HL Book

Markets

Where the risk is

directional = market makers stripped out · crowded = directional skew vs everyone's skew
CoinLongShortSkewDirectional skew−5% liquidates+5% liquidatesLargest holderPos
BTC$1.45B$1.43B+1%-1%$12.44M$90.57M0x5b5d…c060short$190.78M31676
ETH$1.16B$1.20B-2%+0%$18.63M$9.43M0x5b5d…c060short$212.21M14750
HYPE$892.26M$910.50M-1%-2%$5.72M$233.8K0x082e…ca88long$116.82M17094
ZEC$300.01M$332.96M-5%-5%$382.5K$993.7K0xb83d…6e36short$67.66M8748
SOL$271.24M$261.41M+2%+5%$2.29M$1.50M0x5b5d…c060short$65.59M11475
XRP$107.49M$108.83M-1%-1%$159.4K$304.6K0x31b1…1434long$45.93M5731
NEAR$85.00M$92.11M-4%-5%$419.5K$126.4K0xefe4…194bshort$18.60M6417
XMR$69.92M$72.76M-2%-4%$0$33.5K0xefe4…194blong$22.23M3760
LIT$63.46M$65.03M-1%-5%$0$112.3K0x9df2…c665short$8.26M3740
PUMP$48.46M$48.94M-0%-0%$117.4K$153.6K0x45d2…4029short$5.44M4424
ENA$40.87M$41.79M-1%+4%$695.2K$19.8K0xb83d…6e36short$8.52M4357
UNI$39.07M$39.07M-0%+3%$100$249.9K0x5396…8b79long$7.66M3859
DOGE$37.87M$38.62M-1%+1%$214$58.3K0xc63a…a3cdlong$7.67M4128
VVV$31.85M$31.28M+1%-3%$26$230xd21d…90f1long$6.80M2926
ZRO$30.61M$31.97M-2%-0%$0$1,5860xdd53…2b13short$4.15M3155
AAVE$28.81M$29.05M-0%-5%$58.1K$6,7300x3ee5…4fablong$5.74M2977
kPEPE$28.57M$29.18M-1%+7%$96.6K$121.4K0xefe4…194bshort$8.88M2474
LINK$27.52M$29.32M-3%-1%$4,901$8,1160x73ce…8ce9long$5.77M3411
WLD$27.25M$28.47M-2%+0%$38.5K$8,9730x5b5d…c060short$6.17M3027
XPL$27.73M$26.33M+3%+5%$362.1K$4,5140x5b5d…c060short$4.54M2790
BNB$24.18M$24.75M-1%-8%$22.3K$1.44M0xea00…a918long$2.93M3847
TAO$15.23M$15.44M-1%+1%$0$16.8K0x9df2…c665short$2.19M3685
MON$15.06M$15.59M-2%+1%$5,166$2,4940x64b7…9da9long$5.14M1248
SUI$15.34M$15.18M+1%+3%$634$156.1K0xb83d…6e36short$3.55M3765
STRK$13.86M$13.88M-0%+1%$0$3910xd978…2fd9long$4.82M1479
PAXG$13.13M$14.59M-5%-24% crowded$253.4K$651.1K0x7a6d…f79cshort$2.59M2316
ADA$13.42M$13.67M-1%-6%$6,308$11.5K0x77ee…2902short$4.29M2780
GRASS$12.71M$12.93M-1%-8%——0x3dc9…54b0short$3.58M1044
AERO$12.30M$12.58M-1%+5%——0xfdf8…e381long$2.81M1470
CASHCAT$11.90M$12.78M-4%+2%$0$13.4K0xdd53…2b13short$4.95M1663
ASTER$11.30M$11.71M-2%-2%$0$10.5K0xeadc…9d55long$2.11M2563
GRAM$11.05M$11.11M-0%+1%——0xeadc…9d55long$1.92M1106
FARTCOIN$10.04M$10.83M-4%-8%$11.9K$20.7K0xb83d…6e36short$2.41M1933
ONDO$10.07M$10.27M-1%-0%$75.3K$20.9K0x9df2…c665short$1.45M3017
LTC$9.77M$10.23M-2%+5%$160$11.1K0xeadc…9d55long$2.04M2373
AVAX$8.00M$8.24M-1%-6%$2,393$17.3K0xeadc…9d55long$1.41M3059
