Data & methodology

Catalog coverage

SwanBluechip is an independent, read-only research site for the Hyperliquid ecosystem. It is not affiliated with Hyperliquid Labs and does not execute trades or custody funds.

The current catalog separates 20 core projects from 6 tools, 5 watchlist entries and 3 archived listings. “Core” describes the catalog category, not an endorsement or a claim that every metric has been independently verified.

Tools are interfaces or analytics services. Watchlist entries lack integrated data in this tracker. Archived status requires evidence such as an official closure announcement. A failed data request alone is not evidence of closure. Review notes and links appear in the directory.

Data sources

Stablecoin numbers & depeg alerts

The home page stablecoin cards come from the DefiLlama stablecoins API, read once an hour. Total supply counts every stablecoin DefiLlama lists, on all chains and all pegs, in USD. 24h change compares the latest hourly reading with the one closest to 24 hours earlier (within 90 minutes); until that much history exists the card says "collecting". On Hyperliquid L1 is DefiLlama's per-chain figure for Hyperliquid L1.

A depeg alert is raised for a stablecoin with at least $50M supply when two consecutive refreshed DefiLlama prices are 100 bps or more below its peg. It is then checked against a CoinGecko price from the same hour: confirmed when that price is also below the peg and within 50 bps of DefiLlama's. Yield-bearing tokens whose price rises above $1 by design are excluded. The card counts alerts raised in the last 24 hours. DefiLlama often sources stablecoin prices from CoinGecko, so agreement mainly rules out a stale or mis-mapped price, not a bad market price. A depeg alert is a price reading, not a statement about the issuer's solvency.

Non-commercial operation & data sources

SwanBluechip runs as a non-commercial project. There is no paid tier, no paid API, no data sales and no advertising, and no data sales. The one exception is two marked referral links, on the “Open Hyperliquid →” and “Open Lighter →” buttons (how we make money); every other outbound link goes to the official site without a referral code.and no data sales; the one exception is marked referral links on the Perp DEX, Traders and Strategy Lab pages (how we make money). Nothing on the site is ranked, scored or ordered for money.

The numbers come from the free public sources in the table above. Each block that shows outside data names its source with a “Data:” line or a source link, and the provider’s own terms apply to that data. The site uses free, keyless public endpoints only.

If the operating model changes, this section will say so first, with the date.

How we make money

Two buttons are referral links: “Open Hyperliquid →” and “Open Lighter →” (since October 2, 2026). Each says “Referral link” next to it and names the discount the venue’s own documentation promises a referred user: Hyperliquid, 4% off fees on your first $25M of volume; Lighter, your first week of Premium fees rebated, up to $10M of volume. If you sign up or trade through one, the venue may pay SwanBluechip a share of the fees it earns from you. Every other “Open {venue} →” button goes to the venue’s official site with no code. There is no paid tier, advertising or data sale.

Some “Open {venue} →” buttons on the Perp DEX, Traders and Strategy Lab pages are referral links. Each one says “Referral link” next to it. If you sign up or trade through one, the venue may pay SwanBluechip a share of the fees it earns from you. Where a venue’s own documentation promises the referred user a discount, the button names it (for example “Use this link: 4% off fees on your first $25M”), with that documentation as the source.

What referrals never change. No number, rank, sort order, badge, default filter or venue list depends on a referral arrangement. “Cheapest”, the fee calculator ranking, funding gaps and trader labels are computed from fees, spreads and collected data by the same code whether or not a venue has a referral link. Every venue in the comparison gets the same button, with or without a referral. Referral discounts are off in the fee calculator unless you turn them on. The site never places orders, holds funds or asks for keys. Hyperliquid ecosystem pages under More stay outside this and carry no referral codes.

While referral links are active, DefiLlama data (venue TVL, the home page stablecoin line) is not shown on the Perp DEX, Traders and Strategy Lab pages. Venue TVL appears there only where the venue publishes it through its own API. DefiLlama data stays on the Stablecoins and More pages.

Updates & missing data

Live views request data through a cache. Use the timestamp and any stale-data notice on the individual page; an open browser tab or a green service indicator does not guarantee every upstream value is current.

Missing or unavailable data is shown as an em dash or an explicit message, not zero. Cached results may be served during an upstream outage. USD values, percentages, time windows and annualized rates are different measurements and should not be compared without their labels.

