Hyperliquid trader performance methodology
Learn how Perpex interprets public Hyperliquid trader PnL, ROI, volume and trade history, including data gaps and the limits of past performance.
Performance is based on public Hyperliquid activity ingested into Perpex analytics. The basic closed-position view uses completed positions, not every individual fill as a separate trade. Values such as PnL, volume and fees are displayed in USD or the venue quote currency as labelled in the product.
Win rate is the count of profitable closed positions divided by the count of closed positions in the selected data set. A zero can be a measured result; missing or unavailable history must be treated as unknown, not zero.
Metric definitions
| Metric | Definition |
|---|---|
| PnL (period) | Change in account PnL over the period, taken from Hyperliquid's portfolio history. It includes realized PnL and unrealized PnL on open positions. |
| Realized PnL | Profit or loss locked in when a position is reduced or closed, summed over closed positions in the Perpex data set. |
| Unrealized PnL | Mark-to-market profit or loss on positions that are still open. It moves with price and is part of period PnL. |
| ROI | Period PnL ÷ account value at the start of the period × 100. If the starting account value is zero or unavailable, Perpex shows 0%; read that as not measurable rather than as a flat result. |
| Win rate | Profitable closed positions ÷ all closed positions in the period × 100. A position counts as profitable when its realized PnL is above zero. |
| Max drawdown | Largest fall of cumulative daily realized PnL from its previous peak, using up to the last 365 days. The percentage form divides that fall by the peak cumulative PnL, so it is not a share of account equity. |
| Volume | Traded notional (price × size) of the fills in closed positions whose close time falls in the period. |
| Trade count | Number of closed positions in the period. A position built and closed over several fills counts once. |
Time windows
Profiles and the leaderboard use four windows: 24 hours, 7 days, 30 days and all time. Trade count, win rate and volume use closed positions whose close time falls inside the window, counted back from the time of calculation. Period PnL and ROI use Hyperliquid's day, week, month and all-time portfolio histories.
Each displayed period needs its own time bounds and freshness context. Ingestion gaps, late fills, incomplete position reconstruction and changes in market coverage can affect totals and rankings. The displayed history is not a complete account statement or a forecast.
ROI and drawdown depend on the selected calculation and capital baseline; a clipped chart or cumulative series is not automatically a return for that clipped period. Compare traders only over matching periods and data coverage.
Data coverage and position reconstruction
The Perpex fill data set begins in March 2025. Earlier activity is not part of closed-position statistics, so all-time trade count, win rate and volume describe the covered period only.
Closed positions are rebuilt from individual fills. Hyperliquid can report several fills with the same timestamp, and trade IDs do not always reflect execution order, so Perpex relies on each fill's reported starting position. A fill that flips a position from long to short, or back, is split into a close and a new open. Edge cases can still misattribute a fill, and corrections can change historical totals.
Freshness
Metrics are recalculated on a schedule, not on every fill, so a profile can lag live activity. Each public trader profile shows when its metrics were last updated, and a profile without an update time is not published as a public page.
Leaderboard eligibility
Leaderboard rankings include only traders with at least 10 closed positions and a measured win rate. Win-rate rankings need at least 100 closed positions, and ROI rankings leave out values outside −1,000% to +1,000% to limit distortion from very small starting balances.
Before acting, review the profile’s current timestamp, period, fees and risk. Historical performance does not guarantee future results.
Frequently asked questions
Does PnL include open positions?
Period PnL and ROI come from Hyperliquid's portfolio history and include unrealized PnL on open positions. Win rate, trade count and volume use closed positions only.
How is win rate calculated?
Profitable closed positions divided by all closed positions in the selected window. A position counts once, however many fills it took.
How far back does the data go?
Closed-position statistics use the Perpex fill data set, which begins in March 2025. Period PnL and ROI come from Hyperliquid's portfolio history.
Do past results predict future returns?
No. Historical performance does not guarantee future results, and copying a trader can produce different outcomes because of timing, price, fees and risk limits.