The Hyperliquid leaderboard explained (and where it misleads)

Hyperliquid publishes a leaderboard of accounts with their account value, profit, ROI and volume over a day, a week, a month and all time. It is the best-known list of Hyperliquid traders, and it is easy to misread.

What the leaderboard counts

• Profit (PnL) is perp trading profit for the window, open positions included.
• ROI is that profit divided by the account's perp balance.
• Volume is perp volume traded.
• A display name appears when the owner has set one. Some are well known: see named wallets.

Where it misleads

ROI on unified accounts. Many accounts keep their collateral in spot and trade perps against it. Their perp balance can be near zero, so the leaderboard's ROI shows extremes like −100% or +200% that don't describe the trading. JoinEm divides perp profit by the whole account's value instead.

Deposits. A return depends on the balance it divides by, and a deposit or withdrawal during the window moves that balance without any trading. JoinEm's returns are time-weighted, so deposits and withdrawals don't count.

Bots and market makers. The leaderboard ranks everyone, including market makers and high-frequency bots that no person could copy. JoinEm leaves them out.

One lucky trade. A wallet can top the monthly board on a single bet. JoinEm tags records carried by one or two trades and keeps them out of the rankings.

We check our numbers against it

The leaderboard is an independent answer for the same accounts, so we compare: for the traders in both, our 30-day perp profit has the same sign as Hyperliquid's for almost every listed trader, and the remaining gaps are timing (the leaderboard file refreshes less often). The full method is on methodology.

JoinEm's rankings

• Top traders, 90 days, 30 days and 60 days
• By type: consistent, growers, whales
• By holding time: scalpers, day, swing, position