TVL is a provider-defined capital measure, not revenue or a guarantee of liquidity. Open interest measures outstanding positions. Volume measures trading during a time window. APY is an annualized estimate and can change; it is not a promised return.

Trader stats

Trader outcomes uses the public Hyperliquid leaderboard file (stats-data.hyperliquid.xyz), fetched once every 6 hours. It is a static file on a separate host, so reading it does not spend Hyperliquid API rate limits. The page reads only the stored snapshot.

Population. Only wallets listed on the leaderboard, about 47,000 at the time of writing. That is not every Hyperliquid wallet. Hyperliquid does not publish the listing rule. In the 2026-09-28 snapshot every wallet that never traded holds at least $100K (smallest $100,010), so an account value of about $100K is enough to be listed. Wallets below that are also listed, with no volume floor we could identify, so the rest of the rule is unknown. Listed wallets trade far more than a typical account (median all-time volume near $20M). Small accounts are mostly absent, so these outcomes may not be representative of all Hyperliquid traders; the direction of any difference is not measured. Every headline states its population (“Among N leaderboard wallets”).

PnL basis. The leaderboard PnL is not perp-only. Measured against wallet-level data, it matches the larger of account-wide PnL and perp PnL, so spot gains are included and spot losses are not. As on Hyperliquid’s own leaderboard, a listed wallet’s figures include its subaccounts. PnL, ROI and volume are the leaderboard’s own figures for each window (24h, 7D, 30D, all time). Account is the current account value.

Exclusions. Two groups are left out of the ranking and the distribution by default, each with its excluded count shown and a toggle to include it. Non-trading wallets: zero all-time volume (about 3,100) or all-time PnL larger than all-time volume (about 1,100). Their PnL cannot come from trading alone and likely reflects spot holdings, vaults or staking. Likely market makers: all-time volume at least $1B and |PnL| / volume below 0.05% (about 350). The distribution uses 10 PnL bands; one square in the chart is 1% of wallets after largest-remainder rounding.

Address types. Each leaderboard address gets one type, first match wins. Protocol: HLP, its strategy and liquidator sub-vaults (the child vaults HLP lists in Hyperliquid’s public vault list) and HyperCore system addresses (Hyperliquid docs). Vault: any other address in the public vault list, open or closed; a vault’s leader keeps its own type. Likely market maker and non-trading: the rules above. Trader: everything else. The ranking and its distribution show traders by default; the address type picker lists the others. The vault list is read with the leaderboard every 6 hours from the same static host, so it does not spend API rate limits.

Recent bias and current position. Recent bias is the long share of entry notional over the collected fills: what the wallet opened recently. Current position is what it held when last read (top 300 daily, random sample every 3 days): long share of open position value and net value (long minus short), with the time of that read. The row panel shows live positions.

Labels. Three labels describe past activity with fixed rules; they are not a recommendation and say nothing about future results. They apply to traders only (not vaults, protocol addresses, likely market makers or non-trading wallets) and are recomputed every 10 minutes from the stored data. Consistent: at least 3 completed UTC months with 10 or more collected perp fills, realized PnL (closed PnL minus fees) above zero in at least 75% of those months, leaderboard PnL above zero both all time and over 30 days, and 30-day leaderboard volume above zero (a wallet up over 30 days without trading in them is not counted); the current month is not counted, and only collected wallets can qualify. Small but sharp: leaderboard account value from $1K to under $100K, 30-day volume above zero, 30-day PnL of at least $2K, 30-day ROI of at least 50%, all-time ROI of at least 50% and all-time PnL above zero; these are leaderboard figures, so spot gains are included. High conviction: at least 20 collected perp fills spanning at least 14 days, the top market holding at least 70% of entry notional, and a long share of entry notional of at least 85% or at most 15%. A fourth label for accounts that grew from a small deposit is computed but not shown until enough wallets have the deposit figure it needs.

Nametags. Four more tags use the public criteria below and are recomputed every 6 hours with the leaderboard. Like the labels, they describe past activity, apply to traders only, and are not a recommendation; the site offers no follow or copy feature. A tag marked Beta can only be measured on part of the leaderboard, so a wallet without it may simply not be measured. Smart Money (Beta): leaderboard account value from $10K to under $1M, 50 or more closed trades and a win rate of 55% or higher in the collected fills, and realized profit in at least 3 of the last 4 complete UTC months. Whale: account value of $1M or more, or an average open position of $500K or more in the hourly position snapshots of the last 7 days. Sharp Small (Beta): account value above $0 and up to $10K, 20 or more closed trades in the collected fills, and leaderboard PnL above zero over 30 days. Degen (Beta): average leverage of 20x or more (gross open position over account value, hourly snapshots, last 7 days) and fill frequency (collected perp fills per day) in the top 10% of measured wallets. Fills are collected for about 2,000 of the roughly 42,000 traders and hourly position snapshots for a few hundred, which is why three tags are Beta. Consistent is the label above.

