Learn Dexmetrics the same way you actually use it
This guide is built around real user workflows: finding stronger traders, validating a wallet, reacting to live flow, and building your own watchlist. It explains what each page does and how to read the numbers without technical jargon.
Best first step
Use Top Traders when you want discovery. Use a wallet page when you already have a specific address.
Fastest signal view
Use Live Activity for event-by-event action, and Heatmaps when you want the same activity grouped visually by asset, time, or liquidation price.
Personal layer
Use Favorites to turn a broad analytics platform into your own private shortlist.
Quick Start
Start Here
Dexmetrics makes the most sense as a workflow. Begin with the question you are trying to answer, then move to the page built for that job.
Find promising traders
Open Top Traders to discover wallets worth studying. Sort, compare, and filter until you find profiles that match what you care about.
Validate a wallet
Open the wallet page to confirm whether the results, chart behavior, drawdown, and open positions actually support the headline numbers.
Read market pressure
Use Heatmaps to see where tracked wallet liquidations cluster by price and which assets are attracting the most live flow.
Build your shortlist
Save useful wallets to Favorites so you can come back to them quickly without searching from scratch each time.
Core Pages
Know what each page is for
Each page on Dexmetrics has a different job. The easiest way to use the platform well is to treat those pages as parts of a single research flow.
Overview
Dashboard
The best place for a high-level platform snapshot. Use it to search a wallet, scan headline numbers, and jump into the rest of the product.
Discovery
Top Traders
The full ranked table of tracked wallets. Best for comparing traders, filtering by quality, and spotting profiles worth a deeper look.
Real-time
Live Activity
A fast feed of recent trader actions. Best for seeing current flow, capital movements, whale-level activity, and bot-like patterns rather than historical summary.
Visual Market Map
Heatmaps
A visual map for liquidation clusters and live flow. Best for spotting important price levels, crowded exposure, active assets, and buy/sell pressure.
Watchlist
Favorites
Your personal saved-wallet layer. Best for keeping focus on a smaller set of traders you want to monitor repeatedly.
Visual Market Map
How to read Heatmaps
The Heatmaps page turns tracked wallet activity into a visual map. It is designed for scanning pressure zones quickly before opening the detailed live feed or a wallet page.
Liquidation Map
Price levels with crowded liquidation risk
The Liquidation Map groups open positions from tracked Dexmetrics wallets by time and liquidation price. Brighter zones mean more open position value is clustered around that price level.
Use the asset selector to switch markets, the time buttons to change the visible window, and the Longs/Shorts filter to isolate one side of risk. The side profile on the right of the chart shows which price bands currently carry the most concentration.
Flow Heatmap
Live activity grouped by asset and time
The Flow Heatmap shows recent tracked-wallet activity by asset. Each row is an asset, each column is a time bucket, and stronger color means more activity in that bucket.
Switch between Volume, Trades, and P&L depending on whether you care about size, frequency, or realized result. Clicking a cell opens a detail panel with buy/sell pressure, event count, realized P&L, whale signals, and automation flags for that bucket.
Bright bands
A bright band marks a stronger concentration than nearby cells. It is a visual priority signal, not a guaranteed reaction level.
Current price line
The dashed price line helps you compare current market price with nearby liquidation clusters.
Wallet detail panel
Selecting a level shows the number of positions, wallets, side split, average leverage, and the largest contributing tracked wallets.
Different from market-wide maps
Dexmetrics focuses on wallets tracked by the platform. It does not claim to show every liquidation level across the full Hyperliquid market.
Deep Read
How to read a wallet page
The wallet page is where ranking and live flow become real context. It helps you decide whether a trader's profile actually looks strong once you inspect the details.
Header
Shows the grade, rank, wallet address, favorite button, explorer link, and the displayed trading capital.
Main performance cards
Highlights the most important summary numbers: Net PnL, Realized PnL, Win Rate, and Maximum Drawdown.
Secondary performance cards
Adds more context with fees, average trade result, profit factor, profitable days, biggest win, and biggest loss.
Tracking age
Tells you how long the wallet has been tracked on Dexmetrics, which helps set expectations for how much history is visible.
Performance Chart
Read the curve before trusting the headline
The chart lets you switch between time windows such as 1H, 24H, 7D, 30D, 3M, and 1Y. It also gives you different lenses such as period PnL, total PnL, and realized PnL, so you can see whether a profile looks smooth, volatile, recent, or event-driven.
Colored markers help you identify opens, adds, reductions, profitable closes, losing closes, and liquidations directly on the chart.
Daily PnL
Check consistency day by day
The Daily PnL calendar shows the wallet's result for each day of a selected month. Green days ended positive, red days ended negative, and muted days had no visible trading activity.
