Hyperdash Review (2026): What It Is, Fees, Copy Trading and Is It Safe

We earn a commission when you join Hyperliquid through our links; it never raises your fees. We have not funded a Hyperdash account: fees and copy-trading rules come from Hyperdash's docs and app, and the screenshots show its public pages.

What is Hyperdash, and who owns it?

Hyperdash calls itself a global brokerage and data infrastructure business. In practice it is two products on one site. The first is a data layer: it reads Hyperliquid's public on-chain state, which includes every position, order, fill and liquidation, and turns it into rankings, cohorts and heatmaps. The second is a trading terminal: a third-party front-end that sends orders to Hyperliquid's order book with Hyperdash's builder code attached. Crypto perps, spot, HIP-4 prediction markets and the xyz stock, index, commodity and FX perps are all available (see our trade.xyz guide). Hyperdash reports more than $65 billion traded and more than 400,000 active traders (its own figures).

Because Hyperliquid is a fully on-chain order book, none of this data is private. Hyperdash's value is in how it is organized: the official explorer shows you one address at a time, Hyperdash shows you which addresses matter and what they are doing as a group.

Who owns Hyperdash

PvP, the team behind the pvp.trade Telegram trading bot on Hyperliquid, announced its acquisition of Hyperdash on X on November 18, 2025, and Hyperdash's own account confirmed it the same day. The rebuilt terminal became fully available on January 5, 2026; the pre-relaunch interface that older guides call "Hyperdash legacy" no longer exists (legacy.hyperdash.com now redirects to hyperdash.com). Hyperdash's privacy policy names Hyperdash, Inc. in Wilmington, Delaware. On July 13, 2026 Hyperdash announced it had bought Imperator, an institutional validator business, and a Hyperliquid validator named "Hyperdash" is active. Its MiCA page states that it is not a MiCA-licensed exchange, and we found no Hyperdash token or airdrop.

Not to be confused with: Hyper Dash, Triangle Factory's VR shooter for Meta Quest, Steam, Pico and Viveport (online play ends on November 1, 2026), which most "Hyper Dash review" results are about; DASH, a separate cryptocurrency; or HyperDash, an iOS and macOS widget app.

What you can do on Hyperdash without an account

Section	What it shows	Use it to…
Terminal (Trade)	Chart, order book and order form, plus tabs for Top Traders, Cohorts, Position Changes and Current TWAPs on the market you are viewing	See who holds the biggest positions in a market, with entry and liquidation prices, before you trade it
Markets hub and asset pages	Every listed market (178 crypto perps and 115 xyz stock, index, commodity and FX perps on Hyperdash's own list dated October 16, 2026) gets a page with chart, funding, open interest and cohort bias	Check how profitable traders sit in a stock or coin before you open the terminal
Explore → Cohorts	Every wallet grouped by all-time PnL (Extremely Profitable → Rekt) and by account size (Apex → Small), with long/short notional for each group	Compare how the profitable and the losing crowd are positioned
Explore → Global / Tagged	Filter every Hyperliquid wallet by period, PnL, account value, trading style (Algo, Scalp, Intraday, Swing, Position) and copy score; labeled funds and known traders	Find wallets worth tracking; build shareable watch lists
Trader profile	Positions, PnL chart and calendar, fills, TWAPs, transfers, win rate, leverage, margin usage and trading style for any address	Check a trader before copying or following them
Leaderboard	Ranked by net realized PnL; tabs for Overall, Equities, Commodities, Majors, Alts; 24H to All Time	Find who actually makes money in a given market
Heatmaps and live feeds	Live, Depth and Historical liquidation and stop-loss heatmaps; live trades or live liquidations in place of the book	Spot price levels where liquidations or stops cluster
Predictions	Hyperliquid's HIP-4 prediction markets listed by category (builder fee 0.03%)	Trade event outcomes from the same account
RFQ	Request quotes from whitelisted market makers for perp orders up to $500,000; you have 30 seconds to execute	Large orders in SP500, XYZ100 and big-cap stocks during Nasdaq hours
Copytrade	Mirror (Copytrade) or oppose (Countertrade) up to 10 traders from a dedicated wallet, with leverage cap, max worse entry and asset filters	Automate following a trader, at a price (see fees)
Tracked feed and Telegram Flows	Fills and deposits/withdrawals of the wallets you track stream into the terminal's Tracked feed; the public channel t.me/hyperdashflows posts every liquidation of $50,000 or more, large TWAPs, OI and funding surges	Watch the market without keeping a tab open

