Copy trading on Hyperliquid with vaults

Quick steps

1. Open the vaults page. Go to the Vaults section of the Hyperliquid app to see user vaults and HLP.
2. Review the vault. Check PnL history, max drawdown, age, TVL, open positions, leverage and trade history.
3. Deposit a small amount. Click Deposit and enter USDC from your trading balance. User vaults lock deposits for 1 day; HLP for 4 days.
4. Monitor it. Check open positions and drawdown regularly; the leader can change strategy at any time.
5. Withdraw. Click Withdraw on the vault page. Positions may be closed to pay you, which can cause slippage.

How Hyperliquid vaults work

A vault is a pooled account traded by a leader. Depositors own a share of its value, so they gain and lose in proportion. Key rules from the docs for HyperCore user vaults:

• Profit share: the leader receives 10% of profits.
• Skin in the game: the leader must keep at least 5% of the vault at all times.
• Lockup: 1 day after your last deposit for user vaults; 4 days for HLP.
• Withdrawals: if the vault lacks spare margin, orders are cancelled and then positions closed 20% at a time until there is enough, so large withdrawals can cost slippage.
• Creating a vault: the current docs list a 10,000 USDC fee plus a 100 USDC minimum deposit. Builders can also create tokenised vaults on HyperEVM with custom accounting.

More background: Hyperliquid vaults.

Worked example of the profit share

The last line is the important one: after a 30% drawdown, a 30% gain does not get you back to even. You would need about +43%.

How to judge a vault

• Track record length. A few weeks of great returns says little. Look for months, including a bad market.
• Max drawdown versus return. A vault up 80% with a 60% drawdown is a lottery ticket, not a strategy.
• Leverage and concentration. Open positions are public. One huge leveraged position means one bad day can wipe out a year.
• Depositor behaviour. The vault page shows how many people have deposited and how long they stayed.
• Survivorship bias. The leaderboard shows the vaults that have done well so far. Many similar ones blew up and are no longer at the top.

How much to put in

Treat a vault deposit like a leveraged trade you cannot manage yourself. Spread money across more than one leader if you use vaults at all, keep each deposit to a size you can afford to lose entirely, and decide in advance at what drawdown you will withdraw. The lockup means you cannot exit instantly, so do not deposit money you may need within days.

Copying wallets directly

All Hyperliquid positions are visible on-chain, so third-party tools track large wallets and some offer automatic mirroring. Be cautious:

• You enter after the trader, often at a worse price, and pay taker fees (0.045% each way at the base tier) on every copied trade.
• You only see the visible wallet. The trader may be hedged elsewhere, so a "big long" may be one leg of a neutral trade.
• Any service that asks for your private key or seed phrase can take everything. Third-party bots usually work through API or agent wallets; understand what permissions you grant.

Risks specific to vaults and HLP

HLP market-makes, runs liquidations and takes over positions in backstop liquidations, so it carries tail risk. In March 2025 it was left holding a large short in the thinly traded JELLY market after a manipulation attempt, and validators delisted the market. During the October 2025 crash, auto-deleveraging was used on cross-margin positions for the first time. Treat any vault as a trading position, not a savings account. Read is Hyperliquid safe before depositing.

Frequently asked questions