How to Read Your Hyperliquid Portfolio in 5 Steps

To read your Hyperliquid portfolio, don’t stop at the total. Work through five layers: what you pay to trade, how the account performed over a period, where the money actually sits, how close your positions are to liquidation, and where the period’s result came from. Each layer answers a different question, and a single account value hides all of them.

Hyperliquid is a decentralized exchange with spot markets, perpetual futures (perps), lending in Earn, vaults and HYPE staking. After a few weeks of use, one account is several balances at once. The examples below use Anello’s read-only portfolio page, which you open from the wallet menu once your wallet is connected. The way to read the numbers is the same in any interface.

Step 1: What does trading cost you right now?

Start with your 14-day volume and your effective maker and taker fees, because they set the cost of every fill. Hyperliquid’s fee tiers are based on rolling 14-day weighted volume, counted as perp volume plus twice spot volume. At the base tier, spot costs 0.070% taker and 0.040% maker, and perps cost 0.045% taker and 0.015% maker (Hyperliquid fees, checked October 25, 2026).

Anello’s portfolio page shows your 14-day volume and your taker and maker rates, with a toggle between perps and spot. The rates include any referral discount. If you run a grid bot, this is the rate your grid spacing has to beat on every round trip.

Step 2: How did the account perform over the period?

Pick a period, then read period PnL and max drawdown. Anello’s page offers 1D, 1W, 1M and ALL, and a scope toggle between “Perps + spot + vaults” and “Perps”. The chart can show account value, PnL or perps PnL.

The definitions matter more than the shape of the line:

• Period PnL is the last value of Hyperliquid’s PnL history in the window minus the first value. Pick 1W and you see the change over that week.
• Max drawdown is the largest drop from a PnL peak, as a share of account value at that peak.

Account value also changes when you deposit or withdraw, so judge performance by the PnL view. If account value jumped but PnL is flat, the change most likely came from a deposit, not from trading.

Step 3: Where does the money actually sit?

Split the total by type, because each type carries different risk:

Balance	What it is	Worst case
Spot	Tokens you own outright	The price falls, possibly to zero
Trading equity	Margin plus unrealized PnL on perps	Liquidation
Earn	USDC or tokens supplied to lending, minus borrowing	Depends on what is borrowed against it
Vault equity	Your share of a vault	Moves with the vault’s strategy
Staking	HYPE delegated to validators	HYPE’s price

Anello’s page shows total equity, trading equity, vault equity, Earn balance and staking account, with your largest spot balances listed and the rest grouped as “Other”. Borrowed amounts show as negative values.

Two rules keep this honest. Spot allocation counts only spot you own, with perp notional kept out of it. A $10,000 perp position on $2,000 of margin is exposure, not ownership. And tokens with no price don’t get an invented value: they stay in the Balances tab without a dollar figure. The difference between owning and holding a contract is covered in spot trading vs perpetual futures.

Step 4: How close are your positions to liquidation?

Read margin ratio first, then the closest liquidation. On Hyperliquid, a position is liquidated when account equity falls below maintenance margin, which is half the initial margin at the asset’s maximum leverage (Hyperliquid liquidations, checked October 25, 2026). Margin ratio measures how much of that buffer is used.

On Anello, the Positions tab has a “risk” button that opens an account risk view: available margin, gross exposure, unrealized PnL, isolated margin, maintenance margin, margin ratio, and the closest liquidation as a percentage away with an estimated price. For a standard account, margin ratio is cross maintenance margin divided by cross account value, capped at 100%. The calculation follows your account mode, including unified and portfolio margin accounts.

A worked example. You have $5,000 of trading equity in cross margin and one $20,000 long on an asset with 10x maximum leverage, so maintenance margin is 5% of notional, or $1,000.

• Margin ratio: $1,000 / $5,000 = 20%.
• After a 10% drop, the position loses $2,000. Equity is $3,000 and maintenance margin is $900, so the ratio is 30%.
• Equity meets maintenance margin after a drop of about 21% from the entry price. That is roughly the closest liquidation distance the risk view would show.

Gross exposure is where leverage hides: here it is four times your equity. How cross and isolated margin change this math is the subject of cross margin vs isolated margin, and the help center covers margin and liquidation in depth.

Step 5: Where did the period’s result come from?

Break the period’s result into parts. Two accounts can both be up $200 for the month, one from trading and one only because staking rewards covered the funding it paid.

Anello’s “period activity” section shows period PnL, realized PnL, funding, fees and yield value. Yield value combines Earn supply interest, minus borrow interest, plus staking rewards. A breakdown dialog lists realized PnL, funding and fees per market. Unrealized PnL on open positions is not mixed into these rows; it stays on the Positions tab. Funding is easy to miss because it is charged hourly in small amounts, then adds up over a month.

The Open Orders, TWAP, Trade History, Funding and Deposits tabs hold the underlying records. For bots, the realized figure follows the same rules as how grid bot PnL is calculated.

How do you export your history?

Anello’s page builds a CSV in your browser from live Hyperliquid requests. You pick 1D, 1W, 1M, ALL or custom dates, and filter by trades, funding, lending interest, staking rewards, and transfers and events. Anello does not store the activity or the file. Hyperliquid only exposes the 10,000 most recent fills and caps each response (Hyperliquid info endpoint, checked October 25, 2026), so the page warns you when a history limit is reached instead of implying the file is complete.

Reading is not the same as trading

A portfolio view needs only your public address, so it can show everything without being able to trade or withdraw. Anello’s portfolio page is read-only: it places no orders and runs no rebalancing. Trading is a separate permission. Anello’s bots and terminal sign through agent wallets that can place and cancel orders but cannot withdraw, and you can revoke them at any time.

Sources

• Hyperliquid: Fees (checked October 25, 2026)
• Hyperliquid: Liquidations (checked October 25, 2026)
• Hyperliquid: Info endpoint (checked October 25, 2026)

Nothing in this article is financial advice. Leveraged positions can be liquidated, and a clear view of your account reduces surprises but not market risk.