Does realised PnL include fees and funding?

No. It is the closed PnL Hyperliquid records on the closing fills, before fees and funding.

Do open positions count?

No. A position counts once it is closed. A whale can sit on a larger open loss than its closed trades show.

Does a large gain make a whale a good trader?

Not on its own. One closed trade can be luck. The track-record score looks at returns over all time, the last month and the last week.

Guides and reference · What a closed trade says

Guide 07 of 122 min read

What a closed trade says

Realised profit and loss on Hyperliquid: what one closed position tells you about a whale, and what it leaves out.

Good for: a story about a big win or loss, or checking a whale’s results before you quote them.

Say a whale closes a BTC short for a $4M gain and the screenshot travels. What does that one trade say about the whale? A closed trade runs from the position’s first fill until the wallet is flat again or flips side. Realised is the profit or loss Hyperliquid records on the fills that closed it.

openclose

RealisedClosed positions

Use it fora whale’s wins and losses, the PnL leaderboard, a story about one trade.

Won’t showfees, funding, or a loss the whale still carries open.

opennow

OpenPositions still held

Use it forwhat a whale has at stake now and how far it is from liquidation.

Won’t showwhat the whale will lock in when it closes.

Illustrative lanes, not real data. A filled dot is the open, the hollow ring the close.

Realised, before fees and funding

The figure is realised, not open. A position still open counts only once it closes. It is also before fees and funding. Funding is the regular payment between longs and shorts that keeps a perpetual near its index price. A position held for weeks can pay or earn a lot of it, and the realised figure leaves that out.

A window, not a lifetime

A whale page lists its closed positions on record, and the PnL leaderboard ranks them over 24 hours or longer. Both reach as far back as the wallet’s history on Hyperliquid was rebuilt. That is a window, not a lifetime. A whale with three gains on record may have lost more before, or on another exchange.

Why one trade can be luck

A ranking by one result favours bold bets. Accounts that took big risks fill the top of a short list, and the ones that were wiped out drop off it. So the leaderboard ranks a whale only once it closed several positions over 7 days or longer.

What a closed trade can’t tell

It won’t tell why the whale traded, or whether the next trade goes the same way. It won’t show a loss the whale still carries in an open position. Read it with the open positions on the whale’s page and its track record.