How to analyze a Hyperliquid trader wallet
Trading activity on Hyperliquid is public, so any wallet can be reviewed before you decide to follow it. The numbers only help if you know how they are calculated and where they stop. This checklist uses the same definitions as the Perpex trader performance methodology.
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Start with the time window and data coverage
Compare traders only over the same window: 24 hours, 7 days, 30 days or all time. Hyperliquid publishes account value and PnL histories through its public info API, while fill queries return a limited number of recent fills. Perpex builds closed-position statistics from its own fill data set, which begins in March 2025, so an all-time trade count describes the covered period only. Check when a profile's metrics were last updated before relying on them.
Read PnL and ROI together
Period PnL includes realized results and unrealized PnL on open positions, so it can move without a new trade. ROI divides period PnL by account value at the start of the period. When that starting value is zero or unavailable, Perpex shows ROI as 0%; read that as not measurable, not as a flat result. A large ROI on a very small starting balance says little about how a strategy behaves with more capital.
Win rate, trade count and drawdown
Win rate is profitable closed positions divided by all closed positions, and a position built over several fills counts once. A high win rate over a few trades is a small sample. Max drawdown is the largest fall of cumulative daily realized PnL from its previous peak; its percentage form is relative to that peak cumulative PnL, not to account equity. Read drawdown next to win rate: many small wins can hide occasional large losses.
Check leverage, concentration and open risk
Look at open positions, the markets traded and how much leverage the account uses. On Hyperliquid, liquidation begins when account equity falls below maintenance margin. Cross-margin positions share collateral, so losses in one can put the others at risk. Results that come from one market or one large position carry different risk from results spread across many trades. If you then consider copying, review allocation, risk limits and fees on Perpex before you start.
Frequently asked questions
Why can a trader show 0% ROI with positive PnL?
Perpex shows 0% ROI when the account value at the start of the period is zero or unavailable. ROI is then not measurable for that window, so rely on PnL and the other metrics instead.
Is max drawdown a percentage of the account?
No. On Perpex, the percentage form of max drawdown divides the fall in cumulative daily realized PnL by its previous peak cumulative PnL. It is not a share of account equity.
How many trades are enough to judge a win rate?
No number of trades makes a record reliable on its own. For reference, Perpex lists traders on the leaderboard only after at least 10 closed positions and ranks them by win rate only after at least 100.
Does strong past performance mean copying will be profitable?
No. Past performance does not predict future results, and a copied account can get different fills, sizes and costs than the source trader.