Use it to see whether performance came from steady positive days, one or two large wins, or a mix of profitable and losing sessions. The side panel summarizes the month, including total PnL, profitable days, volume, best day, and worst day.
Open Exposure
Use positions and spot to see what is live now
The Positions tab shows what the wallet currently has open, including size, entry price, current value, unrealized PnL, leverage, liquidation price, and margin.
The Spot tab shows spot holdings, their estimated value, and whether part of the balance is tied up in open orders. Wallets with at least $5M in trading capital may display the whale wallet badge for faster recognition.
How Daily PnL Is Read
A practical trading-result view
Daily PnL is meant to show the result of the wallet's trading activity for that day, including fees and funding. It does not treat deposits or withdrawals as trading profit.
Open positions can still move after the day ends, so the calendar is best used as a consistency view rather than a full account-balance statement.
Scoring
Understand the grade system
Grades summarize wallet quality from F to S+. They are meant to be a quick signal, not a replacement for reading the wallet page in full.
Win rate
Wallets that close a higher share of trades in profit generally score better.
Profitability
Results are considered in relation to the displayed account size rather than just raw dollars.
Risk control
A smaller drawdown is better than a profile that makes money but suffers large drops along the way.
Consistency
Sustained quality tends to be rewarded more than isolated bursts of success.
A wallet needs at least 10 closed trades before its grade becomes meaningful. If there is not enough history yet, the wallet should be treated as insufficiently proven rather than fully evaluated.
Definitions
Metric definitions in plain English
These are the numbers you will see most often across wallet pages and ranking tables.
| Metric | Meaning |
|---|---|
| Trading Capital (HL) | Current trading balance from Hyperliquid spot balances, mainly USDC total/hold. |
| Perp PnL (HL) | Perpetual PnL windows from Hyperliquid portfolio: 1D, 7D, 30D, and all-time. |
| Position ROE (HL) | Open-position return on equity reported by Hyperliquid in clearinghouse state. |
| Unrealized PnL (HL) | Open-position unrealized PnL reported by Hyperliquid. |
| Realized PnL (calc) | Dexmetrics sum of indexed closed-fill PnL. Coverage depends on indexed fills and rollups. |
| Fees Paid (calc) | Dexmetrics sum of indexed fill fees. |
| Indexed Win Rate (calc) | Winning closed fills divided by total closed fills, using indexed Hyperliquid fills. |
| Equity Drawdown (calc) | Maximum account-equity drop: max((running peak equity - equity) / running peak equity). |
| Profit Factor (calc) | Sum of positive closed PnL divided by absolute sum of negative closed PnL. |
| Avg Trade (calc) | Average indexed net fill result, using closed PnL and fees. |
| Profitable Days (calc) | UTC days where indexed realized PnL minus fees plus funding ended positive. |
| Current Exposure Bias (calc) | Open-position long notional divided by total open-position notional. This is current exposure, not historical preference. |
| Daily PnL (calc) | Calendar view based on Dexmetrics indexed daily trading results. |
| Funding | Payments received or paid for holding perpetual positions. Funding can slightly improve or reduce a day's final result. |
Personal Layer
Favorites and account behavior
You do not need an account to use Dexmetrics, but an account changes how your saved wallets follow you.
Without an account
Local-only favorites
If you save wallets while not signed in, those favorites stay in the browser you are currently using. They do not automatically appear on another device.
With an account
Synced favorites
Once signed in, favorites are linked to your account. That makes it easier to keep the same shortlist across sessions and devices.
Dexmetrics supports email/password sign-up and may also offer Google sign-in. If you saved favorites before signing in, those favorites can be linked to your account when you log in. For privacy details, see the Privacy Policy and Account Deletion pages.
Live Signals
How whale indicators work
Dexmetrics separates wallet identity from live event signals so the same visual marker does not mean two different things.
Wallet Pages And Tables
Large wallet recognition
On Top Traders, Favorites, and wallet pages, the whale emoji is reserved for wallets with at least $5M in trading capital. It helps you spot large accounts quickly, but it does not judge whether the trader is good, safe, or worth copying.
Live Activity
Event-level whale signals
In Live Activity, whale signals use a separate lightning-style marker instead of the whale emoji. The marker is attached to a specific event and means that event matched one or more whale signals, such as a very large trade, repeated accumulation, distribution, market impact, capital movement, liquidation, or a trade coming from a large wallet.
Whale wallet
The tracked wallet has at least $5M in trading capital and enough activity to be recognized as a large account.
Whale trade
A single trade is large enough to stand out from normal flow.
Accumulation
The wallet repeatedly opens or adds in the same direction within a short time window.
