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Hyperliquid is a decentralized exchange for trading crypto perpetuals (leveraged contracts that track an asset’s price without an expiry date). What makes it different from most exchanges is that it isn’t a company holding your money behind a login screen, it’s a blockchain built specifically to run a trading exchange on-chain.

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Why that matters in plain terms

Nobody but you controls your funds. On a typical centralized exchange, you deposit money and the exchange holds it. On Hyperliquid, you trade directly from your own wallet. There is no company account standing between you and your money. Every trade is public. Positions, order history, and account performance are all recorded on-chain and visible to anyone. That’s precisely what lets MirrorTrade verify a trader’s real track record instead of taking their word for it. It’s fast. Hyperliquid’s order book runs on-chain but is built to handle very high trading volume with near-instant order placement, so it feels like using a normal exchange rather than waiting on typical blockchain confirmation times.

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How MirrorTrade fits in

MirrorTrade is not Hyperliquid, and it doesn’t replace it. MirrorTrade is a layer on top: we read Hyperliquid’s public trading data to find and score good traders, and when you copy someone, your trades are placed directly on Hyperliquid, from your own wallet. See how copying works for exactly what permission MirrorTrade does and doesn’t have.