Fills and markets. Collected from each wallet’s public fills (Hyperliquid info API, from this site’s own server, shared rate limit) for two fixed sets: the 300 wallets with the highest perp all-time PnL and a random panel of 2,000 leaderboard wallets. Only perp fills count; spot, prediction-market (HIP-4) and builder-deployed (HIP-3) fills are excluded. Top market and long/short use fill notional. The first pass reads each wallet’s latest 2,000 fills, and new fills are added daily. Hyperliquid serves a limited fill history per wallet (spot fills count toward it), so each figure carries its range. Detailed stats cover the top 300 and the random sample; any other leaderboard wallet is queued for collection when its row is opened or its address is searched (5 new wallets per visitor per hour, a bounded queue), and its figures appear on the next visit.

Trade win rate (30D). A trade is one market’s position from flat (zero) back to flat, built from each fill’s starting position as reported by Hyperliquid. Scaling in, partial exits and the final exit all belong to the same trade; a fill that flips a long into a short closes one trade and opens the next (its fee is split by the closing part). A trade’s PnL is the sum of its realized PnL minus its fees; it wins when that is above zero. Only trades that closed in the last 30 days count, shown with their count, for example “58% (41/71 trades)”. Fewer than 10 such trades shows “—” (hover: “Fewer than 10 closed trades in 30D”). Trades that opened before the collected fills begin are not counted, and when the collected fills start inside the 30 days the figure is marked “partial 30D · since” that date. Wallets that hold large positions for weeks without going flat close few trades, so many of them show “—” for it; that is the honest result, not missing data.

Why not fill-level win rate. This page used to count winning closing fills. That inflates split exits: one take-profit order that fills in 2,000 pieces counts as 2,000 wins (one top wallet’s 2,000 collected fills were four ETH buy orders filled over 89 seconds on 2025-10-10, which read as 100% win rate; the short was never closed to zero, so it holds no finished trade). It also leans toward whatever happened in a wallet’s busiest minutes, because a short high-frequency burst can fill the whole collected range. Fill-level counts are still stored but no longer shown.

Liquidations and ADL. Forced fills are left out of the trade win rate and shown apart in the wallet panel (“Liquidations N · ADL N”). A liquidation is a fill whose liquidation.liquidatedUser is the wallet itself; ADL is a fill with direction “Auto-Deleveraging”. A trade containing either is a forced trade. Fills in which the wallet takes over someone else’s liquidated position (backstop liquidator side) are ordinary trades for that wallet. Counts cover the collected fills.

W-L and average trade size (30D). W-L is the number of trades (defined above) won and lost among those that closed in the last 30 days, liquidated and ADL trades left out. Average trade size is, for each of those trades, the largest position value it reached while being built up (position size × fill price on the fills that grow it), averaged over the trades. Both exist only for collected wallets; filtering on them, or on the trade win rate, leaves out every wallet without collected fills, and the ranking says so next to the filter chips.

Why the daily win rate is the headline metric. It exists for every wallet with 30 days of portfolio history, while many large wallets hold positions for weeks and close too few trades in 30 days for a trade win rate; the trade win rate is shown next to it only when the wallet closed 10 or more trades in the last 30 days.

Win rate (daily, 30D). The share of the last 30 days that ended in profit: UTC days with positive perp PnL, shown with its count, for example “63% (19/30 days)”. Source: the wallet’s portfolio perpMonth PnL history (cumulative perp PnL; Hyperliquid keeps a sample near the end of each UTC day for older days and two or three a day for the latest week). A day’s PnL is its last sample minus the previous day’s last sample, so day edges can be off by a few hours (measured: up to about 5 hours). The running day is not measured, days without a sample are left out of the count, and flat days count as not profitable. It includes unrealized PnL, which is why it can disagree with the trade win rate.

