How to Track Smart Money Positions on Hyperliquid: On-Chain Methods
The core logic behind tracking smart money on Hyperliquid is to use on-chain data platforms to identify top-performing wallet addresses and then monitor their position changes and trading behavior. There are two main approaches: using ready-made analytics tools like Nansen, or building your own monitoring system with open-source tools.
1. Tracking Smart Money with Nansen
What you'll do: Identify and follow smart wallets and whale addresses on Hyperliquid via the Nansen platform.
How to do it:
Log into Nansen (web or mobile) and navigate to the Hyperliquid Perp feature module.
Use the Hyperliquid Perps Leaderboard launched simultaneously with the feature, and filter by these dimensions:
Smart Money addresses
Whale addresses (wallets with large positions)
Top traders
Sort by performance over the last 7 days, 30 days, or all-time cumulative results to quickly identify the leading addresses.
Once you've selected a target address, view the following directly inside Nansen:
Real-time positions (including long/short ratio, leverage, PnL)
Account health
Complete trade history
Funding rate data
What success looks like: You have locked in a list of wallet addresses with strong recent performance and can continuously monitor their activity through Nansen.
Nansen officially launched its Hyperliquid Perp functionality on July 7, 2026, delivering an integrated "research-to-trade" experience. If you are already a Nansen user, this is the easiest path.
2. DIY Monitoring with Open-Source Tools
What you'll do: If you don't want to subscribe to Nansen or need more customized monitoring, you can build your own setup using open-source tools from GitHub.
How to do it:
Option A: Hyperliquid Tracker App (Mobile)
Download the iOS app Hyperliquid Tracker. No login required; operates in read-only mode.
Manually add any Hyperliquid address to track its positions, orders, and PnL in real time.
Set up push notifications – get instantly notified when a tracked wallet executes a trade, opens/closes a position, or gets liquidated.
Discover the Top Traders leaderboard inside the app, and follow them with one tap after sorting by performance.
Option B: Hyperliquid Data Fetching Tools (Python)
Clone the repository getHyperLiquidL1Data, a complete Python toolkit.
Run user_data_query.py to query full asset and order data for a specified address.
Run user_data_analyzer.py to analyze user data (position details, order statistics, account value).
Run user_monitor.py to monitor real-time user data changes via WebSocket.
Option C: Whale Tracker or Copy Trader Tools (Python/Node.js)
Use hyperliquid-whale-tracker to monitor large positions (>$100K) and set up a liquidation heatmap with real-time alerts (supports Discord/Telegram pushes).
Use hyperliquid-copy-trader: this project leverages a PyTorch multi-task learning model to classify wallets by trading style, risk, profitability, bot probability, influence, and complexity, and outputs a visualization dashboard.
What success looks like: The monitoring tool is successfully deployed, and you are continuously receiving position change alerts for target wallets, or identifying high-value signals through the analysis dashboard.
3. Key Metrics to Monitor
What you'll do: Once you have a list of target wallets, focus on observing the following data dimensions.
How to do it:
Unrealized PnL: Access smart money's real-time PnL via Nansen or API to assess whether their current strategy is working.
Account Health: Check leverage and liquidation price to gauge the risk exposure of smart money.
Direction of Position Changes: Monitor whether positions are increasing or decreasing. If multiple smart money wallets are adding to the same side, it may form a trend signal.
Deposit/Withdrawal Activity: Track deposit activity on the Hyperliquid bridge – a single deposit exceeding $100K is often a whale entry signal.
What success looks like: You have established your own set of observation metrics and can make trading judgments based on them.
Common Failure Reasons:
Focusing only on the address, ignoring the time window: An address that performed well in the past 30 days won't necessarily make money going forward. Compare across 7-day, 30-day, and all-time dimensions.
Copy-trading lag: Entering when smart money takes profit, or being stopped out only after they have already done so. Use WebSocket for real-time monitoring instead of waiting for batch data.
Misidentifying bot addresses: Hyperliquid has many market-making bots. Use the Bot Probability metric from hyperliquid-copy-trader to help decide whether an address is a bot or a real trader.
Risk Notes:
Tracking does not equal copying: Smart money also loses money. Do not blindly copy trade; treat monitoring results as decision-making references, not as trading signals.
On-chain data has public latency: HyperCore is a custom L1 that processes ~200,000 orders per second. Standard EVM monitoring tools cannot parse its activity. Ensure the tool you use supports native parsing of HyperCore's EIP-712 signed actions; otherwise, you might miss key signals.
Privacy and compliance: Tracking public addresses falls under on-chain analysis and does not involve privacy violations. However, do not use monitoring results to induce others into copy trading or to spread false information.
How to confirm you've set up monitoring correctly:
If using Nansen: Go to the Hyperliquid Perp dashboard, filter the Smart Money leaderboard, select an address and click to view details. If you can see its positions and trade history normally, you're all set.
If using open-source tools: After running the monitoring script, the console or WebSocket should output real-time position updates for the target wallet. Receiving the first push notification indicates success. It's recommended to first test the tool with your own Hyperliquid address to ensure it works, then switch to the target wallet for actual monitoring.
