Research & notes
How we think about copy trading
Technical notes on allocation, execution and risk. No price predictions, no hype cycles. Start with the four below, then read by topic.
Start here
The four notes that cover the most ground
A complete guide to copying on Hyperliquid, how to choose leaders, how to evaluate any system, and why the single-leader version fails structurally.
Guide · 11 min read
How to copy trade on Hyperliquid in 2026: a complete guide
Three approaches exist today and they differ far more in custody and account structure than in the copying itself. This is what each one actually does to your capital, and what to check before you use any of them.
Read the article →Selection · 10 min read
Best Hyperliquid traders to copy in 2026
There is no list of addresses that answers this question honestly. There is a set of properties that make a track record worth copying, a set of distortions that make most rankings useless, and a structural argument for not making a single pick at all.
Read the article →Evaluation · 9 min read
How to evaluate a Hyperliquid copy trading system: a practical checklist
Most people choose a copy trading system from a performance screenshot. The structural questions — who can move the funds, what nets against what, who decides when a leader is dropped — predict outcomes far better, and every one of them can be checked before you sign anything.
Read the article →Allocation · 6 min read
Why single-trader copy trading systematically fails
Copying one trader is not a small version of diversified copy trading. It is a different risk profile with three failure modes built into its structure, and none of them are fixed by picking a better trader.
Read the article →Choosing traders
Choosing traders
What public rankings do and do not tell you, and what a defensible selection method measures instead.
Methodology · 9 min read
Hyperliquid leaderboard explained: why most rankings are misleading
The public board is a ranking of outcomes over a chosen window. That is a legitimate thing to publish and a poor basis for allocating capital. This is how it is computed, what it leaves out, and how to use it anyway.
Read the article →Selection · 6 min read
Why raw Hyperliquid leaderboards are misleading
A leaderboard sorted by profit is not a ranking of skill. It is a ranking of outcomes, produced by a sample that has already had its failures removed, over a window short enough that luck can win it.
Read the article →Methodology · 7 min read
How we score traders: the 5 factors behind the composite score
A leaderboard sorted by return ranks outcomes. Allocating capital requires ranking process. This is what we measure, why each factor is in the score, and the exact thresholds that remove a leader.
Read the article →Selection · 9 min read
Hyperliquid whale tracking: how to find real smart money
Watching large wallets move is compelling and mostly uninformative. The interesting question is not who is big, but whose behaviour shows a repeatable process — and whether watching it can be turned into anything you can act on.
Read the article →Comparisons
Comparisons
The structural differences between the ways of delegating trading on Hyperliquid.
Comparison · 9 min read
Hyperliquid copy trading platforms compared (2026)
There are four structurally different ways to copy trade on Hyperliquid, and the differences between the categories matter far more than the differences between products inside a category. This is a comparison of structures, not a ranking of brands.
Read the article →Comparison · 9 min read
Hyperliquid vaults vs diversified non-custodial copy trading
Two structures dominate delegated allocation on Hyperliquid today. They differ in who holds the capital, how positions net, how fees are charged and what happens when the strategy behind them stops working. Neither is universally better.
Read the article →System design · 6 min read
Why HyperMirror is different from typical automated trading bots
There is no shortage of bots, signal groups and one-to-one copy tools on Hyperliquid. The useful question is not which one claims better results — it is how each one is built, because structure determines what can go wrong.
Read the article →Risk
Risk
How losses actually happen to a follower, and which controls bound them.
Risk · 9 min read
Liquidation risk when you copy trade on Hyperliquid
Most copy-trading analysis stops at the leader's returns. The more consequential question is what happens to your margin when their position moves against them — because the liquidation that matters is yours, not theirs.
Read the article →Risk · 8 min read
Crowded trades and cascading liquidations: the hidden risk in copy trading
Copy trading takes one trader's position and reproduces it in many accounts at similar prices with similar leverage. That is the definition of a crowded trade, and crowding is what turns an ordinary adverse move into a cascade.
Read the article →Risk · 7 min read
Risk controls beyond diversification
Spreading capital across ten leaders removes one category of risk and leaves several others completely intact. This is what the remaining layers are, and where each of them stops working.
Read the article →Execution · 6 min read
Sub-account isolation: why netting destroys your portfolio
Netting is not an edge case in multi-leader copy trading. It is the default behaviour of a perpetual futures account, and it quietly removes the exposure, the attribution and the risk model you thought you were paying for.
