Who are crypto whales?

A trader or wallet with positions large enough to move the market.

There is no single threshold: a whale is a trader whose trades are noticeable to the market. On centralized exchanges whales are hidden, but on Hyperliquid every position belongs to a public address.

Not every large wallet is betting on direction: some are market makers, delta-neutral hedges or vaults like HLP. To understand the market, it helps to look only at directional traders.

On HyperScan

HyperScan counts as a whale any Hyperliquid wallet with open positions of $10M or more, classifies it and tracks every change in its positions.