What is Hyperliquid
Hyperliquid is a decentralised perpetual futures exchange with its own layer-1 chain. Its distinguishing feature, for our purposes, is how much of its state is public.
An on-chain order book
Rather than an automated market maker, Hyperliquid runs a central limit order book on-chain. Orders, fills and positions are consensus state, not a private database.
That is why position-level analysis of arbitrary addresses is possible here and impossible on a centralised venue.
What is public
Open positions with entry price and liquidation price, the last 10,000 fills per address, funding payments, deposits and withdrawals, vault holdings and staking.
What is not public is identity. An address is an address; we never attach a name to one.
HIP-3 markets
Third parties can deploy their own perpetual markets, written as dex:SYMBOL. They behave like native perps but carry their own leverage limits and liquidity, and are worth treating as a distinct category when judging a trader.