Dormant and last active. Last active is the newest collected fill in any market. Dormant means no trade in the last 30 days: zero 30-day leaderboard volume and, for collected wallets, no collected fill in that window either. Collected fills can lag behind, so any 30-day leaderboard volume means not dormant. The ranking can hide dormant wallets. The Simple view opens on active wallets (not dormant) and states it in the headline (“Among N active wallets”), with the figure for all leaderboard wallets on the line below.

Account values. The ranking shows the account value from the leaderboard snapshot (“Leaderboard value · snapshot”, about every 6 hours). The wallet panel shows the live value, perp account plus spot balances at USDC-pair mark prices (“Live · perps + spot”; staked HYPE not included). When the two differ by more than 20% the panel says why on hover: different moment (deposits, withdrawals, price moves since the snapshot) and different contents.

Wallet chart, monthly PnL and hover card. The chart in a wallet’s row panel is Hyperliquid’s own portfolio history (account-wide, not perp-only), one request per wallet cached for 10 minutes. Monthly PnL is shown in dollars, not percent, because deposits and withdrawals distort percentages: each month is the cumulative PnL at month end minus the value at the previous month end, linearly interpolated between the two nearest samples of the all-time history (Hyperliquid samples it roughly every one to two weeks, so each month is an estimate with approximate edges, not an exact month-end ledger); the current month runs to the latest sample and YTD is the sum of the year’s months. The address hover card adds perp account value, spot balances at USDC-pair mark prices and staked HYPE; HyperEVM balances are not included. Live lookups share this site’s Hyperliquid rate limit and are limited to 20 per minute per visitor. Ranking and wallet-detail requests that miss the cache are limited to 60 per minute per visitor; there is no public API plan, and access requests go by DM on X.

Monthly win rate and W-L. The monthly table in a wallet’s row panel has three modes. PnL $ is the portfolio-history figure described above. Win rate and W-L count trades (defined above) by the UTC month they closed: wins, losses, and win rate = wins ÷ (wins + losses); liquidated and ADL trades are left out and listed in the tooltip. They exist only for collected wallets and only for months inside the collected fill range; the first month of that range is marked partial. A stored month is only replaced by a count that saw at least as many of its trades, so months stay after the raw fills roll off. Raw fills are kept only for each wallet’s latest 2,000 perp fills; older fills are deleted after they are confirmed in the monthly figures. Months before the collected fills show “no fill data”. Fees are USDC perp fees by the UTC month of the fill; months that started after October 1, 2026 are kept permanently, older months only while their fills are stored. Clicking a month opens its detail: realized PnL after fees and fees per UTC day (stored fills), funding per day (kept since collection began) and the trades that closed in that month (kept permanently from October 1, 2026).

Similar traders. Five collected wallets with the closest trading style, compared on four features from their counted perp fills: market mix (share of fill notional in the top 3 markets), long share of entry notional, fills per active day and average fill size. Market-mix distance is 1 minus the overlap of the two top-3 mixes; long-share distance is the difference in percentage points ÷ 100; frequency and size distances are the difference of their base-10 logarithms divided by the spread between the 5th and 95th percentile across collected wallets (capped at 1). Similarity is 1 minus the root mean square of the four distances. Only wallets with at least 20 perp fills are compared, so a style match says nothing about future results. Top traders in a market lists the five collected wallets whose top market is the same, ordered by perp all-time PnL.

Lighter. Trader outcomes on Lighter shows Lighter’s public PnL leaderboard only (pnlLeaderboard on Lighter’s public API, no key), read once a day: the top 1,000 wallets by PnL for 24h, 7 days, 30 days and all time, plus the top 1,000 by all-time volume. Snapshots are kept. PnL, ROI, volume and account value are Lighter’s own figures; Lighter does not publish how PnL is defined, and wallets with PnL but zero volume in a window show that it can include more than trading. ROI is Lighter’s percentage and is extreme on small accounts, so sorting by ROI puts accounts under $10K last. Wallets outside a window’s top 1,000 are not listed. Address types use only what the leaderboard shows: likely market maker is the Hyperliquid rule (all-time volume at least $1B and |PnL| / volume below 0.05%), complete because every wallet above $1B all-time volume is inside the volume list; non-trading is zero volume in the window, or all-time PnL larger than all-time volume where the all-time figures are known. Public pools (Lighter’s vaults) are not identified, because Lighter publishes no list we can read. Win rates, fills, markets and labels are not computed for Lighter yet; the per-wallet endpoints they need are rate limited without a Lighter builder account.

