Introduction
In this article, we’ll break down how to trade on Hyperliquid—one of the fastest-growing DEX platforms with futures—and how to find and track “gem” wallets to copy the trades of top traders. The material is based on practical experience and includes step-by-step instructions, as well as recommendations for analysis tools.
What is Hyperliquid?
Hyperliquid is a decentralized exchange (DEX) with futures support, whose functionality and trading volumes already rival the largest centralized platforms. In recent months, Hyperliquid has taken the lead among PERP DEXs, even surpassing giants like DYDX.
Currently, more than 70% of trading volume on PERP DEXs comes from Hyperliquid. The biggest traders operate here, opening positions worth millions of dollars—and all of this is transparent, since every transaction is visible on-chain.
Advantages of Hyperliquid
- Transparency: All positions and transactions are available for analysis via the blockchain.
- High liquidity: Huge trading volumes, comparable to Binance.
- Ability to track whales: You can see the actions of large players and insiders.
How to Find “Gem” Wallets
Unlike centralized exchanges, where internal information is inaccessible, on Hyperliquid you can track the actions of any wallet. This opens up opportunities for copy trading and analyzing insider behavior.
Hyperliquid Leaderboard
The platform features a leaderboard displaying top traders, such as Eric and Bobby Big Size. However, it only shows a limited number of wallets, so for deeper analysis, you’ll need additional tools.
Analysis Tools: DextraBot and HyperScan
To search for and analyze wallets, use two main tools:
- DextraBot — a service for sorting and filtering wallets by various metrics: winrate, ROI, position size, number of trades, and more.
- HyperScan — a blockchain explorer for Hyperliquid, allowing you to view transactions, active positions, orders, and portfolios.
How to Use DextraBot
- Wallet sorting: Set filters—for example, winrate from 90%, number of trades from 5 to 100—to exclude market makers and find real “degens.”
- Trade history analysis: Dive into each wallet, check its current positions, trade history, and trade direction.
- Trend tracking: If most top wallets are opening longs, the market is likely ready to grow. If shorts dominate, be cautious.
Analysis via HyperScan
HyperScan allows for a more detailed study of a wallet: view balance, active orders, transaction history, spot and futures positions.
Copy Trading: How to Follow Whale Trades
DextraBot offers a Copy Trade feature—you can select a wallet you like and automatically mirror its trades. To access this feature, you’ll need to purchase an NFT on the platform (cost: from 2 SOL), which grants copy trading rights.
Step-by-Step Instructions:
- Create a wallet in Wallet Manager.
- Add interesting wallets to favorites.
- Activate the Copy Trade feature (after purchasing the NFT).
- Monitor the trader’s actions and mirror their trades.
Telegram Notifications for Wallet Activity
DextraBot allows you to receive Telegram notifications about new trades, position openings, and closings for selected wallets. This is convenient for quickly reacting to the actions of top traders.
Bonus: Three Hyperliquid Tokens to Watch
- HYPE — the main Hyperliquid token, entry point expected at $7.
- PUR — ambassador token, a second wave of growth is expected.
- HFUN — HIPURFUN token, also expected to reverse with 5-6x potential.
Conclusion
Hyperliquid is a unique platform for trading and analysis, where you can transparently track the actions of whales and insiders, and copy their trades using DextraBot. Use filters, analyze trade history, follow notifications, and make decisions based on real data.
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