Short answer
To read a whale's PnL, start with profit and ROI over 7 and 30 days. On CopyHype these are Hyperliquid's own leaderboard numbers, and they include open trades. Then check what the whale holds right now, how many of their trades closed in the last 30 days and how many won, how long they held, and what CopyHype copiers of them actually made. A big number with few closed trades, or a giant open position, is a reason to wait.
PnL means profit and loss. On a whale's page it looks simple: a dollar figure, maybe green. But one figure can hide a lucky trade, an open bet that has not paid yet, or a trader who stopped trading last week.
This guide reads a CopyHype whale page line by line. The same questions work on any tracker or leaderboard, with a bit more digging.
What order should I read a whale's numbers in?
Profit first, then what is still open, then what they closed, then what copies made. In practice: the 24h, 7 days and 30 days tiles, Trades open now, Last results, and the Copiers line.
Here is a full ⚡ Perps whale page, with example numbers:
| Line | Example |
|---|---|
| Header | ⚡ Perps · Top #3 |
| 24h tile | +$8.2K · +4.1% ROI |
| 7 days tile | +$41K · +12% ROI |
| 30 days tile | +$152K · +38% ROI |
| Copiers | 👥 Copiers, 14 days: 14 copies · 9 won · +6.2% avg each |
| Chart | 30-day profit · touch the chart to see any day |
| Trades open now | BTC ▲ Long x10 · Opened today 14:02 · $2.4M in · Now +$31K |
| Last results, 30 days | 🐋 Their closed trades: 40 · 25 won · 15 lost · +$96K |
▲ Long means they bet the price goes up, ▼ Short that it goes down. "Top #3" is the whale's place in CopyHype's list of top picks, not a rank on Hyperliquid's own leaderboard.
What do the 24h, 7 days and 30 days tiles tell me?
How much the whale made in each window, and their ROI for that window, both taken from Hyperliquid's leaderboard. The profit includes open trades, so it moves while their positions move.
Read the three numbers as a story:
- 30 days is the base. Is this a trader who makes money over a month?
- 7 days is form. A positive month with a negative week can mean the run is over.
- 24h is today. Useful for activity, too noisy to judge on.
The ROI under each number is Hyperliquid's ROI for that window: the profit compared with the money in the account. +$152K on a $10M account is a quiet month; +$152K on $400K is a big one.
What it hides: how the profit was made. $152,000 can be 40 steady trades or one big position still open. The next lines answer that.
How do I read "Their closed trades: 40 · 25 won · 15 lost"?
How many of the whale's trades fully closed in the last 30 days, how many ended in profit, and the total. Always read the counts together.
| Won | Closed trades | What it says |
|---|---|---|
| 4 won | 5 | Almost nothing. Five trades is a coin flip run |
| 25 won | 40 | A real pattern, worth a closer look |
| 27 won | 60 | Fine, if winners are bigger than losers |
| 27 won | 30 | Check the losses. Small wins and huge losses look like this |
A high win rate is not the goal. A trader who wins 40% of the time but makes three times more on winners than they lose on losers is a better copy than one who wins 90% and gives it all back on one bad trade.
Trust the counts less when they are low. Ten trades can be luck; a hundred rarely are.
What do the Last results rows tell me?
Each closed trade, newest first: the coin, the side, when it opened, its size, when it closed, how long it was held, and its result. For example "Opened yesterday 09:10 · $800K", "Closed today 11:40 · held 26 h", "+$12.4K".
Three readings:
- Recent and normal size. The pattern is alive.
- Nothing closed for weeks. The profit may come from open trades or an older streak. Check Trades open now.
- One result much bigger than the rest. One trade may be carrying the month. Ask whether the whale is still up without it.
The held time matters for copying. A whale who holds for hours is easy to follow. A whale who opens and closes in seconds is marked Too fast and cannot be copied: copies would lose on fees.
If you already copied this whale, a line on top shows "Your copies of them" with how many won and your total, and each row you copied shows "You:" with your own result.
Why does "Trades open now" matter?
Because it shows what the whale is carrying right now. A whale can close winners and leave losers open, or sit on one huge open winner that makes the whole month.
