The largest NEAR short on Hyperliquid held a notional position of approximately $22.78 million with 3x leverage and was carrying about $12.83 million in unrealized losses as of September 30, 2026. The platform’s largest long, valued at approximately $30.87 million and using 10x leverage, had estimated unrealized gains of $17.13 million to $17.55 million. Two addresses, 0xfe7c… and 0xdd53…, jointly held about 4.31 million NEAR in shorts and had combined unrealized losses exceeding $25 million as of September 27. NEAR climbed from the low-$2 range to approximately $5.37-$5.39 during September, while perpetual open interest reached about $345 million between September 23 and 30. Hyperliquid’s introduction of NEAR/USDC spot markets coincided with increased trading activity. Although whale positioning across Hyperliquid showed a net short bias, NEAR whales held $80.43 million in longs against $59.16 million in shorts. The combination of large leveraged positions, elevated open interest and funding conditions leaves both sides exposed to further volatility.