How a Hyperliquid trader is scored

Step one: reconstruct the record

Scoring starts from the account's own fill history rather than a displayed PnL figure. Fills are grouped into positions, positions into closed trades, and closed trades into a realized PnL series with timestamps. Unrealised PnL is deliberately excluded: an open position is a claim, not a result.

This reconstruction is also where records get rejected. Too few closed trades, too short a history, or a series dominated by a handful of outsized outcomes cannot support a score, no matter how large the headline number is.

Step two: the five dimensions

Each dimension answers a different question about repeatability, and each has a floor rather than a sliding scale, so a catastrophic weakness cannot be averaged away by a strength elsewhere.

• Realized PnL consistency — is the curve broadly distributed, or one lucky trade with noise around it?
• Win rate — read jointly with average win/loss, never alone.
• Profit factor — gross profit over gross loss, the cleanest single ratio for edge quality.
• Position discipline — sizing stability, adding to losers, liquidation proximity.
• Account survivability — has the account ever been effectively wiped and refunded?

Step three: composite score and weight

Surviving candidates are combined into a single composite score, which becomes the allocation weight. Weighting by score rather than splitting evenly means exposure tracks the strength of the evidence, while per-leader notional ceilings prevent any single high score from dominating the book.

What the score is not

A score is a compressed description of a past record under a fixed set of tests. It is not a forecast, it does not detect intent, and it cannot see off-exchange hedges or coordinated accounts. Regime change can invalidate a high score without any visible failure on the leader's part, which is why scores are recomputed continuously and probation exists.

Past performance is not indicative of future results. Perpetual futures are leveraged instruments and carry a substantial risk of loss, including the loss of your entire position.