What is a delta-neutral position?

A combination of positions whose total value does not change when the price moves, for example a long and a short of equal size.

Delta is how much a position gains or loses when the price changes. A delta-neutral trader holds offsetting positions and earns from something else: the funding rate, the spread or fees.

Examples are funding arbitrage and a long on spot paired with a short on perps. Such positions are large but are not bets on direction.

On HyperScan

HyperScan marks whales whose longs and shorts offset each other as hedged and does not count them in the long/short ratio of directional traders.