Capital
Isolation bounds what any single leader can cost you. It does not bound how much of your capital is at work at once. Portfolio heat is the number that answers that, and it is the one most followers never look at.
In short
Portfolio heat is total margin used across all sleeves against account value. Per-leader notional ceilings and leverage caps bound each sleeve individually, but several leaders can be long the same market at the same time, so real diversification is lower than the sleeve count suggests. Persistently high heat is a sizing decision, not a fault.
| Control | Bounds | Does not bound |
|---|---|---|
| Per-leader notional ceiling | Size of one sleeve | Total exposure across sleeves |
| Leverage cap | Aggressiveness per sleeve | Correlation between sleeves |
| Sub-account isolation | Contagion and netting | Aggregate directional risk |
| Score floors and removal | Who qualifies to hold capital | Market-wide drawdowns |
| Your capital in the account | Everything, proportionally | Nothing — this is the real lever |
Margin used against account value tells you how much of your capital is currently committed and how much cushion remains for adverse moves. Low heat means most of the account is idle; high heat means small adverse moves matter across several sleeves at once.
It is not a forecast and not a risk score. It is a snapshot of commitment, and it is the fastest way to notice that a basket has quietly become concentrated in time even when it is diversified by leader.
Ten leaders is not ten independent bets if six of them are long the same major into the same catalyst. Idiosyncratic risk diversifies across sleeves; correlated market risk does not, and in stressed conditions correlations rise exactly when you would want them not to.
Crowded positioning also creates the cascade case: liquidations in a crowded trade move price against everyone still in it, including several of your sleeves simultaneously.
A per-leader notional ceiling bounds how large any single sleeve becomes, so no leader's mistaken high score can dominate the book. An independent leverage cap bounds how aggressively that sleeve is expressed. Sub-account isolation bounds contagion: a liquidation consumes that sleeve's margin and stops.
None of those bound aggregate exposure. Three bounded sleeves, all long, all at once, is still a directional book.
The honest levers are few and blunt. Reduce the capital in the account, so every sleeve sizes down proportionally. Reduce the number of leaders, if fewer sleeves sized properly suits you better. Or accept it deliberately, having looked at what a bad day at that level of commitment would cost.
What does not help is intervening in individual sleeves mid-position. That converts a systematic allocation into a discretionary one at the worst possible moment — mid-drawdown, on partial information.
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.
Because each leader runs in one Hyperliquid sub-account per mirrored leader, heat can be decomposed: which sleeves are carrying the commitment, and in which markets. That turns a vague sense of being over-exposed into a specific observation about two leaders crowding the same trade.
Attribution is the practical payoff of isolation. Without it, aggregate margin used is the only number available and its causes are invisible.
Methodology
Scoring and replacement are documented in full on How it works and in the Docs (Policy v3). In short: the Elite basket is sticky, emergencies remove a leader immediately, and soft issues accrue at most one strike per UTC day with three strike-days triggering replacement. Read how it works or the documentation for the full table.
Questions
The dashboard shows account value, open positions and margin used. Margin used against account value is the heat figure, and per-sleeve positions show where it is concentrated.
It prevents netting and contains liquidation to one sleeve. It does not reduce aggregate market exposure when several leaders hold correlated positions.
It is a state, not a fault. It means less cushion for adverse moves. If it is persistently higher than you are comfortable holding, the lever is the capital in the account.
Score-weighted allocation across up to 10 elite Hyperliquid traders, each isolated in its own sub-account. Your funds never leave your account.
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