🗂️Segmentation
Two simple cohort systems that reveal who is moving the market, and how well they are doing.
Segmentation is how HyperTracker turns millions of wallets into signals you can actually use. Instead of treating every wallet the same, we group addresses into cohorts that reflect either size or performance. That lets you compare behavior across different trader profiles, spot shifts in positioning faster, and avoid getting misled by a small number of outliers.
HyperTracker uses two cohort families: Size Cohorts based on Perp Equity, and Performance Cohorts based on All-Time Perp PnL. Each family is split into eight cohorts so the jump between categories stays meaningful while still being easy to scan.
Approach
HyperTracker segments wallets into two main categories:
Size Cohorts (Perp Equity) These cohorts show how behavior changes as available perp margin increases, from small accounts to the largest players.
Performance Cohorts (All-Time Perp PnL) These cohorts show how wallets have performed over time, from consistently profitable traders to those with large cumulative losses.
Cohorts are designed to be descriptive, not predictive. They help you understand where positioning is coming from, how concentrated risk is, and which parts of the market are driving directional conviction.
Size Cohorts (Perp Equity)
Size cohorts are based exclusively on a wallet’s Perp Equity, because that is what matters for margin and risk in perp trading. Spot holdings, staked balances, and vault balances are intentionally excluded so the cohort reflects actual perp capacity rather than total net worth.
Cohorts
🦐 Shrimp: $0 to $250
🐟 Fish: $250 to $10K
🐬 Dolphin: $10K to $50K
🦈 Apex Predator: $50K to $100K
🐋 Small Whale: $100K to $500K
🐳 Whale: $500K to $1M
🌊 Tidal Whale: $1M to $5M
🐉 Leviathan: $5M+
How to interpret size cohorts
Larger cohorts tend to carry more market impact, but they are not automatically smarter.
Smaller cohorts can show early sentiment shifts, but are more sensitive to noise.
Perp Equity can move quickly, so a wallet may switch cohorts during volatile periods.
Performance Cohorts (All-Time Perp PNL)
Performance cohorts are based on All-Time Perp PnL and are refreshed every 3 to 4 hours. This cadence exists because performance metrics require querying wallets individually through the Hyperliquid API.
To keep the picture current, we only include active traders, defined as wallets with either:
non-zero 30 day perp volume, or
an open perp position
Cohorts
💰 Money Printer: +$1M
📈 Smart Money: +$100K to $1M
📊 Grinder: +$10K to $100K
🙏 Humble Earner: $0 to +$10K
🤡 Exit Liquidity: $0 to -$10K
🔥 Semi-Rekt: -$10K to -$100K
🚨 Full Rekt: -$100K to -$1M
💀 Giga-Rekt: -$1M+
How to interpret performance cohorts
All-time PnL is a useful summary, but it can be dominated by a few large wins or losses.
A wallet with strong all-time PnL can still be currently overexposed.
A wallet in a negative cohort can still be a valuable signal if it represents crowded, emotional positioning.
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