Cohorts: the most useful screen on the site

Cohorts split all Hyperliquid wallets by all-time PnL and show the long and short notional of each group. This is how it read on October 22, 2026 at 02:33 UTC (Hyperdash's own figures):

Cohort (all-time PnL)	Wallets	Long	Short	Hyperdash label
Extremely Profitable (+$1M or more)	333	$1,708.61M	$1,350.64M	Bullish
Very Profitable (+$100K to +$1M)	1,496	$807.12M	$719.13M	Slightly Bullish
Profitable ($0 to +$100K)	67,039	$840.65M	$343.20M	Very Bullish
Unprofitable ($0 to −$100K)	128,956	$823.62M	$418.59M	Very Bullish
Very Unprofitable (−$100K to −$1M)	2,150	$898.27M	$572.34M	Bullish
Rekt (−$1M or worse)	337	$1,093.43M	$1,134.27M	Neutral

Read it as a sentiment gauge, not a signal. That morning every PnL cohort was net long, and even the "Rekt" cohort was close to flat. Labels change week to week (in September the most profitable wallets read "Very Bullish" and Rekt "Bearish"), big accounts often hedge elsewhere, and all-time PnL says nothing about this week. Click a cohort and look at how its positioning changed before reading anything into it. The same screen also groups wallets by account size, from Apex ($5M+ equity) down to Small (under $10K).

Asset pages. Searches such as "hyperdash nvda" or "hyperdash mu" land on Hyperdash's asset pages, which add cohort bias and the largest positions to a chart of that market. Those markets are Hyperliquid's xyz stock perps; see stocks on Hyperdash below for what they cost to trade there and on Hyperliquid itself.

How to track a Hyperliquid wallet on Hyperdash

The first four steps need no account. We ran steps 1–3 logged out on October 14, 2026 and re-checked the pages on October 22, 2026.

1. Find candidates in Explore → Global. The table lists every Hyperliquid wallet with equity, PnL for the chosen period and copy score. Filter by period (1d, 7d, 30d, All), account value, PnL, trading style and copy score. Tagged narrows it to known traders and funds that Hyperdash has labeled; Leaderboard ranks by net realized PnL per market group, which is why it differs from the official board (how to read the Hyperliquid leaderboard).
2. Open a profile. The profile shows performance and win rate, leverage, margin usage, direction bias, a PnL chart and tabs for positions, balances, orders, fills, trades, TWAPs and transfers.
3. Read the analysis block. Trading style, average trade duration and the longest win streak tell you whether a wallet is a human swing trader or a market maker. A wallet labeled Algorithmic with a low copy score is one to watch, not to copy.
4. Check the market, not just the wallet. In the terminal, Top Traders shows the largest open positions in the coin you are viewing, Position Changes who added or cut size over 15 minutes to 7 days, Current TWAPs the running TWAP orders, and the Live heatmap where liquidations and stops cluster (how to read liquidation heatmaps).
5. Track it (sign-in needed). Track saves the wallet under an alias to a named list. Its fills, deposits and withdrawals then stream into the Tracked feed in the terminal.
6. Cross-check on-chain. For anything you will act on, open the same address in HypurrScan or the official explorer. For a free way to follow whales without an account anywhere, see our Hyperliquid whale tracker guide.

Hyperdash copy trading: how it works, what it costs, the risks

Hyperdash copy trading places real orders from a wallet dedicated to that strategy; it is not an alert feed. The steps follow Hyperdash's copy-trading docs; we checked the public part on October 22, 2026, when the Copytrade page had tabs for Top 100, Equities Focused and the top BTC, HYPE and crude-oil traders, sorted by copy score.

1. Pick a trader. The Copytrade page ranks the top 100 copyable traders by Hyperdash's copy score, with 90-day ROI, equity and last trade time. You can also paste any address.
2. Copy or counter. Copytrade mirrors their perp positions; Countertrade takes the opposite side. One wallet can follow up to 10 traders.
3. Set the risk limits (settings and defaults in the table below).

Setting	What it does	Default
Trading mode	Copytrade mirrors positions, Countertrade takes the opposite side	Copytrade
Target traders	Up to 10 addresses per wallet, equal or custom weights	Equal weights
Max position leverage	Caps copied positions even when the target uses more: 1x to 40x	20x
Max worse entry	How much worse your entry may be than the trader's: 0% to 50%	10%
Only copy newly opened positions	Skips positions already open when you press Start	Off
Include spot and staked assets	Counts spot and staked HYPE in copy sizing	Off
Asset filters	Whitelist or blacklist specific assets	All assets

4. Fund the copy wallet. Create New makes a wallet managed under your Hyperdash account and funds it with USDC from your main wallet; it is a separate Hyperliquid account. Use Existing keeps funds in your own wallet: it needs at least 100 USDC, an API key valid for 180 days, approval of the 0.05% builder fee and unified account mode. If that wallet joined Hyperliquid with code HOLYGRAIL (step 1), its 4% discount still applies to Hyperliquid's part of the fee.
5. Start, watch, stop. Running wallets show equity, PnL and a log of every action, including trades skipped and why. Stopping closes the wallet's open positions; archiving a Hyperdash-created wallet sends its balance back to your main wallet.

