NEAR Traders on Hyperliquid Face Significant Losses Amid Market Rally

As of September 30, 2026, many traders on Hyperliquid, a platform for perpetual futures, are holding short positions on NEAR, a cryptocurrency that has recently experienced a notable price rally. The largest short position on the platform has incurred approximately $13 million in unrealized losses, while the biggest long position has gained over $17 million. The top short position, valued at around $22.78 million and utilizing 3x leverage, reflects the challenges faced by bearish traders in the current market environment.

The surge in NEAR's price, which rose from the low-$2 range to approximately $5.37-$5.39 throughout September, has contributed to the financial strain on short sellers. Two significant addresses collectively holding about 4.31 million NEAR in short positions reported unrealized losses exceeding $25 million. In contrast, the leading long position, valued at approximately $30.87 million with 10x leverage, has seen unrealized gains estimated between $17.13 million and $17.55 million.

Despite the prevalence of short positions, the overall trading activity on Hyperliquid indicates a net short bias, with shorts making up 53.33% of open notional. However, among NEAR whales, long positions total $80.43 million compared to $59.16 million in shorts. The recent introduction of NEAR/USDC spot markets has further fueled trading activity, leading to a significant increase in perpetual open interest, which reached approximately $345 million during the last week of September. This elevated open interest may set the stage for increased volatility as traders navigate the current market dynamics.

© 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: KLEA News