Today, we mainly talk about our on-chain smart money feature — specifically tracking the movements of on-chain whales on the Hyperliquid platform, their opening and closing positions, and transfers, all of which are clearly visible.

Long-time followers should have experienced this: when the capital is large enough, every move can influence the market. For example, a whale holding a position worth over hundreds of millions, even just closing a position at market price can create a noticeable spike in price action, which has been mentioned many times in previous news, particularly typical. Therefore, closely monitoring the actions of major whales is essentially about capturing an information edge.

However, let me lay the groundwork: smart money does not mean guaranteed profits; whales can make mistakes, and no one in the market has a 100% win rate. We focus more on their long-term win rate, drawdown control, holding costs, and trading style to determine whether reference is warranted. This is absolutely not about blindly following trades just because we see an address.

How to choose whales worth monitoring

If you don't know where to find addresses, you can first look at the "Copy Trading Selected" list where we have already filtered through for you. Addresses with high net profits, returns, and win rates are all included, so you don't have to search through a sea of options; just click in to see details.

To judge whether a whale is worth referencing, focus on three core data points: The first is win rate, which is the most intuitive. For instance, if an address has made 28 trades since August 12, with 24 profitable trades, resulting in an 85% win rate, that would be considered very stable. The second is maximum drawdown; the smaller the number, the better, indicating that their position control is good, and the profits earned won't easily be given back. The third is profit and loss trend; ideally, it should be consistently upward, even a flat trend is acceptable. It shouldn't be one of those addresses that relies on a sudden large profit to prop it up while incurring losses afterward; even if it looks good in the short term, it is not suitable for copying.

There was a typical whale who was bullish on BTC, making a substantial profit on one trade, but later insisted on shorting against the trend, leading to increasing losses until they were liquidated. Even if such an address looks brilliant in short-term profits, there’s no need to follow them.

Another particularly important aspect is to look at their holding duration and trading style, and whether it aligns with yours. Some whales hold positions for around 72 hours, leaning towards medium to long-term trading; others engage in high-frequency trading, entering and exiting positions on the same day. If your trading pace is very different from theirs, even if they have a high win rate, you may easily enter at the wrong price points.

Useful features: K-line markers, smart alerts

Once you find addresses that look good, you can directly display them on the K-line; this feature is particularly user-friendly. After selecting, corresponding buy and sell labels will appear on the K-line chart, where red represents selling (closing long or opening short), and green represents buying (opening long or closing short). When you hover the mouse over it, you can see the transaction volume, amount, and current position status, effectively painting the whale's trading actions directly on your chart.

Not only can you see the on-chain whales of Hyperliquid, but also large BTC contracts from Binance can be integrated, making the platform very comprehensive. Non-members can also experience this; it seems you can follow two addresses for free, so you can start by adding the high win rate addresses mentioned earlier and review their past trading records.

There is also a must-have feature for the lazy: smart alerts. You can monitor a single cryptocurrency or choose to monitor all cryptocurrencies on the chain. After setting the thresholds, once the whale adds to a position, closes it, or even transfers cryptocurrencies, a pop-up notification will alert you, so you don’t have to keep staring at the screen. If you can't remember too many addresses, that's okay; it supports custom renaming, like noting the high win rate address as "Swing Expert," so later you can quickly recall why you were focused on it.

For those who want to try following trades but are worried about making mistakes, you can first use the virtual copy trading feature to simulate trading for a while to see if it truly fits your rhythm before considering whether to follow with real money.

Orders and liquidation price: Accurately find support and pressure

In addition to completed records, order markings are very useful. They will show you which addresses are placing orders at what prices and the amounts involved, allowing us to infer the target levels of whales. For example, if you see buy orders openly placed for over 30 million to nearly 40 million near the 76,400 price point, it is highly likely that this position is recognized as their support level. If this coincides with the technical support you are observing, its reference value will be even higher.

The reverse is also true; if there are large sell orders placed above the price, the pressure will be very evident. Whether the orders are pending or ultimately executed, the pressure can genuinely exist, making it a significant reference for short-term trading.

A feature that I use frequently is the liquidation price. This is quite similar to a liquidation heatmap; it allows you to see which areas have liquidation risks, indicating zones of high liquidity. For example, near 80,000, there may be 39 million orders at 79,918, and another 27 million at 80,200. When combined, this results in over 60 million in liquidity. If the support below holds, the main force will likely seize this wave of liquidity above, propelling prices upward to consume these positions. Therefore, watching the liquidation price effectively means identifying short-term target ranges — looking above for liquidation zones and below for support orders.

Here's a practical tip: If the order placements of on-chain whales overlap with the positions of major orders on centralized exchanges (CEX), the reliability of this support or resistance zone is significantly enhanced. It indicates that both on-chain funds and centralized platform funds are watching the same price level, achieving a high degree of consensus. Moreover, the overlap between orders and liquidation prices—one being a target level for the main force and the other a target level for liquidity—provides substantial reference significance.

Full depth: Altcoin observation tool

Let me introduce another underrated yet useful indicator — full depth, especially suitable for altcoins and newly launched coins. Many small tokens or new cryptocurrencies lack significant order data from main forces, and the distribution of chips has limited reference value; that’s where full depth can be observed. It visually shows the situation of orders stacked in the market; red above indicates sell orders, and green below indicates buy orders, allowing you to see where the large orders are piled up at a glance. For example, it is particularly useful to analyze support and pressure levels for popular altcoins like VVV and PONS. Especially when looking for densely packed order zones close to the current price, the short-term stability of those zones can be highly relevant.

Advanced thinking: Look for collective actions, more accurate than watching a single address

Finally, let me share an advanced method: don’t only focus on the operations of one whale to make a judgment; the actions of a single address do not signify a trend shift. When several top addresses, even those of unrelated whales, all take actions in the same direction, such as collectively closing long positions or opening short positions, the credibility of that directional signal is greatly enhanced. For instance, during the recent gold market trend, the top five holdings collectively closed their positions, resulting in a drop the following day. The reference value of such collective actions far exceeds that of individual addresses.

There's also a time-saving feature: "on-chain address insights". When you select a period on the K-line, it automatically summarizes all the actions of the whales within that timeframe, showing which addresses are active and where the transaction density zones are, effectively summarizing significant capital movements during that period, saving you from having to check each address individually. The transaction density areas (POC) within can also be focused on, acting similarly to chip distributions; for example, currently, the 77,000 position is just below the current price, serving not just as simple support but as a market cost zone created by substantial transactions.

One last reminder: tools are always auxiliary; ultimately, the decision-making rests with you. Do not blindly follow trades just because you see an address opening a position; combine win rates, drawdowns, and overall market conditions to judge correctly. If you regularly trade contracts, you can certainly do as I do, find some high win rate whales on the chain page and follow their trading rhythms; over time, this will greatly improve your market intuition.

If you are unsure about the specific operational methods, please search for relevant terms within the site to view other tutorials, and feel free to ask our customer service representatives directly for clarification! There is also a group chat available for discussion!

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