What it costs. At 0.0950% taker all-in, a trader who turns over their book daily costs you far more than their leaderboard PnL suggests, and copy-trade volume earns no fee rebates. Orders follow within seconds, not in the same block, which is why Hyperdash warns that algorithmic traders may not be replicable. Older articles that say Hyperdash copies "up to three wallets" for 0.05% describe the closed beta, whose docs are still online. Start small with a low leverage cap. For vaults and other copy apps, see Hyperliquid copy trading.

Hyperdash fees: builder fee, copy fee and cashback

Hyperdash's fee page is clear about it. Trades carry a builder fee of 0.015% on perps and 0.03% on spot and prediction markets, "added to the base Hyperliquid fee schedule". Copy trading uses a 0.05% builder fee, and copy-trade volume is not eligible for fee rebates. Traders who sign up with a Hyperdash referral code pay 10% less builder fee. Cashback on your own Hyperdash fees runs from 5% (Wood tier) and 10% from $100,000 of 30-day volume, up to 22.5% from $500M, and 25% for VIPs. (Hyperdash's terms still contain an older service-fee sentence; the fee page above is the current schedule.)

What the fee page does not spell out is how this combines with a Hyperliquid referral code. On Hyperliquid the referral discount also applies to orders placed through apps with a builder code: referred accounts pay 4% less on Hyperliquid's part of app orders, while the builder fee is charged in full. The discount sits on the Hyperliquid account, so it carries over when you connect a wallet that already has a code. At the base tier, on a $10,000 market order:

Where you place the order	Taker	Maker	Fee on $10,000 (taker)	Note
app.hyperliquid.xyz with code HOLYGRAIL	0.0432%	0.0144%	$4.32	Official interface, no builder fee; 4% off your first $25M
app.hyperliquid.xyz, no code	0.0450%	0.0150%	$4.50	Base tier
Hyperdash, signed up with a Hyperdash referral code	0.0585%	0.0285%	$5.85	Hyperliquid fee + builder fee 0.0135% (−10%)
Hyperdash, no referral code	0.0600%	0.0300%	$6.00	Hyperliquid fee + builder fee 0.015%
Hyperdash, Hyperliquid account joined with HOLYGRAIL	0.0582%	0.0294%	$5.82	Hyperliquid fee −4%, builder fee 0.015% in full
Hyperdash copy trading	0.0950%	0.0650%	$9.50	Hyperliquid fee + 0.05% copy-trade builder fee

Is the Hyperdash builder fee worth it?

The fee buys workflow, not better fills. Your order lands in the same Hyperliquid order book either way. For a few swing trades a week that is pure cost: $100,000 of monthly taker volume costs $15.00 a month in Hyperdash builder fees on top of what the same trades cost on app.hyperliquid.xyz. It pays only when you use what Hyperdash adds: Chase and Chase TWAP (post-only orders that re-price inside the book), Stealth TWAP and Swarm (up to 200 clips in parallel), trailing stops, scale orders and saved layouts, RFQ block liquidity up to $500,000, and card or bank deposits in 34 fiat currencies.

What we recommend: research on Hyperdash, then place the order on app.hyperliquid.xyz with code HOLYGRAIL (how the referral code works). It is the same wallet, the same markets and the same order book, 28% cheaper per taker order than Hyperdash without a code.

Is Hyperdash safe?

