Hyperliquid copy trading risks: slippage, timing and fees
Copy trading replicates another trader's activity in your own Hyperliquid account; it does not copy their results. On Perpex, copy trading is live with eligibility gates, and every copied order runs in your account with your collateral. The risks below apply before and during every copy relationship.
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Timing and slippage
A copied order is placed after the source trader's activity is observed, so the market can move in between. Orders fill against the liquidity available at that moment: in thin or fast-moving markets your fill price can differ from the trader's, and part of an order may not fill. The gap tends to be larger in smaller, volatile markets and for orders that are large relative to the order book.
Sizing, leverage and liquidation
Your allocation, collateral and risk limits decide how large each copied position is, so it rarely matches the trader's size one-to-one. Leverage magnifies losses as well as gains. On Hyperliquid, positions are liquidated when account equity falls below maintenance margin, and cross-margin positions share one pool of collateral. Keep enough margin for the positions a trader might open, not only the ones open today.
Fees and funding
Eligible copied fills pay Hyperliquid trading fees and the Perpex builder fee, which is Perpex’s only fee: 0.10% of eligible filled notional under the current setting. There is no performance fee. Open positions also pay or receive funding. A trader who trades often generates costs that weigh more heavily on a small copy allocation.
Eligibility and trades that are skipped
Not every trade can be replicated. If collateral runs short, a market is not supported or your account mode does not allow an order, some of the trader's activity is skipped and your results drift from theirs. Perpex checks the owner wallet, agent authorization, builder fee approval, collateral and market or account-mode support before copy execution starts. Stopping a relationship prevents new copied orders; review any positions that remain open in your account.
Frequently asked questions
What is slippage in copy trading?
Slippage is the difference between the price you expected and the price at which your order fills. In copy trading it includes the price move between the trader's fill and your copied order, plus the order book depth when your order arrives.
Can my results differ from the trader's results?
Yes. Timing, price, liquidity, position size, fees, funding and your risk limits all change the outcome, and some trades may not be replicated at all.
What does Perpex charge on copied orders?
Only the builder fee: 0.10% of eligible filled notional under the current setting, the same as on fills of your own orders. There is no performance fee. Hyperliquid trading fees and funding apply separately.
Does Perpex hold my funds while I copy?
No. Collateral stays in your own Hyperliquid account. Copied orders are signed with an agent key that can place orders but cannot withdraw funds.