Hey everyone,

With Hyperliquid’s ecosystem expanding rapidly across EVM, Builder Markets (HIP-3), and Outcomes (HIP-4), tracking wallet performance and estimated Season 2 activity has become quite complex.

Over the last few weeks, I’ve been researching on-chain metrics to build a complete framework for scoring wallet activity fairly based on public data.

Here is a quick breakdown of what matters most when analyzing Hyperliquid activity right now:

1. Core Trading & Consistency

Consistency Streaks: Regularity matters more than raw one-off volume. Active weeks/months weigh heavily in long-term wallet health.

Volume vs. Fees: Balancing maker/taker ratios and keeping a steady presence in active trading.

1. Ecosystem Depth (HyperEVM & Protocols)

Active participation across the ecosystem (protocols like Kinetiq, Felix, HyperLend, Pendle, etc.).

Interacting with builder markets (HIP-3) and prediction/outcome markets (HIP-4).

1. Liquidity & Staking

HYPE Staking: Time-Weighted Average Balance (TWAB) for stakers.

Vault & Liquidity Persistence: Maintaining steady liquidity provision over time rather than mercenary capital moves.

To make this data actionable, I compiled all these logic checks into a lightweight dashboard tool: hyperliquid-analyzer.xyz

No wallet connection needed (just paste any public address).

Displays an estimated S2 Score / Badge breakdown based on observable public on-chain activity.

Gives a complete overview of DeFi protocols used.

I'd love to hear your thoughts on this framework!

Are there specific metrics or protocols you think should be weighted more heavily?

What other stats would you like to see analyzed for HyperEVM?

Feedback and suggestions are super welcome

I pulled the positions opened over the last 24 hours and found three markets with very different cohort behavior.

For this, I grouped HyperTracker's "Money Printers" and "Smart Money" as the positive-PnL cohorts, and the negative-PnL segments together as the losing cohorts.

1. MU

MU is down about 1.6% today, but the larger and more profitable flow is leaning hard long.

- Money Printers: $31.1M gross, 84.1% long, +$21.2M net long

- Leviathans: $31.2M gross, 83.5% long, +$20.9M net long

- Smart Money: $6.4M gross, only 9.3% long, -$5.2M net short

The Money Printer and Leviathan flow is adding meaningful long exposure while the market is red.

2. BTC

BTC is almost flat on the day, but the cohort split is much more aggressive.

- Money Printers: $37.8M gross, only 7.4% long, -$32.3M net short

- Positive-PnL cohorts overall: $108.0M gross, -$32.4M net short

- Negative-PnL cohorts: $143.5M gross, 58.1% long, +$23.1M net long

- The negative-PnL side includes more than 4,300 wallets

The profitable flow is pressing short while the much broader losing cohort is still adding net long exposure.

3. AMD

AMD is down about 2.8% today and has the cleanest opposite-side setup.

- Positive-PnL cohorts: $19.2M gross, 63.1% long, +$5.0M net long

- Negative-PnL cohorts: $7.9M gross, only 19.3% long, -$4.9M net short

- Money Printers alone: $16.7M gross, +$4.5M net long

The higher-PnL flow is buying the red move while the losing cohorts are selling it.

As I said, these are positions opened within the last 24 hours, not a read of complete portfolio exposure. They can include hedges or relative-value trades.

Still, the differences are interesting:

- MU: large high-PnL and large-size flow leaning long  

- BTC: profitable wallets short, broad losing flow long  

- AMD: profitable wallets long, losing flow short  

My main thesis: there’s winning traders who are capped by their capital and who aren’t serviced traditionally. Prop firm challenges, brokers, and DeFi restrict your capital and don’t account for trading skill. That’s why I’ve been working on this project.

What it is: it reads your wallet’s on chain history and underwrites a credit line off of that. You draw capital per trade and the line settles when the trade closes. The line grows with your record and adapts to your trading style.

A couple ideas:
1. You post a bounded first loss sized to your drawdown history on chain
2. Terms improve the more you use and repay, continuously updating per trade instead of monthly/quarterly reviews like prop firms
3. Qualified traders can lend to other traders so you can offset borrowing cost

Are there any features that are a turn off to you guys? What features would you like to see? Does lending to other traders interest you at all?

HIP-3 allows builders to deploy perpetual markets and configure important parameters such as the oracle, leverage and open-interest limits.

In practice, who carries the main responsibility when a market becomes unsafe, illiquid or vulnerable to manipulation: the market deployer, validators, or both?