Short answer: the design is non-custodial and limits what Hyperdash can do with your funds, but any third-party front-end adds risk compared with trading on app.hyperliquid.xyz. What Hyperdash's security docs and app show, and what it means for you:

• Agent wallet, not your key. Hyperdash generates a separate trading key (an agent or API wallet) in your browser, and your wallet signs an approval for it. The agent can place, modify and cancel orders but cannot withdraw or transfer. It expires after 180 days, and an agent you no longer use can be revoked on app.hyperliquid.xyz/API. A leaked agent key can still trade your balance into a loss. Our Hyperliquid API wallet security guide explains rotation and revocation.
• The builder-fee approval is wider than the fee. The approval Hyperdash's app asks you to sign allows a builder fee of up to 1%: on-chain, 205 of 236 accounts trading through Hyperdash on October 20–21 had approved that maximum (our count). Hyperliquid caps builder fees at 0.1% on perps and 1% on spot, so those caps are the real ceiling, while Hyperdash charged its published rates on the fills we checked. Check what your address has approved with our builder fee checker and remove an approval on app.hyperliquid.xyz/builderCodes.
• Sign-in method decides custody. Wallet sign-in only signs a message. Google, Apple and email create a non-custodial wallet secured by Turnkey; a copy wallet made with Create New is managed under your Hyperdash account.
• Referral code on your Hyperliquid account. 74% of the accounts that traded through Hyperdash on October 20–21 (175 of 236) carried the Hyperliquid referral code HYPURRDASH; 19 had none (our count). A code is set once per account, so the one you join with is the one you keep.
• 2FA and deposits. Turn on a passkey or authenticator app under Settings → Security; Hyperdash asks for it after sign-in (trusted devices for 30 days) and again before a withdrawal. Deposit addresses are network-specific and wrong-network deposits are lost, so send a small test amount first.
• Reviews and complaints. On October 22, 2026 Hyperdash's Trustpilot profile had 0 reviews and Reddit search required a login, so we found no complaint threads we could read and summarise.

Hyperliquid itself never needs a third-party front-end. If you only want to act on what you see on Hyperdash, open Hyperliquid directly with code HOLYGRAIL (step 1 below) and your wallet never signs anything for Hyperdash.

How to sign up for Hyperdash and keep your Hyperliquid discount

1. Sign in at hyperdash.com with Google, Apple, email or a wallet. Choose Wallet if your Hyperliquid account already exists; the other three create a new Turnkey wallet.
2. Approve the agent. Hyperdash generates an API key in your browser, valid for 180 days, that can trade but cannot withdraw.
3. Approve the builder fee. A second signature allows Hyperdash's fee on your orders; read the maximum rate you are approving (above).
4. Deposit. Crypto on 11 networks, one of 7 connected exchanges, or card, Apple Pay, Google Pay, bank transfer or local rails in 34 fiat currencies.
5. Enable 2FA (passkey or authenticator) under Settings → Security, and save the backup codes.

Stocks on Hyperdash: NVDA, MU, AMD, gold and oil

Hyperdash's asset pages for Nvidia, Micron, AMD, gold or crude oil are not Hyperdash's own products. They are xyz markets: USDC-margined perpetual futures that trade.xyz deploys on Hyperliquid under HIP-3. You get price exposure, not shares, and they trade 24/7. Every one of them is also listed on app.hyperliquid.xyz, where no builder fee is added and your referral discount applies.

Market	Ticker on Hyperliquid	Max leverage	Fee mode
S&P 500 (licensed index perp)	xyz:SP500	50x	growth (0.009% taker)
Nvidia	xyz:NVDA	20x	growth (0.009% taker)
Micron	xyz:MU	10x	growth (0.009% taker)
AMD	xyz:AMD	10x	growth (0.009% taker), isolated only
SanDisk	xyz:SNDK	10x	growth (0.009% taker)
Intel	xyz:INTC	10x	growth (0.009% taker)
Gold	xyz:GOLD	25x	standard (0.09% taker)
Silver	xyz:SILVER	25x	growth (0.009% taker)
WTI crude oil	xyz:CL	20x	growth (0.009% taker)

Growth mode is where Hyperdash's fee hurts most. Hyperliquid's own taker fee on those markets is only 0.009%, so a 0.015% builder fee makes the same trade about 2.7 times as expensive. On a $10,000 market order in a growth-mode stock perp:

Where you place the order	Taker, all-in	Fee on $10,000
app.hyperliquid.xyz with code HOLYGRAIL	0.0086%	$0.86
app.hyperliquid.xyz, no code	0.0090%	$0.90
Hyperdash	0.0240%	$2.40
Hyperdash copy trading	0.0590%	$5.90

Gold was not in growth mode, so it pays the standard HIP-3 rate. Hyperliquid's HIP-3 spec says these markets keep the usual fee discounts, including referral rewards, so HOLYGRAIL's 4% applies to stock perps too. Use Hyperdash's asset pages for the cohort bias and biggest positions in a stock, then trade it on Hyperliquid with HOLYGRAIL (how stock perps work on Hyperliquid).

