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hyperliquid

A collection of 62 issues

Skin in the game, tested: when the manager's own money still isn't enough

Three Hyperliquid vaults where the manager holds 42–62% of their own fund — far above the 5% floor — and results from −30% to +56% a year. The cleanest test there is of whether “skin in the game” means anything. It proves conviction, not competence.

Is anyone else doing this? Hyperliquid vaults vs. the alternatives

Copy trading, on-chain managed funds, “house” liquidity pools, Drift's vaults — what's actually comparable to a Hyperliquid vault, and what's genuinely one-of-a-kind. With a side-by-side table, and why the closest peer just lost $285M.

The vault scammer's playbook: every con, and the red flag that gives it away

Pooled money attracts con artists. The full playbook of vault scams — paper-profit mirages, annualized-month APRs, backdoor contracts — and the public-data fingerprint that gives each away. Plus why the safety model is shifting from legacy native vaults to the HyperEVM future.

Double the leverage, not double the money: Growi HF vs. its 2x twin

HyperTwin runs the exact same strategy as Growi HF — at 2x leverage. It's the closest thing to a controlled experiment on Hyperliquid. The result: barely more headline return, 4.5x the drawdown, and a lifetime loss while the 1x version quietly compounded $1.65M.

Paper profits: why a vault being “up” isn’t the same as having made money

On Hyperliquid, a vault's open positions are marked to market — so its “return” quietly blends money it has actually banked with paper gains it hasn't. One top vault's standing is 60% unrealized, riding on a single coin. How to tell proven skill from a bet still in play.

How centralized exchanges made copy trading toxic — and why Hyperliquid only half-fixes it

CEX leaderboards are engineered to make you copy the wrong trader at the worst time. Going on-chain fixes the trust problem — but the same misinformation survives in one number: an annual return advertised on top of a single good month.

The income illusion: three “steady” vaults, only one that pays

For income seekers, low drawdown looks safe — but it's not the same as making money. Three calm-looking Hyperliquid vaults compared: one quietly losing, one modestly paying, and one that genuinely earns its risk.

Long HYPE & Short Garbage: anatomy of a convexity bet

427% a year, the leader 46% invested, a transparent long-quality/short-junk thesis — and underneath, a concentrated, leveraged HYPE bet held by two wallets. A study in reading what a vault really is, versus what its headline says.

Anatomy of a blowup: how drkmttr turned $1.5M in profit into a loss

A vault that called itself “not aggressive” turned $1.55M in profit into a $719k loss — with a single step erasing 44% of the vault. An autopsy, with the on-chain receipts, and the four lessons every depositor should steal from it.

Same operator, two risk dials: HyperGrowth vs. L/S Grids

Systemic Strategies runs two of Hyperliquid's larger vaults — and they're in opposite places. The newer one soars on low leverage but tells you nothing; the older, transparent one is past its peak and bleeding assets. Why a talented operator is not a transferable guarantee.