Hyperliquid vaults vs copy trading: key differences
Vaults and copy trading both let you follow another trader's decisions on Hyperliquid, but they work differently. In a vault you deposit into a shared account that the leader trades. In copy trading your own account places orders that replicate a trader's activity. The comparison below is based on the official Hyperliquid documentation and the Perpex fee model.
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How Hyperliquid vaults work
In a HyperCore vault you deposit USDC and own a portion of the vault, so you take part in its profits or losses. The leader trades the vault's combined funds. Vault leaders receive 10% of the vault's profits and must keep at least 5% of the vault at all times. Hyperliquid's documentation now labels these HyperCore vaults as legacy: they can trade validator-operated perps but not spot or HIP-3 perps, and new vaults can be built on the HyperEVM instead.
Lock-ups and withdrawals
Vault deposits have a lock-up period: the documentation lists 1 day for user vaults and 4 days for HLP, the protocol vault. When you withdraw and the vault lacks free margin, orders can be canceled and part of its positions closed, which can add slippage. Protocol vaults such as HLP charge no fees and pay no leader portion of profits.
How copy trading differs
With copy trading, collateral stays in your own Hyperliquid account. On Perpex, copied orders are placed in your account through an agent key that can trade but cannot withdraw funds, and you set allocation and risk limits. You can stop a relationship in the app; positions that remain open are still yours to manage. Because orders are replicated separately, your fills, sizes and results can differ from the trader's.
Costs compared
Depositors in a user vault give 10% of the vault’s profits to its leader. Perpex charges no performance fee: its only fee is the builder fee, 0.10% of eligible filled notional under the current setting, including copied orders whether they gain or lose. In copy trading, costs grow with how often the trader trades; in a user vault, the leader’s portion grows with profits. Hyperliquid trading fees and funding apply in both cases.
Frequently asked questions
Where are my funds in each model?
In a vault, your USDC is pooled in the vault account that the leader trades. In copy trading on Perpex, collateral stays in your own Hyperliquid account and Perpex does not take custody of funds.
How much do vault leaders earn?
Hyperliquid's documentation states that vault leaders receive 10% of the vault's profits. Protocol vaults such as HLP have no fees and no leader portion.
Can I withdraw from a vault at any time?
Only after the lock-up period, which the documentation lists as 1 day for user vaults and 4 days for HLP after your most recent deposit. A withdrawal can also close part of the vault's positions.
How do I choose between a vault and copy trading?
Weigh control, cost and flexibility: whether you want your own account and risk limits, how a trader's activity affects fees, and whether a lock-up suits you. Neither approach assures a profit, and past performance does not predict future results.