Hyperliquid Research
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.751,941wallets studied63%ended with a realized loss+$3.63Bwent to the top 0.1% of walletsRead the reportLibrary
Reports from the Perpex dataset and guides to how Hyperliquid works before you trade or copy.
- GuideTrading6 min read
Hyperliquid perpetual markets explained
How Hyperliquid perpetuals work: contract specs, cross and isolated margin, leverage limits, mark vs oracle price, liquidation, order types and funding.
- GuideTrading5 min read
Hyperliquid funding rates: what traders should check
How Hyperliquid funding works: hourly payments, the premium and interest formula, the 4% hourly cap, who pays whom and a worked funding cost example.
- GuideCopy trading6 min read
How to analyze a Hyperliquid trader wallet
Check a Hyperliquid trader wallet before you copy: PnL, ROI, win rate, drawdown, profit factor, data coverage, leverage and how most wallets actually fare.
- GuideCopy trading6 min read
Hyperliquid copy trading risks: slippage, timing and fees
The main risks of copy trading on Hyperliquid: slippage, execution delay, sizing, leverage, liquidation, fees, funding, skipped trades and agent key access.
- GuidePlatform5 min read
Hyperliquid builder codes explained
How Hyperliquid builder codes work: main wallet approval, per-order builder fees, the caps on perps and spot, a worked fee example and how to revoke.
- GuideCopy trading5 min read
Hyperliquid vaults vs copy trading: key differences
Hyperliquid vaults vs copy trading: where funds sit, lock-ups, the leader’s 10% profit share, withdrawal rules, fees and a worked cost example.
- GuideTrading5 min read
Hyperliquid HIP-4 outcome markets explained
HIP-4 outcome markets on Hyperliquid: fully collateralized Yes and No tokens, settlement, merged order books, questions, fees and a worked payout example.
- Comparison4 min read
Perpex vs Dexly: Hyperliquid copy trading compared
Perpex and Dexly side by side: custody, order access, copy trading and risk controls, apps and scope, with a dated source link for every fact.
- Comparison4 min read
Perpex vs Hyperdash: Hyperliquid copy trading compared
Compare Perpex and Hyperdash on custody, account setup, minimum to start, copy trading and copy controls, using each product's own dated documentation.
- Comparison3 min read
Hyperliquid copy trading platforms compared
Perpex, Dexly, Hyperdash, Arco and Copin compared using only facts each states on its own pages, with source links, plus the status of BitMEX's former offering.
About Perpex Research
Perpex Research is the research desk of Perpex, the Hyperliquid trading interface built by Celebit Ltd. It publishes data reports computed from public Hyperliquid fills and guides to how the exchange works.
- Where the data comes from
- Reports are computed from public Hyperliquid fill records and the Hyperliquid Info API. Each report states its period, its snapshot date and its method, so every figure can be checked.
- How guides are checked
- Guides describe Hyperliquid rules as the official Hyperliquid documentation states them and link to every page they rely on. When a rule changes, the guide is revised and its Updated date moves.
- What it is not
- Research is educational and is not financial advice. Perpex earns a builder fee on orders placed through Perpex, its only fee; posts say so wherever that fee is relevant.
- Corrections
- Found an error? Write to hello@perpex.co with the page URL, the statement to correct and a supporting source. A corrected post shows a new Updated date.
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