FAQ

Metrics

Are PnL numbers net of fees?

Mostly yes. The per-close PnL that drives almost every performance metric is closed PnL − fee, so dollar-weighted win rate, Sharpe, Sortino, Kelly, profit factor, and max drawdown are all net of the fee on each closing fill (and sliced metrics use the same net definition). PnL is net of trading fees too, over the trailing 180 days. Funding is not included in PnL — it is reported separately as Funding Alpha.

What fees does Hyperliquid charge?

Hyperliquid charges a per-fill trading fee: taker 0.045% and maker 0.015% on perpetuals at the base tier (spot is higher, at 0.070% taker / 0.040% maker). Fees step down from those base rates as your rolling 14-day volume rises — perps volume plus spot volume weighted at 2× counts toward the tier — and staking HYPE adds a further 5–40% discount. If your maker (passive) volume exceeds 0.5% of all 14-day maker volume on the venue, you earn rebates (negative maker fee, down to −0.003%). The venue charges all fees per fill; Airavat adds no markup on top, and our metrics are already net of each fill’s fee (see “Are PnL numbers net of fees?” above). Tiers change over time, so treat these as current ranges — see Hyperliquid’s fee schedule for the live schedule.

What does Trader Score mean?

A composite 0 to 100 metric combining percentile rankings across performance, risk management, consistency, edge, and experience. See the Traders page for the full breakdown and color codes.

What does Sharpe Ratio measure?

Risk-adjusted return: (Average Return - Risk-Free Rate) / Volatility. Above 1 is good, above 2 is excellent. Traders with too few data points show no value.

Is the Win Rate weighted by position size?

Yes. The Win Rate shown in the app is dollar-weighted (dollarWeightedWinRate): it accounts for position size, not just position count. A trader who wins big on large positions and loses small on small ones shows a higher win rate than a simple win/loss tally would suggest. Trader win rate is always dollar-weighted; pod performance cards use a count-based win rate (wins ÷ closes).

What is Funding Alpha?

Net funding the trader received over the trailing 180 days — a bare signed sum of their own funding payments, not relative to any market average. Positive funding alpha means the trader was paid to hold on net (a tailwind, especially for short positions when funding is positive). See Traders.

Why does a metric show a placeholder instead of a number?

The trader doesn’t have enough closed positions to compute a meaningful value. There’s a minimum closed-position threshold below which we render a placeholder rather than a noisy estimate.

Funding

How does funding work?

Funding is a periodic payment between longs and shorts that keeps a perpetual’s price anchored to its underlying. Hyperliquid settles funding hourly across perps. When funding is positive, longs pay shorts; when negative, shorts pay longs. The Assets surfaces show the hourly rate as a percent (e.g. +0.0013%); the Filter Builder’s funding criterion is entered in annualized APR — an hourly rate of 0.0000125 annualizes to roughly 10.95% APR.

Should I care about funding when copying traders?

Possibly. Positive funding is a tailwind for short strategies, negative funding for long strategies. You can filter by funding on assets and inspect a trader’s Funding Alpha to see whether their style tends to earn funding. Remember which surface uses which unit: Assets = hourly percent, Filter Builder = APR, Explore = raw hourly decimal.

Filters

What’s the minimum required to save a filter?

A filter needs at least one inclusion component: Trader Criteria, Trader Whitelist, or Asset Criteria. A blacklist never counts as an inclusion component, so a blacklist-only filter is rejected (on both create and edit), and trade criteria alone is also not enough. If a filter has no Trader Criteria and no Trader Whitelist (its only positive side is asset criteria), it must also include Trade Criteria. See Filters — Validation Rules.

How do whitelists interact with criteria?

OR. A trader passes the trader side of the filter if they’re on the Trader Whitelist OR they meet Trader Criteria. So the whitelist widens a criteria-driven filter, it doesn’t narrow it. (If you want only the whitelisted addresses to match, leave Trader Criteria empty.) See How Components Combine for the full match logic.

How do blacklists work?

Blacklists are purely exclusionary. A blacklisted trader or coin is excluded regardless of all other criteria — but a blacklist can only exclude from a filter that already has a positive side (criteria or whitelist). A blacklist-only filter matches nothing and can’t be saved, and you can’t create a filter from the blacklist dialog.

How do coin filters work?

Asset Criteria → Coins (include) uses OR logic: a trade on any of the selected coins passes the asset side. There is no asset whitelist; to restrict to specific coins, use Asset Criteria → Coins (include). To exclude coins entirely, use the Coin Blacklist (within a filter that has a positive side).

Are trader criteria evaluated on lifetime or recent stats?

The trailing 180 days. Trader Criteria on a saved filter evaluate against the same trailing-180-day stats the Traders tab shows. There is no category or time-window slicing on Hyperliquid filters.

Pods

How does email throttling work?

An email pod’s cap is Per hour (default 3, range 1 to 144) or Per day (default 3, range 1 to 144). Pick either window at creation. Once the cap is hit in a window, additional matching trades stop sending emails until the window rolls forward.

Can I have multiple pods on the same filter?

Yes. A single filter can power any number of pods. For example, an email alert AND a paper copy trade watching the same criteria.

What does the stop-loss / take-profit do?

These are percentage thresholds on the pod’s exit config: positions auto-close at a configured percentage loss (stop-loss) or gain (take-profit), enforced by a price monitor even if the followed trader hasn’t sold. See Pods.

Does proportional exits default on?

Yes. Proportional exits is on by default for copy-trade pods. When ON, each follow-sell closes the same fraction of the pod’s position that the followed trader sold of theirs (e.g. the trader sells 50% → the pod sells 50% of its position); when OFF, any follow-sell closes the selling trader’s entire stake in the pod’s position (a full close of their contribution), regardless of how much of their own position they sold. It’s a checkbox in the create-pod dialog (nested under Follow sells) and a Yes/No badge in pod Settings, and it’s also settable via the public API at pod creation/update.

What are discretionary pods?

Discretionary pods are filter-less trade pods where you manually pick the coin and place orders from the pod page, on paper (simulated capital). They’re not backed by a filter like copy-trade pods are. See Pods.

Is paper copy trading real trading?

No. Paper copy trading simulates trades with full PnL tracking. Capital, positions, and PnL are all simulated; nothing is bought or sold on any exchange.

Can I change the filter on an existing pod?

No. The filter is locked at creation time. Create a new pod to use a different filter.

General

How often is trader data updated?

Trader statistics are recomputed on a rolling cadence. Real-time trade feeds (on filter and pod detail pages) use WebSocket for live updates; live positions on trader and pod pages are fetched straight from Hyperliquid.

How do I get help?

Email support@airavat.xyz.