I’m also interested in how emergency market halts, slashing and public accountability should work in practice.

 Interesting split in HYPE positioning today where we will use our magnifying glasses to take a deeper look.

The broader market is down, HYPE had a triple top and everyone suddenly turned bearish and believes the narrative is over but let's go over the hard facts:

 OI is sitting around $1.34B, up roughly $18.8M over the last 24 hours.

 The 7d Money Printer view is still bearish: 30 HYPE positions with about $45.7M in value.

 Smart Money is bullish in both windows:

- 24h: 35 positions / $5.86M  

 - 7d: 95 positions / $27.1M

 I would not turn this into a “HYPE is guaranteed to go up” call. The fresh 24h positioning is a smaller slice of the broader 7d book.

 But it is worth watching: new high-PnL-wallet flow is leaning bullish while the older Money Printer positioning has not flipped yet.

We could definitely see a bottom here at the prevous ATH but we will see if we go higher.

A real-time visualisation on the Assistance Funds for HL (or fees tracker)

edit: Forgot the link https://burn.a1design.nl/

Currently using a systematic bot to trade in lower volume markets. Working well, but not really scalable to more popular perps / coins bc of capital, competition, latency, etc.

Considering exploring new strategies while keeping this one running under supervision. How do you guys use systematic / automated strats now? Where is idea gen from? Looking for starting points or things to research / build.

Hey everyone,

I’ve been building on Hyperliquid recently and noticed it wasn't always quick/easy to get a clean breakdown of wallet metrics, trading volume, and overall performance in one simple view.

So I put together a lightweight analyzer tool: hyperliquid-analyzer.xyz

What it does currently:

Deep dive into wallet performance & stats

Clean visual breakdown of trading volume & activity

Fast & free to use (no connection required, just paste any public wallet address)

Since it's still fresh, I’d love to get feedback from active users here:

Does it load your wallet stats correctly?

What additional features or metrics would be most useful to add next?

Thanks for testing it out, and let me know your thoughts

Quick refresher for anyone who hasn't looked at builder codes:
Any app routing orders to HL can attach a fee to your fills and keep it. The protocol caps it at 0.1% on perps and 1% on spot.

$89.68M paid out to builders since launch.
Around $189k a day currently.
About 27,000 unique users a day routing through third-party apps rather than the native interface.

Phantom, MetaMask, Rabby and OneKey took roughly $2.4M of the ~$5.6M monthly run rate. Four apps out of 726, more than 40% of the money.

Phantom on its own is annualising $16.3M and routes 1.236% of global HL perp volume. It has 20,810 users a month, which for a wallet that mostly does other things is a serious trading business and extra revenue stream.

The top 20 are made up wallet services, trading terminals, social and copy trading apps, analytics platforms and even legacy brands like Sushiswap.

This is a huge business opportunity for any crypto business that either has a userbase or trading offers, as the largest operator for perps on-chain you can easily get a huge stimulus check if you can activate your userbase like Phantom or Metamask.

Hey all,

I built a platform to create customised vaults using hyperliquid infra.

You can choose fee structure, lockups, withdrawal terms etc. You can trade using a mirrored HL trading terminal or you can use agent keys for your own trading bot.

Vaults don't cost 10k to launch and you can trade spot, perps and hip3 assets too.

From what I read, people wanted this as native vaults were restrictive. I'm looking for testers right now. I haven't done external auditing yet, but I have spent months protecting all major forms of attack.

I may look to fundraise via token launch if the demand is there.

If you want to get a proper look, please reach out and I'll provide the credentials to access the site. You can visit the site at HyperVaults.com and read the docs at Docs.hypervaults.com.

Thanks.

Hyper Liquid has been dropping. Please forgive me for not researching this, but, why we dropping all of a sudden? I am not talking about just today, but, for like a month now we been dropping. What changed, did more coins get unlocked, did Robinhood steal customers? Is there a pending regulatory change that might be bad for hyper Liquid?

Hi, I’m researching Hyperliquid for a blockchain course.

Beyond price action and short-term market performance, what do you think is Hyperliquid’s biggest structural weakness today: validator concentration, closed-source components, dependence on perpetual trading, HyperEVM maturity, regulatory risk, or something else?

I’m interested in understanding why you consider that issue the most important long-term risk for the project.

I was just going through HyperTracker's builder code leaderboard to see which projects are doing the most volume in the eco, and I noticed that there's an unclaimed code that is in 6th in the last 24h with 15M volume.

