How to track Hyperliquid positions and PnL

To track a Hyperliquid account you need exactly one thing: its address. Hyperliquid runs as its own chain with a fully on-chain order book, so every position, order, fill and funding payment is public data: no API key, no login, no permission from the account owner. The only real question is what to read it with, and what the numbers actually mean.

Why Hyperliquid tracking is different

On a centralized exchange your positions live behind a login, and sharing them means creating an API key. On Hyperliquid the account is a wallet address. That flips the tracking model: anything that can read the chain can show you the account: yours, a friend’s you steward, or a trader you study. It also means your own tracking setup requires zero trust: nothing to connect, nothing to revoke, nothing that could ever place an order.

What an address reveals

• Open perp positions: size, direction, entry price, mark price, leverage and liquidation price.
• Margin mode per position (cross or isolated) and free collateral in the account.
• Unrealized PnL, and the full history of realized PnL from past fills.
• Every funding payment the account has paid or received, hour by hour.
• Open orders, spot balances, and deposits into vaults like HLP.

The PnL that lies to you

The number on a position card is price PnL: the distance between your entry and the mark. It is not what you actually made. Perp economics run through three extra meters: funding (paid or received every hour the position is open), trading fees on every fill, and the spread you crossed getting in and out. A long that gained two percent on price while paying funding through a crowded week can settle out flat, or negative. Honest Hyperliquid PnL is price PnL plus funding plus fees, over the whole life of the position, and that is a bookkeeping job, not a screenshot.

Reading it in TrueHold

Paste the address into TrueHold and the account assembles itself into the same view as everything else you hold: positions with entry, liquidation and leverage, unrealized PnL with funding accounted, and history you can actually total. It is read-only by construction: TrueHold watches the chain, so there is nothing connected to your exchange account and nothing to compromise. The same works for any address you want to learn from: paste it, watch it, close the tab whenever.

One number across every venue

Almost nobody trades perps in one place. A Hyperliquid main, a Lighter experiment, a legacy dYdX account, some GMX exposure: each venue shows its own card, and none of them answers the only question that matters at the end of the week: what is my total perps exposure, and what did it actually earn? TrueHold reads Hyperliquid and Lighter side by side, adds exchange futures through read-only keys, and totals them next to your spot, DeFi and NFT holdings: one exposure number, one PnL, however many venues it took. The cross-venue math has its own guide.

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