Hyperdash is a trading terminal for Hyperliquid that started as an analytics dashboard. Because every position on Hyperliquid is on-chain, Hyperdash surfaces the live PnL leaderboard, individual wallets' open positions and liquidation levels in real time, and liquidation heatmaps — and lets you follow or copy specific traders. After being acquired by pvp.trade in November 2025 and rebuilt as Hyperdash 2.0, it now pairs analytics with in-app execution (chase orders, trailing stops, private TWAP, copy-trading).

What changed with the pvp.trade acquisition and 2.0?

pvp.trade acquired Hyperdash in November 2025 and relaunched a rebuilt version (V2) in January 2026. The big shift is from read-only analytics to a full-stack terminal: the same granular data (leaderboards, whale positions, liquidation heatmaps) now sits alongside execution tools — chase orders, trailing stops, private TWAP execution, and copy-trading — so you can act on what you see without leaving the terminal.

What does the Alpha leaderboard show?

It ranks top-performing Hyperliquid traders by PnL, equity, win rate, total trades, Sharpe ratio, and maximum drawdown — far more than a simple profit number. Those risk-adjusted metrics (Sharpe, max drawdown, win rate) matter: a huge PnL built on reckless leverage and one lucky trade is very different from steady, risk-controlled performance. You can add wallets to a tracking list, counter their positions, or set up copy-trading.

Is copy-trading on Hyperdash safe?

Copy-trading is high-risk. A wallet's past PnL does not predict future results, and when you copy you inherit that trader's leverage, timing, and drawdowns — including the bad ones. A trader topping the leaderboard may simply be in a hot streak on high leverage that's about to reverse. Use small size, set your own stops, and treat copying as following an idea, not outsourcing risk management.

Do I need Hyperdash to trade on Hyperliquid?

No. You can trade directly on Hyperliquid. Hyperdash is an optional analytics- and-execution layer on top — useful for reading positioning, finding ideas, and tracking traders, but not required to place trades. Think of it as an edge tool, not a dependency.

Hyperdash Review (2026): Hyperliquid Analytics & Copy-Trading Terminal, In Depth

Hyperliquid's superpower is transparency — every position is on-chain, so you can see exactly how the whole market is positioned. The problem is that raw on-chain data is unreadable. Hyperdash turns it into an edge: the live PnL leaderboard, whale positions and liquidation levels in real time, liquidation heatmaps, and tools to track or copy specific traders. After being acquired by pvp.trade and rebuilt as Hyperdash 2.0, it's now a full-stack terminal — analytics plus execution. This is a deep, independent review of what it does well and where copy-trading can hurt you.

What is Hyperdash?

Hyperdash is a trading terminal for Hyperliquid that started as an analytics dashboard — surfacing the live PnL leaderboard, individual wallets' open positions and liquidation levels, and liquidation heatmaps in real time, with tools to follow or copy traders. Last verified: 2026-06-14.

It exists because of a quirk of Hyperliquid: everything is on-chain, so a good front-end can show you what's normally hidden on a CEX — who's long, who's about to get liquidated, and where the pain points cluster. Hyperdash is the leading tool for reading that.

The pvp.trade acquisition and 2.0 rebuild

In November 2025, pvp.trade acquired Hyperdash and, over the following months, rebuilt it as Hyperdash 2.0 (relaunched January 2026). The shift is fundamental: from a read-only analytics dashboard to a full-stack terminal that combines the same granular data with in-app execution. You no longer just watch the market on Hyperdash and trade elsewhere — you can do both in one place.

What it actually gives you

Analytics — reading the market

The Alpha leaderboard. Top traders ranked by PnL, equity, win rate, total trades, Sharpe ratio, and max drawdown. The risk-adjusted columns are the point: a giant PnL from reckless leverage looks very different from steady, low-drawdown performance.
Whale tracking. Add wallets to a list and watch their open positions, entries, and liquidation levels — study how good traders operate, not just that they win.
Liquidation heatmaps. See where liquidations cluster, which often act as magnets for price.

Execution — acting on it (2.0)

Chase orders to get filled in fast markets, trailing stops to protect gains, and private TWAP execution to work into a position without showing your hand.
Copy-trading to mirror a tracked trader's moves automatically.

A worked example: using the leaderboard well

Suppose a wallet tops the leaderboard with +$2M PnL. The naive move is to copy it. The Hyperdash-literate move is to read the other columns: if that PnL came with a 90% max drawdown and a Sharpe near zero, it's one leveraged degen on a hot streak — copying it is a coin-flip with extra steps. A trader with lower PnL but a high win rate, modest drawdown, and a solid Sharpe is the one actually worth studying. The tool is only as good as the columns you read.

Who it's for / who should skip it

Good for: active Hyperliquid traders who want to read positioning, find ideas, track skilled wallets, and use advanced execution in one terminal.
Skip if: you trade Hyperliquid casually and don't need analytics — the native app is enough. Hyperdash is an edge tool, not a requirement.

The risks (read before you copy anyone)

Copy-trading is high-risk. Past PnL does not predict future results. When you copy, you inherit a stranger's leverage, timing, and drawdowns — including the blow-up. Use small size and your own stops.
Leaderboard survivorship bias. You see the winners today; the leverage that put them there can erase them tomorrow. Read risk-adjusted metrics, not raw PnL.
It doesn't remove trading risk. Better data can sharpen decisions, but Hyperliquid perps still liquidate. See our how to start trading perps guide for the risk fundamentals.

How to start

Open Hyperdash and explore the leaderboards and heatmaps.
Add a few skilled wallets to a tracking list and study how they trade.
Use execution tools deliberately (chase, trailing stop, TWAP) if you trade in-app.
Copy only with strict limits — small size, your own stops, idea-following not risk-outsourcing.

The bigger picture: turning transparency into an edge

A short history. Hyperdash began as a read-only analytics dashboard — possible only because Hyperliquid puts every position on-chain, a transparency no centralized exchange offers. It grew into the leading way to read that data, then pvp.trade acquired it in November 2025 and rebuilt it as Hyperdash 2.0 (relaunched January 2026), fusing the analytics with execution into a full-stack terminal.

The trajectory. The arc is from watching to acting: dashboards became terminals, and Hyperliquid's builder codes now let third-party apps like Hyperdash earn fees on-chain — aligning tool-makers with traders. Expect more of this: as on-chain venues expose richer data, the tools that read it become trading platforms in their own right.

The competitive landscape. Several Hyperliquid data tools compete on coverage, execution, and pricing; Hyperdash's edge is the depth of its leaderboards and liquidation heatmaps plus integrated execution. The broader trend — on-chain transparency enabling copy- and social-trading — is reshaping how retail engages with perps.

The durable principles:

Read risk-adjusted metrics (Sharpe, max drawdown, win rate), not raw PnL — a big number from reckless leverage is not skill.
Copy-trading inherits a stranger's risk — small size, your own stops.
It's an edge tool, not a dependency — you can trade Hyperliquid without it.
Survivorship bias is real — today's leaderboard winners can be tomorrow's blow-ups.

Final verdict

Hyperdash is the best way to turn Hyperliquid's on-chain transparency into an actual edge — the leaderboard, whale tracking, and liquidation heatmaps genuinely help you read how the market is positioned, and the 2.0 rebuild under pvp.trade adds real execution tooling on top. The danger isn't the analytics; it's copy-trading, where chasing a leaderboard wallet means inheriting its leverage and drawdowns. Use Hyperdash to understand the market and study good traders — not to outsource your risk management. For the trading side, pair it with our apps to earn on Hyperliquid and Hyperliquid guide.