Hyperdash referral program

On Hyperdash your username is your referral code, and it cannot be changed later. Referred traders pay 10% less builder fee. The referrer earns a share of Hyperdash's fees from their direct referrals: 20%, rising to 25% at $2.5M, 30% at $25M and 35% at $100M of 30-day referred volume. Rewards are claimable from $10. Hyperdash referral code: we do not hold one. Any Hyperdash user's code gives the same 10% builder-fee discount.

That is a discount on Hyperdash's 0.015% only: it saves $0.15 on a $10,000 trade (the builder fee is $1.50). The 4% Hyperliquid referral discount is worth $0.18 on the same trade and applies on Hyperdash as well, so a Hyperliquid referral code and an app's own referral code both apply on the same order: the 4% comes off Hyperliquid's part of the fee, the app's discount off its builder fee.

Hyperdash vs HypurrScan vs CoinGlass

All three show what Hyperliquid wallets hold, for free, but they are built for different jobs. We opened the same tagged wallet on Hyperdash and HypurrScan on October 14, 2026: Hyperdash told us who the wallet is and how it trades, HypurrScan showed a raw, second-by-second feed of its orders and balances across HyperEVM, staking and vaults.

	Hyperdash	HypurrScan	CoinGlass
What it is	Trading terminal and analytics site (a third-party front-end)	Community explorer for HyperCore	Derivatives data site with Hyperliquid pages
Account needed	No to browse; sign-in to track, trade or copy	No; viewing never asks for a signature	No for the free pages
Wallet view	Label (for tagged wallets), PnL chart, win rate, trading style, leverage, copy score, positions with liquidation prices	Totals across perps, spot, staking, vaults, lending and HyperEVM; transaction-by-transaction feed	Whale positions and liquidation maps across the market
Finding wallets	Cohorts, leaderboard, Global filters, Tagged traders and funds	Search by address, transaction or token	Whale lists sorted by position size
Trading	Yes, with a 0.015% builder fee on perps (0.05% on copy trades)	No	No
Best for	Deciding which wallets are worth following, and copy trading	Checking exactly what a wallet did	Market-wide whale and liquidation views

Use Hyperdash to decide which wallets matter, HypurrScan to verify what one of them did, and CoinGlass for market-wide whale and liquidation views. Our HypurrScan guide and Hyperliquid whale tracker guide cover the other two.

Hyperdash alternatives and who should use it

Tool	Cost	Best for	Our guide
Official leaderboard + explorer (app.hyperliquid.xyz)	Free, first-party	Ranking, any wallet's actions and fills	Read
HypurrScan, HyperTracker, CoinGlass	Free tiers	Whale positions, wallet pages, liquidation maps	Read
CoinGlass / Hyperliquid liquidation maps	Free tiers	Liquidation clusters by price	Read
HyperX, Dexly (copy trading)	Varies by app	Alternative copy engines; Dexly has native mobile apps	Read
Hyperliquid vaults	Leader takes a profit share	Hand money to a strategy instead of copying trades	Read

For trading on mobile rather than analytics, third-party Hyperliquid apps such as Based (0.025% builder fee) or Liquid (0.05%) are the comparison. Every one of them costs more per trade than the official interface, and HOLYGRAIL's 4% still comes off Hyperliquid's part of the fee there only if your account joined with the code first. See the Hyperliquid app guide and Hyperliquid builder codes, fees by app.

You are…	Use Hyperdash for	Place orders on
A discretionary trader who wants positioning data	Cohorts, Top Traders, Position Changes, heatmaps (free)	app.hyperliquid.xyz (cheapest)
A stock, gold or oil trader	Asset pages: cohort bias and biggest positions	app.hyperliquid.xyz (same xyz markets, no builder fee)
A whale watcher	Tracked lists and the Telegram Flows channel	app.hyperliquid.xyz
An active trader who needs Chase/Swarm orders and saved layouts	The terminal itself	Hyperdash (accept +0.015%)
Someone who wants to follow a trader automatically	Copytrade, with small size and a leverage cap	Hyperdash (0.05% builder fee)

FAQ

Disclosure: HOLYGRAIL is our Hyperliquid referral code; we earn a share of referred accounts' fees. Links to Hyperdash carry no referral of ours. Hyperdash features, fees, ownership and terms were read from docs.hyperdash.com, hyperdash.com and the companies' X accounts on September 24 and re-checked on October 22, 2026; we did not fund a Hyperdash account. Screenshots 9–11 were taken logged out on October 22, 2026, 4–7 on October 14. The referral-code and builder-approval counts are our own reading of Hyperliquid's public builder-fill data and info API for October 20–21, 2026. Hyperdash's volume and trader numbers are its own.