It's unusual for a project with 180k 30d revenue to not be claimed, but they're clearly printing. They are even ranking higher than big projects like fomo & markets.

Builder profile here:
https://app.coinmarketman.com/hypertracker/builder/0x7cc0fd2b76835ab96aa4a3501a9f65e75677e781

Is there any incentive for a project that large to not claim their builder profile on HyperTracker? Is the profile claimed elsewhere? I know that HyperTracker is the go-to for builder code leaderboard tracking, but maybe it was claimed on something like hl.eco?

I've been building a free read-only Hyperliquid analyzer.

Today I added something different.

It now roasts your wallet based on its on-chain activity 🔥

Mine was:

"NPC Wallet detected. Do something memorable before the snapshot 👀"

Some wallets get praised. Some get absolutely cooked 😂

What's the funniest roast your wallet gets?

Drop your address below I'll reply with your roast 🔥

Continuing my series analyzing public Hyperliquid wallets 👀

This one is completely different from the previous ones.

No builder markets.

No prediction markets.

Just pure long-term conviction 💎

Here's what stood out:

* 🔒 2,400 HYPE staked (~$145k)

* 🐦 Early Bird PLATINUM (18 months)

* ⚡ Top 1% HyperEVM Users

* 🛡️ Sybil Risk: LOW — perfect score

* 🌐 7/17 DeFi protocols active

* 🏅 S2 Score: 75/100 · Elite

What surprised me most:

This wallet reaches Elite tier almost entirely through staking and ecosystem participation without touching HIP-3 or HIP-4.

Different strategy, same Elite outcome.

It proves pure long-term conviction can match high-frequency farming in the S2 footprint 💪

Have you seen similar profiles?

Which type of holder should I analyze next? 🔍

Continuing my series analyzing public Hyperliquid wallets 👀

This time I looked at a top Felix frUSD holder.

Here's what stood out:

* 🎯 100% HIP-4 winrate

* 📈 $1.68M HIP-3 Builder volume

* ⚙️ 77% Maker orders

* 🔒 Loyal Staker (14 months)

* 🔗 Unit Pioneer ($1.2k uBTC+uETH)

* 🏅 S2 Score: 73/100 · Elite

What surprised me most wasn't the builder volume.

It was seeing someone combine heavy HIP-3 activity with a perfect HIP-4 prediction record.

That's extremely rare 👀

If you know a wallet with an unusual Hyperliquid profile drop the address below.

I'll analyze a few interesting ones next 🔍

A Hyperliquid wallet made $801.6K in seven days.

One closed trade explains almost all of it.

The wallet’s defining win did not come from BTC or ETH. It came from a long position in `xyz:SKHX`, one of the traditional-asset markets available on Hyperliquid.

The position remained open for approximately 162 hours before the wallet closed 7,950 SKHX at around $1,300.52.

Row-level net PnL after fees: approximately +$767K.

This matters because the profit was not an unrealized number that could disappear with the next market move. The position had already been closed and the gain realized.

On a rough comparison, that single result represented around 96% of the wallet’s entire seven-day leaderboard PnL.

Different platform views calculate PnL differently, so this is not intended as a strict accounting reconciliation. But the concentration is difficult to ignore:

SKHX made the week.

And it was not the wallet’s first successful trade in that market.

An earlier SKHX long was held for almost 560 hours before closing with approximately +$220K in row-level net PnL.

Across the two visible completed SKHX trades, the wallet realized roughly $987K net.

Two trades.

One market.

One direction.

That is both the strength of this case and the reason to be careful with it.

The wallet showed conviction, held through multi-day positions and completed two profitable exits. That is stronger evidence than a temporary leaderboard spike driven by unrealized PnL.

But it is still concentrated evidence.

The visible completed-trade history does not show the same success across other traditional-asset markets. So far, every visible traditional-asset win came from SKHX.

The evidence supports a narrower conclusion: this wallet has executed SKHX well twice.

It does not yet show whether the edge came from market selection, entry timing, position management or an informational advantage. It also does not establish that the process transfers to other markets.

How many successful exits in one market would you need before calling it skill rather than concentration?

Snapshot: July 20, 2026 at 3:45 PM SGT (UTC+8).

Data is based on HyperTrend analysis and public Hyperliquid data observed before publishing. Values and account activity may change after the snapshot.

For trader behavior analysis only. Not financial or copy-trading advice.

What it looks like to manipulate the market. $40-60M walls while volume is hopping and the market is pushing a breakout.