Strategy Lab (beta)

Strategy Lab is research and statistics, free during the beta. It is not trading advice and places no orders. It may become a premium feature later; nothing is sold or collected on the page today. Every card states its sample size and dates. Results are recalculated every hour from data already collected on this machine; no extra API calls are made for the Lab.

Price strategies. Hyperliquid hourly closes and hourly funding for a fixed set of liquid coins (BTC, ETH, SOL, HYPE, XRP, DOGE, SUI, AVAX, LINK, BNB, ENA, LTC). A trade opens at the close of the signal hour and closes at the close 24 hours later, one open trade per coin at a time. Result per trade = direction × price change + funding received or paid during the hold − costs. Costs = Hyperliquid base taker fee (0.045%) on entry and exit plus an assumed 1 bp half spread per side, 11 bp per round trip. Funding fade: the hour's funding ranked against the same coin's previous 720 hours; top 5% opens a short, bottom 5% a long. Momentum: a 24h move above +5% opens a long, below −5% a short.

Funding carry. Hyperliquid and Lighter hourly funding for the same coin (Lighter sign rule confirmed 2026-09-30, long pays when positive). When the 24h average gap is 0.5 bp per hour or more, the card takes the side that receives the gap on both venues for 24 hours. Costs = Hyperliquid taker on entry and exit, Lighter Standard (0%), and an assumed 1 bp half spread on each of the four fills, 13 bp. The price difference between the venues is not included.

Training and validation. The first 60% of each card's period is training, the rest validation, split by date. A card is Validated only when both periods have at least 30 trades and a positive mean after costs. Rejected = not positive after costs in validation. Testing = too few trades or positive only in validation. Hypothesis = not enough data yet, shown as "collecting (data N days / needs M days)". Positive past results do not mean future results.

Market state. Taken from BTC at the entry hour: high volatility = 24h realized volatility in the top 20% of the whole period, trend = BTC moved 5% or more over 7 days, range = neither.

Wallet patterns and cohort flow. Labels are the ones defined under Labels above (Consistent, Small but sharp, High conviction). Patterns use the closed perp trades the collector has read for each label's wallets over the last 90 days: holding time from flat to flat, entry hour in UTC, long share by count and by largest position value, and main coins by position value. Leverage = open position value ÷ account value at the latest hourly snapshot. Cohort flow compares two hourly snapshots of the labels' open positions (size change × latest price, wallets read at both hours only). A joint entry = at least 3 wallets and at least 10% of one label opening the same coin in the same direction within an hour; the move 1, 4 and 24 hours later is signed by that direction and accumulated. Individual wallets are not listed in the Lab and nothing is presented as a signal.

Card visibility. Each card has a visibility flag (public, premium or private) set in one place on the server. During the beta every card is public. A private card is never sent by the API, the data files or the page.

Editorial ratings

The SwanBluechip score is a curator’s 1–10 editorial assessment. Product, traction, team, incentive quality and ecosystem fit inform it. It is not a calculated financial metric, audit certification, user-review average or forecast.

Incentive and airdrop labels are point-in-time editorial metadata. Verify current eligibility, deadlines and terms with the official project. Using a protocol never guarantees a future reward.

Ecosystem catalog links go to each project’s official site without a referral code. The only referral links on the site are the marked “Open Hyperliquid →” and “Open Lighter →” buttons; see how we make money.Ecosystem catalog links go to each project’s official site without a referral code. Some venue buttons on the Perp DEX, Traders and Strategy Lab pages are referral links, each marked “Referral link”; see how we make money. Catalog inclusion and a high score should not be read as a recommendation to deposit or trade.

Citing the data

Link to the exact project, metric or article page when citing this site. Include the metric, units, displayed data timestamp and retrieval date. Identify scores as editorial opinion, and keep missing values and stale-data notices intact.

Public pages contain ordinary HTML headings, links and explanatory text. The text index, sitemap and RSS feed provide discovery paths. The core catalog JSON and full catalog JSON expose public project metadata.

Public access does not transfer ownership of third-party data. Refer to each provider’s terms for reuse. For a correction, contact @0xcryptoswan with the page URL and a supporting source.

Privacy

This site does not collect personal data such as email addresses. An email waitlist form on Trader stats was removed on September 29, 2026 before anyone joined it, so no email is stored. There is no paid tier. Updates are posted on @0xcryptoswan. Questions: DeblockX Labs, kai@deblockxlabs.com.