Learn how to track open Hyperliquid positions, including margin, notional, leverage, entry price, mark price, liquidation price, and unrealized PnL.
A practical guide to reading Hyperliquid open positions on HyperStats, from margin and leverage to entry price, mark price, liquidation price, and unrealized PnL.
A Hyperliquid position tracker helps you understand what a trader is holding right now. Instead of only seeing that a wallet is active, HyperStats shows the live position table: asset, side, notional, margin, leverage, entry price, mark price, liquidation price, and unrealized PnL.
That live position view is one of the most important parts of wallet research. It tells you whether a trader is taking directional risk, how large the exposure is, where the trade started, how close it is to liquidation, and whether the current PnL is coming from one oversized bet or a balanced set of positions.
The first read is simple: what asset is the trader long or short? A BTC long, ETH short, HYPE long, or SOL short all tells a different market story. The side explains direction, while the asset tells you which market the wallet is expressing that view through.
If a wallet has several positions, look at the mix. A trader might be mostly long majors, short a smaller token, or concentrated in one high-conviction position. The position tracker is useful because it shows that exposure in one table instead of forcing you to infer it from scattered activity events.
Notional is the size of the position in market exposure. Margin is the capital supporting that exposure. A $100,000 notional position with $10,000 margin is very different from a $100,000 notional position with $50,000 margin because the first trade is taking much more leverage risk.
On HyperStats, notional helps show how much market impact or directional exposure the wallet has, while margin helps show how much of the wallet's own capital is committed. For trader research, margin is often the cleaner risk signal, but notional still matters for understanding scale.
Leverage compresses the risk profile into one number. A 2x position can usually tolerate more price movement than a 20x or 40x position. High leverage is not automatically bad, but it changes how quickly the trade can become fragile.
When you compare traders, do not only compare PnL. Compare how much leverage was used to produce that PnL. A wallet that earns steady results at moderate leverage is usually different from a wallet that swings between large wins and liquidations at high leverage.
Entry price is the average level where the position was opened or built. Mark price is the current reference price used to value the position. The distance between entry and mark explains why the unrealized PnL is positive or negative.
For longs, mark above entry usually helps PnL. For shorts, mark below entry usually helps PnL. If the trader added to the position over time, the average entry can move. That is why a position tracker should show average entry, not only the first event price.
Liquidation price shows the danger zone. It is not a prediction, but it tells you how much room the position has before forced risk management can happen. A position with strong PnL but a close liquidation price can still be risky if the trader is using high leverage or concentrated margin.
Liquidation distance is especially useful when reading long short positions during fast markets. If many large wallets are near liquidation on the same token, a sharp price move can create forced closes, volatility, and follow-on activity.
Unrealized PnL is live, not final. A trader can show a large positive open PnL and still give it back before closing. That is why open positions should be checked against realized PnL, history, and entries.
HyperStats lets you move from the current positions table into the wallet chart and history tabs. If the wallet repeatedly closes profitably after building positions, the current open PnL is more convincing. If the wallet often lets winners reverse or gets liquidated, the same open PnL deserves more caution.
A position table is most useful when it changes in real time. Adds show conviction or risk increase. Reductions show risk coming off. Closes show realized outcomes. Liquidations show forced exits. Those events explain how the open position evolved.
When researching a Hyperliquid trader, save the wallet and revisit it after major moves. A strong position tracker should make it easy to see whether the trader held, added, reduced, or closed, and whether that behavior matched the original thesis.
Start with asset, side, margin, leverage, and liquidation price. Together they explain direction, size, risk, and how much room the trade has before it becomes fragile.
No. Unrealized PnL is the live value of an open position. It only becomes realized when the trader closes or reduces the position.
Average entry reflects the current blended position, especially after adds or reductions. It is more useful than only looking at the first open event.