or cutting loss on positions $\rightarrow$ Reduces pressure on the price.
2. Monitoring Perp Whales (Whale Activity)
The Trade Leaderboard highlights high-value trades (Whale Trades):
- Order Type: Differentiates between Market orders (aggressive, immediate execution) and Limit orders (passive, liquidity providing).
- When whales execute large Add Long positions via Market orders (e.g., $>100,000$ USD/trade), it signals strong bullish momentum.
3. Trading Applications
- Spot Short Squeezes: When the LSDI is deeply negative (many short positions) but the token price consolidates or rises, coupled with positive Net Force $\rightarrow$ There is a high probability of a Short Squeeze (price pushes up rapidly to force short liquidations). This is a strong buying signal.
- Confirm Spot Trends: If a token is rising in spot markets and the Perp LSDI is positive ($>0.5$) with Add Long as the primary action $\rightarrow$ The uptrend has solid institutional backup.
- Take-profit Warnings: If the price pumps but leaderboard logs show massive whale Close Long or Add Short positions $\rightarrow$ Consider locking in profits as a local top may be forming.
[!IMPORTANT] Warning: Derivatives data reflects short-term leverage sentiment and can shift rapidly. Always prioritize strict risk management when trading futures.