Distribution
The wallet reduces, closes, or unwinds meaningful exposure, either through size, realized PnL, or repeated exits.
Market impact
The event looks aggressive because it crossed the spread and had meaningful notional size.
Capital movement
A large deposit, withdrawal, or ledger movement is detected in the live feed.
Whale liquidation
A liquidation is large enough to matter, or it comes from a wallet already recognized as very large.
Multiple reasons
One live event can carry more than one whale signal. Hovering the live marker shows the detected reasons when available.
Automation Signals
How the bot-like marker works
Dexmetrics can flag live events that look mechanically automated, but it treats that as a suspicion signal rather than proof that a wallet is a bot.
Live Activity
Separate from whale signals
The robot emoji is used for bot-like pattern suspected. It is separate from the whale emoji, which marks large wallets, and from the lightning marker, which highlights event-level whale signals.
Detection Process
Score first, display second
For each live fill, Dexmetrics compares the event with recent fills from the same wallet. It builds an automation score from 0 to 100 and shows the robot marker only when the score is high enough. Hovering the marker shows which behaviors contributed to the signal.
High-frequency activity
Many fills in a short time window can suggest scripted execution, especially when it happens repeatedly.
Regular timing
A stable cadence between fills can indicate a mechanical strategy rather than discretionary trading.
Repeated sizing
Several fills with nearly identical notional size can suggest grid, DCA, market-making, or other rule-based execution.
Rapid re-entry
Frequent action changes on the same asset in a short window can indicate automated scalping or fast rebalancing.
The marker does not accuse a wallet of being malicious. Some legitimate traders use automation, copy-trading, market-making, or execution tools. Treat the robot marker as context: it tells you the behavior looks systematic enough to review more carefully.
Important Context
Data, timing, and limitations
Dexmetrics is strongest when used as a decision-support and discovery tool, not as a promise that every chart or summary is perfect at every second.
First-time wallet lookups can take longer
When a wallet is opened for the first time, Dexmetrics may need extra time to assemble enough visible history.
Tracking starts with usage
A wallet becomes meaningfully tracked once it has been analyzed on Dexmetrics, not years before that by default.
Long views are for trend reading
30D, 3M, and 1Y views are most useful for broad pattern recognition rather than precise moment-by-moment replay.
Daily PnL is a trading view
The Daily PnL calendar focuses on trading results by day. It is useful for consistency checks, but it should not be read as a complete exchange account statement.
Heatmaps are tracked-wallet views
The Liquidation Map and Flow Heatmap reflect activity visible through Dexmetrics tracked wallets, not the entire Hyperliquid order book or every market participant.
Numbers can evolve
As more public activity is incorporated, some figures may update and become more complete.
Whale indicators are visibility aids
The whale emoji marks large wallets, while the live signal marker highlights whale-level events. Neither is a trade recommendation.
Automation markers are not proof
The robot marker means a live event matched bot-like behavior patterns. It should be read as suspicion, not certainty.
Not financial advice
Dexmetrics is an analytics platform. It does not tell you what to trade and is not affiliated with Hyperliquid.
FAQ
Common questions
A few quick answers to the things users usually wonder about first.
Why does a wallet not have a meaningful grade yet?
Usually because it does not have enough closed trades yet to support a reliable evaluation.
Why do some wallet pages take longer to load?
A first-time analysis or deeper refresh may need extra time to build a fuller visible history before the page is ready.
Why are my favorites missing on another device?
If you were not signed in when you saved them, those favorites stayed local to that browser only.
Why do 7D, 30D, and 1Y sometimes tell different stories?
Because each window captures a different chapter of the trader's behavior. Short-term strength does not always mean long-term consistency.
Why can Daily PnL look different from an exchange account PnL?
Dexmetrics uses Daily PnL as a trading-result view. It includes the visible trading result for the day, fees, and funding, while deposits, withdrawals, and later movement from still-open positions can make an exchange account view look different.
Should I rely on the grade alone?
No. The grade is a strong shortcut, but the best workflow is to use it as a filter and then confirm the profile on the wallet page.
Does the robot marker mean a wallet is definitely a bot?
No. It means the live event matched automated-looking patterns such as high frequency, regular timing, repeated sizing, or rapid re-entry. It is a review signal, not a final verdict.
Is the Liquidation Map the same as a market-wide liquidation map?
No. Dexmetrics shows liquidation clusters from wallets tracked by the platform. A market-wide map may use proprietary exchange-wide estimates. Dexmetrics is narrower, but it is tied directly to the wallets you can inspect on the site.
Next Step
Ready to use it live?
Start from the dashboard if you want orientation, or go straight to Top Traders if you want to discover strong wallets quickly.