Hyperliquid Guides

What these guides are for

Hyperliquid publishes an enormous amount of data. Every perpetual position, every fill, every funding payment and every account's realised profit settles on-chain, which means all of it is public and queryable by anyone. That openness is genuinely unusual for a derivatives venue, and it is the reason a tool like LabelYX can exist without asking you to connect a wallet or create an account.

The problem is that public and usable are different things. Raw API responses do not tell you whether a trader is good, whether your own drawdown is unusual, or whether the funding you are paying is quietly larger than your edge. These guides bridge that gap. Each one takes a question a trader actually has and walks through answering it with data that was already sitting there in the open.

Guides or Learn: which one you want

LabelYX has two content libraries and they do different jobs. Picking the wrong one wastes your time, so the distinction is worth stating plainly.

In practice most people move between them. A guide tells you where to find your funding costs; a Learn article explains why funding exists and what a sustained positive rate says about market positioning. If you are new to perpetual futures entirely, start with what are perpetual futures and come back here afterwards.

Where to start, by what you are trying to do

• Review your own trading. Begin with checking a wallet's PnL. It covers realised versus unrealised profit, why win rate on its own is a misleading statistic, and how to find the drawdown figure that actually describes what your account went through.
• Research other traders. Start with tracking whales, then read leaderboard and copy trading for the considerably harder question of whether following someone is a good idea.
• Understand a cost you keep paying. Funding rates explains the hourly payment that moves between longs and shorts, why Hyperliquid's hourly schedule makes its headline rates incomparable to eight-hour venues, and how carry trades harvest it.
• Size a position properly. The liquidation calculator guide walks through deriving where a position gets closed against your will, which is the number that should determine size in the first place.
• Read the market rather than a wallet. Open interest covers what rising and falling committed capital signals when read alongside price.
• Understand what you are being charged. Trading fees breaks down the maker and taker structure and where it stops being a rounding error.

What every guide assumes

A few things hold across all of them, so they are stated once here rather than repeated in each article.

• You need no account anywhere. Not on LabelYX, and not on Hyperliquid unless you intend to trade. Every technique described works with a public wallet address and a browser.
• Nothing asks for keys. LabelYX never requests a private key, seed phrase, wallet connection or signature, and it has no ability to place a trade, withdraw funds or move anything. It reads public data and displays it.
• Any address is fair game. Because settlement is on-chain, you can analyse your own wallet or someone else's with exactly the same tools. This is a property of the exchange, not a special capability of this site.
• Data can lag or be incomplete. Everything is sourced from the public Hyperliquid API and a handful of third parties. Upstream sources go down, values can be stale, and positions held on other venues are invisible here by definition.
• None of it is financial advice. These guides describe how to read data. What you conclude from it, and what you risk on that conclusion, is your decision. Trading perpetual futures carries substantial risk of loss.

Who writes these

One person: Casper Audenaert, an independent developer who has traded Hyperliquid for two years and built LabelYX because reading raw API responses to check his own drawdown was not a reasonable way to spend an evening. There is no content team, no outside funding and no paid placement. The guides describe how the tools on this site genuinely work, including where they stop working.

When you are ready to stop reading and start looking at numbers, paste any Hyperliquid address into the dashboard, or work through the free calculators if you want to model a trade before taking it.