On Hyperliquid you can see what Binance keeps hidden: the position, leverage and liquidation price of any trader. Here is how to use that.

Why everything is visible on Hyperliquid

Hyperliquid is a decentralised perpetual futures exchange running on its own blockchain. A trading account is a wallet address, and positions, orders and trades live on-chain where anyone can read them. That is why the topic is so popular: when a trader opens a short worth hundreds of millions, the market knows within a minute.

Where to start

The Hyperliquid whale tracker shows how much money large accounts hold long and short in each coin, a feed of large opens, closes and liquidations, and a table of the biggest positions. The Hyperliquid leaderboard ranks accounts by size and by profit over a day, a month and all time.

How to read a position

Each position has a size, entry price, leverage, unrealised P&L and liquidation price. The last one matters most: it is where the exchange will close the position by force. When a big whale's liquidation price is close to the market, other traders sometimes try to push price there, because the forced close of a large position moves the market by itself.

Margin type matters too. With cross margin the liquidation price depends on the whole account and shifts when the whale adds funds or closes other positions. Check it in the moment rather than remembering an old number.

How to follow a specific wallet

Open the wallet page by address. It shows open positions, closed trades with results, the fill feed and deposits and withdrawals. Add the wallet to your watchlist and you get a notification every time it trades. Well-known traders whose addresses are confirmed by several sources are collected on the Hyperliquid traders page.

Should you copy whales?

Carefully. A position on Hyperliquid can be a hedge for spot held elsewhere or one leg of a strategy you cannot see. Whales lose money too, sometimes a lot. Use their positions as information about where big money sits and where it would be forced out, and make decisions with your own system.

Liquidations on Hyperliquid

Because positions are public, liquidation levels here are real data rather than an estimate. The Hyperliquid liquidation map shows how much money would be closed at each price level for BTC, ETH, SOL and HYPE.