Leaderboard traders on Hyperliquid, an onchain centralized limit order book (CLOB) platform, have shown fluctuating net positions between April 22 and April 24, 2025. Initially, traders were net short with $700 million in shorts and $675 million in longs, shifting to a net long position with $532 million in shorts and $648 million in longs by April 23. The most shorted assets by ratio during this period included $SUI, $BERA, $LINK, $AAVE, $ADA, $MKR, and $ONDO. The most longed assets consistently included $kPEPE, $kBONK, $TRUMP, $TAO, $ONDO, $UNI, and $FARTCOIN. The latest data from April 24 indicates a net long market with $554 million in shorts and $618 million in longs. Market participants emphasize liquidity as crucial for the platform's success, with the goal of attracting both makers and takers to provide low spreads and optimal execution. The broader objective for Hyperliquid and similar platforms like MegaETH and Solana is to capture Binance’s trading flow and bring price discovery fully onchain.