Comparisons

What 9,478 Hyperliquid vaults tell you about picking one

By NuWealth · Published 4 November 2026

The short answer: of the 9,478 vaults ever created on Hyperliquid, about 2 in 3 are closed, and most of the rest are close to empty. Among the 214 open vaults holding at least $10,000, about half have made money over their life. The APR figure on the vault list mostly reflects the last month, and some of the highest APRs belong to vaults that have lost money overall. Look at a vault’s whole life, its size and its worst dip before its APR.

We run a public vault on Hyperliquid ourselves, so we wanted to know what the rest of the list looks like. This post is our count, with the method at the end so you can repeat it. New to vaults? Start with how Hyperliquid vaults work.

The whole list in 1 table

Counted from Hyperliquid’s public vault list on 4 November 2026. HyperEVM vaults such as Buoy are not on this list.

Lesson 1: most “open” vaults are empty

84% of open vaults hold less than $1,000. Many were opened, tried for a while and left behind, but never formally closed. They still show up in the list and in searches.

So the first filter is simple: ignore anything with almost no money in it. A vault with $300 in it tells you little about the leader, and it may not be traded at all.

Lesson 2: bigger vaults are more often profitable

Read this carefully. Size does not make a vault profitable. It works the other way round: vaults that make money attract deposits and grow, and vaults that lose money see their depositors leave. So size is a sign that other people have already judged the record, not a promise.

Even at the top, about 3 in 10 vaults holding $100,000 or more (21 of 69) have lost money over their life.

Lesson 3: the APR column is a last month number

Hyperliquid’s vault list shows an APR for every vault. In the data it tracks roughly the last month of results, scaled up to a year. It is not the vault’s return since it opened.

That matters, because a good month says little about a vault:

• Among the 214 vaults holding $10,000 or more, 25 show an APR above 100%.
• 9 of those 25 have lost money over their whole life.
• The single highest APR in that group, about 2,050%, belongs to a vault that is down about $224,000 since it opened.

Over the last month, 33.6% of the $10,000+ vaults were up. Over their whole life, 54.7% are. Only about 1 in 4 are up on both. If you pick by APR, you are mostly picking last month’s winners.

It works the other way too. On 4 November our own vault showed an APR of -2.4%, because its last month was slightly down, while it is up 9.1% since 4 February. Neither number tells you much on its own.

Lesson 4: almost all the money sits in a few vaults

About $240M sits in open vaults on Hyperliquid. HLP, the exchange’s own vault, holds 62.4% of it. The 10 biggest vaults hold 86.3%, and the 50 biggest hold 96.7%.

The other 3,000 or so open vaults share the last 3%. That is the real size of the market for vaults run by a leader: small, and very top heavy.

Lesson 5: very few new vaults are being opened

About 200 vaults a month were created through most of 2025, and 220 in March 2026. Since June 2026 it has been 2 to 6 a month. Hyperliquid now calls the original vaults “legacy”, and new vaults mostly open on HyperEVM platforms such as Buoy. Legacy vaults keep working as before.

For a depositor, this means the legacy list is now mostly older vaults. The median $10,000+ vault is 388 days old, and only 14 of the 214 are under 6 months old.

A checklist for picking a Hyperliquid vault

Everything below is on the vault’s own page on Hyperliquid, with no account needed.

1. Money in the vault. Under $1,000 is usually a dead vault. Size is a sign others have judged the record, not proof.
2. Profit over the whole life, not the APR. Set the chart to its longest period and look at the profit and loss line.
3. The worst dip. How far did the vault fall from a high, and how long did it take to get back? A vault that shows only a return is hiding half the picture.
4. Age. Under 6 months is a short record, whatever the numbers say. Every strategy has good months.
5. The leader’s own money. The leader must keep at least 5% of the vault. More than that means they share more of your losses.
6. The trades. Open positions and past trades are public. Look for the kind of trading you expect, and for one huge position that decides everything.
7. The rules. Legacy vaults take 10% of profit and have a 1 day lockup after each deposit. HLP has a 4 day lockup. Our guide to Hyperliquid vaults explains each one.

Weighing a vault against copying a trader instead? We compared Hyperliquid vaults and copy trading on costs, exits and timing.

How our own vault scores on this list

RockSteady, our vault, opened on 3 February 2026, so it is about 9 months old. Since 4 February, its first full day, it is up 9.1% before the 10% fee on gains. Its deepest fall so far was 10.9%, and it was back above its old high by 23 September. On 4 November it held about $10,170 from 21 depositors plus us, just over the $10,000 line we used above. Our own money is about 7% of it.

So by our own checklist it passes on size, profit over its life and the leader’s share, but it is young, and 9 months is a short record. You can read the full numbers, see the live record, or check the vault yourself.

Can I trust the APR on Hyperliquid?

As a measure of the last month, yes. As a forecast, no. It comes from recent results scaled up to a year, so 1 lucky month can show as several hundred percent. Check the all time chart before you rely on it.

What share of Hyperliquid vaults make money?

Of the 3,056 open vaults on 4 November 2026, 19.5% show a profit over their whole life. Among those holding at least $10,000, 54.7% do. Counting closed vaults too, 22.6% of every vault ever created ended or stands in profit.

Is a bigger vault safer?

Not by itself. A bigger vault is more often profitable, because money follows good records. But about 3 in 10 vaults holding $100,000 or more have lost money over their life, and a big vault can still have a deep dip.

Method

• Source: Hyperliquid’s full public vault list (stats-data.hyperliquid.xyz/Mainnet/vaults), read on 4 November 2026. It covers HyperCore vaults only, not Buoy or other HyperEVM vaults.
• Open vault counts and totals leave out HLP’s 7 sub vaults, whose money is already inside HLP’s total.
• “Profitable over its life” means the vault’s all time profit and loss is above zero, in dollars, as Hyperliquid reports it.
• “Last month” is the change in the vault’s profit and loss over Hyperliquid’s monthly window.
• Age is counted from the vault’s creation time on Hyperliquid.
• RockSteady’s growth and deepest fall come from Hyperliquid’s API, 3 November 2026, the same data as our live record. Growth leaves out deposits and withdrawals.

How this was made: counted and written by NuWealth with AI assistance from the sources above, and checked by the NuWealth team. Past results are not a promise of future results; any vault can lose money, including ours. See our Risk Disclaimer.