Methodology

Which traders are covered

The leaderboard covers the most active Hyperliquid addresses, discovered by trading volume and refreshed continuously — not every wallet on the exchange. Addresses outside it have no trader page, but any address can be viewed read-only in the terminal.

PnL windows (24H, 7D, 30D, All)

Taken from Hyperliquid’s own portfolio history for the account (day, week, month and all-time windows), not summed from fills. Fills are capped per request, so a sum over them understates busy traders; the exchange’s windows are complete. PnL includes perpetuals and spot.

“% of equity” divides a window’s PnL by the account’s current value, so it is a size-adjusted view, not a time-weighted return.

Win rate and trade counts

From the account’s fills over the last 90 days. Each fill that realizes PnL counts as a win if closed PnL minus fees is positive and a loss if negative; win rate is wins ÷ (wins + losses). Very active accounts can exceed the fills read per refresh (six pages of 2,000); their counts then cover the most recent part of the 90 days.

Sharpe ratio

From the 30-day account-value curve, resampled to one value per UTC day. Daily simple returns, mean ÷ sample standard deviation × √365 (markets trade every day). Shown as “—” when there are fewer than 10 daily returns or no variation.

Maximum drawdown

The largest fall from a running peak of the 30-day account-value curve, as a percentage of that peak. Deposits and withdrawals move account value too, so a large withdrawal can read as drawdown.

Copy Score

A 0–100 rating of how well a trader suits copying, weighted toward risk-adjusted return: Sharpe ratio 35 points (full at 3), maximum drawdown 25 (full at 0%, none at 50%), win rate 20 (none at 30%, full at 70%), and copyability 20 — average holding time (on a logarithmic scale: none at one minute, about half at ten minutes, full at one hour; half when unknown), halved for more than 5,000 trades in 90 days, which a copier cannot follow. Shown as “—” without a Sharpe, drawdown or win rate, or with fewer than 10 trades.

Funding

Hyperliquid charges funding every hour. The rate shown is the current hourly rate; “annualized” multiplies it by 24 × 365 without compounding. Positive funding means longs pay shorts.

Open interest and volume

Open interest is the exchange’s figure in coins; the USD value multiplies it by the mark price. 24h volume is the exchange’s rolling notional volume.

Liquidation clusters and positions

Built from the open positions of the traders HyperBase tracks, using each position’s liquidation price as Hyperliquid reports it. It is a projection of where tracked positions would be force-closed, not the whole market’s order book.

Daily PnL calendar

Cumulative PnL estimated at each local midnight (in your time zone) by interpolating between Hyperliquid’s records, then differenced day by day; the latest day runs to the most recent record. Hyperliquid records the older part of the 30-day history about once a day, so each day’s figure is an estimate.

Copy execution quality

For strategies you run: slippage is each copy fill’s price against the mid price at the moment the copier decided the order, in basis points signed against you; delay runs from the lead trader’s fill that triggered it to the copy fill. Also shown: how many orders were skipped and why. Only executed copy orders are measured.