Read the article →Allocation
Allocation
How capital is weighted across leaders, and what happens when a leader is replaced.
Allocation · 6 min read
Score-weighting vs equal-weighting: why equal allocation is usually wrong
Once you follow more than one trader, you have made an allocation decision whether you intended to or not. Splitting capital evenly is not a neutral choice — it is an assertion that every leader in the basket is equally worth funding.
Read the article →Allocation · 8 min read
How to allocate capital across multiple Hyperliquid traders
Selecting leaders gets the attention. Allocation decides the result. Once you follow more than one trader, how much each receives — and whether each sleeve is large enough to function — matters more than the ordering of your shortlist.
Read the article →Product design · 6 min read
Starter mode vs full mode: why we gate diversification behind volume
There are two modes, they differ in exactly one dimension, and the threshold between them is a capital-adequacy decision rather than a commercial one. This note explains the reasoning without softening it.
Read the article →Adaptive allocation · 6 min read
How leader replacement actually works (and why it matters)
Most copy trading systems are good at adding leaders and have no process for removing them. That asymmetry is the single most consequential design gap in the category, because the evidence a selection was based on has a shelf life.
Read the article →Operations · 7 min read
What happens to your positions when a leader is replaced
The rules that decide when a leader is removed are one thing. What actually happens inside your account during the handover is another, and it is the part you will watch in real time.
Read the article →Costs and execution
Costs and execution
Every line that sits between a leader's fill and your realised result.
Costs · 9 min read
The real costs of copy trading on Hyperliquid (beyond the fee)
The headline fee is the one number every copy system publishes, and usually the smallest line on the bill. The costs that decide your outcome are the ones generated by turnover, and they are rarely quoted anywhere.
Read the article →Costs · 8 min read
Funding rates and copy trading on Hyperliquid: hidden drag or opportunity?
Funding is the cost that never appears as a trade. It accrues quietly while a position is open, scales with holding period rather than with skill, and behaves differently across a basket than it does for a single leader.
Read the article →Costs · 5 min read
The builder fee explained: why we only charge on mirrored volume
How a copy trading system charges you determines what it is incentivised to do. This is the full description of our fee: what it is, when it applies, what it excludes, and where its incentives are imperfect.
Read the article →Costs · 8 min read
The real cost of running HyperMirror: fees, slippage, funding and opportunity cost
A fee schedule describes what we charge. It does not describe what running the system costs you. These are the four cost layers that do, plus the three that never appear on any invoice.
Read the article →Execution · 6 min read
Why your copy trades will never perfectly match the leader
Every copy trading system produces results that differ from the trader it copies. The difference has known causes, it can be bounded, and it cannot be removed. Anything claiming otherwise is describing a product that does not exist.
Read the article →Measurement · 7 min read
Tracking error in practice: why your results will differ from the model portfolio
The model portfolio is a reference computed from public leader history. Your account is a real book with a start date, a capital size and its own fills. The gap between them is structural and mostly explainable.
Read the article →Regimes · 8 min read
How a score-weighted basket behaves in different market regimes
Weighting by composite score is a rule about the recent past. Which means the regime you are in — and more importantly, whether it is about to change — matters more to the outcome than the selection itself.
Read the article →Custody
Custody
What you grant, what you keep, and how you revoke it.
Limits and honesty
Limits and honesty
The boundaries of the product: what it deliberately does not do, how it behaves when infrastructure degrades, and how the risk numbers are computed.
Honesty · 6 min read
What HyperMirror does not do
Most disappointment with automated trading comes from a mismatch between what a system promises and what it structurally is. This note removes the ambiguity by listing what HyperMirror deliberately does not do.
Read the article →Operations · 7 min read
Latency, downtime and catch-up
A mirrored trade is always a reaction to something that already happened. This note describes the delay honestly: where it comes from, what it costs, and what the system does when it falls behind or stops entirely.
Read the article →Methodology · 7 min read
Capital jumps and drawdown
Max drawdown is the most quoted risk number in trading and one of the easiest to compute wrongly from on-chain data. The error is simple: an account-value curve records deposits and withdrawals as if they were trading results.
Read the article →Theory is cheap.
Watch it execute.
Connect a wallet and mirror the live basket under trade-only permissions.
Non-custodial · Agent cannot withdraw · Cancel delegation anytime