WLFI$7.52M$6.98M+4%+19%$15.5K$00x5f94…4b96short$2.02M1993
ARB$6.95M$7.24M-2%-3%$82.2K$120.2K0x7737…bf66short$1.04M2738
TRX$6.54M$6.99M-3%+0%$4,337$25.9K0x27c9…d65dshort$1.44M2490
CRV$6.37M$6.87M-4%-0%$14.8K$15.1K0x12d2…f97flong$1.11M1447
PURR$6.54M$6.68M-1%-25% crowded——0x482b…cae4long$1.57M968
PONS$5.97M$6.70M-6%-5%$8,473$2,3610xdd53…2b13short$1.63M1762
TRUMP$6.86M$3.71M+30%+28% crowded$410.4K$00xecb6…2b00long$1.35M1501
XLM$5.08M$5.43M-3%+2%——0x0d13…9b81long$968.4K2022
ETHFI$5.25M$4.93M+3%+4%——0x5f94…4b96long$701.2K1660
USELESS$4.74M$5.21M-5%-3%$0$4,1460xfc88…2775long$2.15M949
CHIP$4.65M$4.68M-0%-5%$0$950xfe7c…b7aeshort$1.34M672
PENDLE$4.42M$4.63M-2%-0%——0x07fd…689dlong$1.16M1146
HBAR$4.41M$4.46M-1%+4%$0$6490x50a4…8168long$909.3K2189
LDO$4.14M$4.20M-1%-0%——0x9df2…c665short$1.15M620
MEGA$3.98M$3.95M+0%-1%——0x64b7…9da9long$1.86M689
kBONK$3.50M$3.60M-1%+0%$252$7,8950xeadc…9d55long$1.54M698
TIA$3.49M$3.58M-1%+1%$0$180x07fd…689dshort$542.2K858
JUP$3.40M$3.56M-2%+4%$8,780$5,0210x422f…f2c4short$813.8K1983
FET$3.26M$3.38M-2%+0%——0xfe7c…b7aeshort$1.71M875
BCH$3.22M$3.39M-3%-2%$1,410$12.6K0x12d2…f97flong$1.03M1802
FIL$3.16M$3.20M-1%+4%——0xeadc…9d55long$1.74M1601
CC$2.78M$3.05M-5%-2%——0x2b33…33f7short$1.08M1466
MORPHO$2.76M$2.87M-2%-0%——0x6540…f7b7long$659.5K1962
DOT$2.75M$2.83M-1%+6%$25$11.5K0x5f94…4b96short$871.6K1861
VIRTUAL$2.59M$2.81M-4%-4%$0$6280xecb6…2b00short$1.31M703
POL$2.45M$2.76M-6%-5%$0$7,0570x07fd…689dlong$1.30M1545
INJ$2.14M$2.42M-6%-21% crowded$0$122.7K0x7717…bd7elong$501.1K2127
WIF$2.05M$2.23M-4%-3%$0$830xeadc…9d55long$1.27M595
SYRUP$2.06M$2.16M-2%+2%——0x9df2…c665short$481.8K527
SPX$2.00M$2.16M-4%-2%$0$25.3K0xc76a…5467long$466.4K987
ATOM$2.06M$2.06M+0%+1%——0x07fd…689dshort$517.9K1594
PENGU$2.02M$2.08M-2%+1%$0$3150xecb6…2b00short$345.7K1188
OP$2.03M$2.05M-1%-4%$24$00x153c…319along$782.5K727
MNT$2.12M$1.93M+5%+8%——0xeadc…9d55long$1.24M1261
APT$1.79M$1.79M+0%+11%$0$3,5020xeadc…9d55long$513.8K1718
SKY$1.68M$1.73M-1%+4%——0x8cc9…2b6ashort$453.4K1360
IMX$1.67M$1.70M-1%+7%$0$1200xeadc…9d55long$760.9K360
CFX$1.54M$1.55M-0%+3%——0x153c…319along$711.7K283
kSHIB$1.53M$1.50M+1%+2%$0$2000x153c…319along$470.7K625
ALGO$1.40M$1.45M-2%-4%$0$7480x07fd…689dlong$484.0K1490
RUNE$1.41M$1.32M+3%+14%$0$2,7150xa0ca…5075long$439.8K670
W$1.35M$1.36M-1%+7%——0xc675…795dlong$445.7K471
ETC$1.35M$1.33M+1%-9%——0x6754…d3a1short$477.1K1294
NIL$1.32M$1.30M+1%-4%$22.2K$00x8cc9…2b6ashort$469.7K672