Short Top 10 Majors

Thesis

A short version of the Top 10 Index that shorts Hyperliquid's 10 biggest perps by open interest, profiting when the market falls and losing when it rallies.

Strategy

• Ranking: Ranks every liquid Hyperliquid market trading at least $2M/day by dollar open interest and shorts the top 10, stablecoins excluded. • Weighting: Short weights are proportional to size by default, or equal if you prefer, with a 30% per-name cap. • Rebalancing: Rebalances once a holding drifts more than 5% from target, at most once per 24 hours, and stops adding to shorts in a 25% drawdown.

Exposure

• Holds: Short perp basket — Short positions in the top 10 markets of the chosen theme: all, majors, L1, DeFi, AI or memes. • Venue: Hyperliquid perpetuals — Funds sit on Hyperliquid while the session runs. • Leverage: -1x by default — A -1x market position by default; above 1 amplifies gains and losses and adds liquidation risk, especially in a rally. • Costs: Funding and fees — A short basket collects funding when funding is positive and pays it when negative, and it rebalances only when drift is worth the fees. • Data: api.hyperliquid.xyz — Reads live mid prices and size decimals for orders. • On unwind: Positions closed — Closes every perpetual position in the session.