Hyperliquid Trader Report
How realized PnL was distributed across 751,941 Hyperliquid wallets from Mar 2025 to Mar 2026, measured on 2.2B+ fill records in the Perpex dataset.
Period: Mar 2025 – Mar 2026 · Analysis snapshot: 2026-03-20 · Published: 2026-09-30
This is an aggregate analysis of public Hyperliquid data, not investment advice. It describes a past dataset and does not predict the result of any trader or trade.
Summary
- 37% of wallets ended the period with positive realized PnL and 63% with a realized loss. The median wallet's realized PnL was -$1.41.
- Realized gains were concentrated: the top 0.1% of wallets accounted for +$3.63B combined, while the remaining 99.9% had a combined -$3.48B.
- Among trade-count groups, only wallets with 10K+ recorded trades had a positive median realized PnL (+$214); 51% of them were profitable.
Realized profit tiers
Share of all 751,941 wallets whose realized PnL for the period reached each level. The tiers are cumulative, so each includes the wallets above it; 624 wallets realized $1M or more.
| Realized PnL level | Share of wallets | |
|---|---|---|
| ≥ $1M | 0.08% | |
| ≥ $100,000 | 0.51% | |
| > $0 | 37% |
| Wallet group | Share of wallets | |
|---|---|---|
| Positive realized PnL | 37% | |
| Realized loss | 63% |
Concentration of realized PnL
Combined realized PnL of wallet groups ranked by their own realized PnL. The groups overlap (the top 1% includes the top 0.1%), so their values must not be added together.
| Wallet group | Wallets | Combined realized PnL | |
|---|---|---|---|
| Top 0.1% of wallets | 752 | +$3.63B | |
| Top 1% of wallets | 7,519 | +$4.69B | |
| Remaining 99.9% of wallets | — | -$3.48B | |
| Bottom 99% of wallets | — | -$4.54B |
Realized PnL percentiles
Per-wallet realized PnL at selected percentiles of all 751,941 wallets, ranked from lowest to highest. P50 is the median wallet.
| Percentile | Wallet realized PnL | |
|---|---|---|
| P25 | -$72.25 | |
| P50 | -$1.41 | |
| P75 | +$5.68 | |
| P90 | +$283.18 | |
| P95 | +$1,619.75 | |
| P99 | +$31,435.53 |
Trade count and outcomes
Wallets grouped by how many trades (fill records) they had in the period. Groups keep the labels used in the analysis; how wallets exactly at 1K or 10K trades were assigned was not documented.
| Trades per wallet | Profitable wallets | Median realized PnL | |
|---|---|---|---|
| 1–10 | 39% | -$0.07 | |
| 11–100 | 35% | -$8.45 | |
| 101–1K | 35% | -$38.88 | |
| 1K–10K | 37.3% | -$244.98 | |
| 10K+ | 51% | +$214 |
Weekdays vs. weekends
Net realized PnL of all wallets combined, grouped by the day of the week of each fill.
| Days | Net realized PnL | |
|---|---|---|
| Weekdays (Mon–Fri) | +$252M | |
| Weekends (Sat–Sun) | -$145M |
Dataset, method and gaps
Dataset: Hyperliquid fill records collected by Perpex from Hyperliquid's public node data and stored in the Perpex ClickHouse database, covering Mar 2025 to Mar 2026. All figures come from one analysis snapshot dated 2026-03-20 and are not updated live.
Method: for each wallet, realized PnL is the sum of the closed PnL reported on its fill records in the period, and a wallet counts as profitable when that sum is positive. Unrealized PnL on open positions is not included. Whether trading fees and funding were deducted was not documented for this snapshot, so read the figures as realized trading PnL, not net account returns.
Gaps: the dataset has known ingestion gaps. Some missing intervals, including windows in March–May 2025 and March 2026, were restored after this snapshot, and the figures were not recomputed. Treat them as an aggregate view of the collected data, not a complete record of every Hyperliquid fill.
Limits: sections come from separate aggregate queries and are not reconciled with each other, so do not add values across sections. Per-fill sums do not depend on the order of fills within the same millisecond. Wallets are pseudonymous: one person can control several wallets, and a wallet can belong to a vault or a market maker. No wallet identities are published.
Download the data
The CSV file contains every figure on this page with its unit, period and snapshot date.
The figures and CSV on this page are licensed under CC BY 4.0. You may reuse them, including commercially, if you credit “Perpex Hyperliquid Trader Report” and link to this page. CC BY 4.0