Each row shows the coin, the side, the multiplier, when it opened, how much is in it, and "Now" with its current result. A strong month next to a large open loser is a whale to watch for a few days.
It also tells you something practical. Copying starts from the whale's next trade. If they are mid-trade, you can tap Join on that open trade to take it with your amount, or wait for the next one. When nothing is open, the page says "No open trade right now. Copy them and their next trade opens for you."
How do I read the Copiers line?
It is what CopyHype users who copied this whale actually got over the last 14 days. "👥 Copiers, 14 days: 14 copies · 9 won · +6.2% avg each" means 14 copied trades closed, 9 of them in profit, and the average copy made +6.2% on its amount.
Why it matters: this is the closest number to what you would actually get. A whale can be up big while copies of them lose, because copies arrive later and pay fees. CopyHype drops whales whose copies keep losing from its list.
The line needs at least 3 closed copies. Before that, it reads "Not enough copies yet". What it hides: it is the past, and a small count is still noisy.
What does the dot next to "traded 2h ago" mean?
Green means the whale traded in the last 24 hours. Grey means they did not. CopyHype's whale lists, ⚡ Perps and 🔮 Predictions, only show whales who traded in the last 24 hours, so a green dot is the norm there.
On a computer, the side panel also shows "Live whale moves" in real time and "💰 Just cashed out" with recent profits taken by top whales. Tapping one opens that whale.
What do three common whales look like?
A steady earner, a one-hit wonder and a paper millionaire. Same headline profit, three different decisions. The numbers are invented.
| Item | Steady | One hit | Paper |
|---|---|---|---|
| 30 days | +$150K | +$150K | +$150K |
| 7 days | +$35K | -$18K | +$120K |
| Their closed trades | 46 · 27 won · 19 lost | 20 · 6 won · 14 lost | 10 · 7 won · 3 lost |
| Last close | 3h ago | 19 days ago | 2 days ago |
| Trades open now | Small ETH long | Nothing | $30M BTC long, Now +$1.4M |
| Copiers | 14 copies · 9 won | Not enough copies yet | Not enough copies yet |
The steady whale is the one to copy in practice. The one-hit wonder made the month on one trade 19 days ago. The paper millionaire's month is mostly one open trade: it may cash out a fortune, or give it back. Since the profit tiles include open trades, check Trades open now before you trust the headline.
How do I do this in 60 seconds?
Five questions, in order. Open >@copyhypefamilybot, tap Open the app, go to Whales and tap a whale.
- Are the 7 days and 30 days tiles both positive?
- Did at least 20 trades close in the last 30 days?
- Are the Last results recent, and normal sized?
- What are they carrying in Trades open now?
- Does the Copiers line exist, and is it positive?
Three yeses and no red flags: copy in Practice first. For the full method, see how whales are picked.
Frequently asked questions
What does PnL mean?
Profit and loss: how much money a trader made or lost over a period. It can include open positions (unrealized) or only closed trades (realized). CopyHype's 24h, 7 days and 30 days tiles show Hyperliquid's leaderboard profit, which includes open trades. Last results shows closed trades only.
Is a high win rate a good sign?
Only with a large count and sensible losses. A 90% win rate can come from many small wins and a few huge losses. Read it with the number of closed trades and the size of wins and losses.
Why do some whales show "Not enough copies yet"?
The Copiers line needs at least 3 closed copies. Newer or slower whales may not have enough yet.
Does past PnL predict future results?
No. A strong record makes a trader worth a look, not a sure thing. Whales lose too. Start in practice, then start small.
Can I read a whale's PnL outside CopyHype?
Yes. On Hyperliquid, explorers such as Hypurrscan show every fill. You have to add up closed profit yourself.
Keep reading
- Hyperliquid top traders this week: cashed-out profit vs paper profitWhy weekly Hyperliquid top trader lists often rank paper gains, how cashed-out profit differs from unrealized PnL, and how to read both.
- How to find the best Hyperliquid traders to copyHow to pick a Hyperliquid trader worth copying: seven checks, starting with cashed-out profit, that beat the leaderboard. Then copy in one tap.
- Leverage explained: what x5, x10 and x50 really do to your moneyCrypto leverage explained simply: what x10 means in dollars, how far price can move before liquidation at each multiplier, and how to pick one.