Tools
Hyperliquid Copytrading Toolkit
Even when assets like BTC & ETH crashed to new lows, HYPE held strong. When all other projects were dying, Hyperliquid metrics were strong.
Why is this happening? Because perps work in all market conditions.
Even when the market is crashing hard, people can make money on perp platforms by shorting assets. When the rest of the industry is crashing, perpetual platforms will continue to have users and activity. It'll be the only venue to make money for many of them.
But Perp trading is brutal. 90% of traders lose money.
But there's a cheat code most people don't know about: perp copytrading.
Hear me out: profitable wallets on Hyperliquid are fully visible. There are free tools that let you see exactly how consistent winners are positioned.
You can look at them to create your own trade ideas or to validate an existing thesis that you have.
It's like copying off the kid who always aces the test. Today, I'll share 3 tools I've been using for it.
1. HyperTracker
It tracks millions of Hyperliquid wallets and buckets them by size and profitability.
The platform will show you
- Directional bias trends over time
- Liquidation risk across price ranges
- Real-time positioning of different types of traders based on performance and size.
This is the best platform to get a big-picture view of various trader types on Hyperliquid.
I've been building a watchlist of traders who consistently outperform.
One pattern keeps showing up: smaller and unprofitable wallets skew way more bullish on average. Make of that what you want, but I find it useful for gauging crowd sentiment.
2. Hyperdash
It's an advanced trading terminal and explorer for trading on Hyperliquid.
They just dropped their v2 trading terminal with copytrading baked in. You can mirror up to 3 wallets simultaneously, and the system replicates their net exposure.
A couple of tips:
- Filter for swing or position traders working longer timeframes
- Avoid wallets with tons of positions open. You might accidentally copytrade a market maker.
3. SuperX
It's something very similar to Hyperdash. It also offers similar tracking and copytrading, but with more control:
- Long-only or short-only filtering
- Token whitelists and blacklists
- A copytrading backtester (actually useful)
These are great tools for copytrading on Hyperliquid.
But don't just ape blindly. Execution lag means you won't perfectly replicate returns.
I come in with my own thesis first, then use these tools to gut-check or find new ideas.
I haven't automated anything yet. Just tracking and learning. If you test it, start small.
TDE Product
Crypto Is Down 50%. Now What?
I'm not gonna sugarcoat it, it's a bloodbath out there.
Since October 2025, the total crypto market cap has fallen ~50% to ~$2.2 trillion. BTC under $65k. ETH below $1.8k. SOL around $75.
A lot of people are leaving crypto right now, including some well-known names. I get why. It's painful.
But when I think back to past cycles, the biggest opportunities always came during times like this. Not from trading the chop, but from leveling up while everyone else is doom-scrolling.
Some people think this time is different, that crypto's moment has passed. I don't agree. The world is moving toward tokenization, AI agents will need a native way to pay each other, and in a world that keeps printing money, Bitcoin's core idea still holds. The macro case hasn't gone away. What's missing isn't logic, it's patience.
Markets will go risk-on again. And when that happens, the people who spent the slow months learning to evaluate protocols, spot opportunities early, and manage riskm will capture the upside. Everyone else will be playing catch-up.
That's exactly what we built TDE Pro for.
Next week, we're launching live cohort classes, starting Monday with "Evaluating Protocols." Instead of watching pre-recorded videos alone, you'll be learning alongside other serious investors, working through real case studies using live projects and catalysts, with the ability to ask questions in real time.
This is on top of the full curriculum, community, strategies, and tools already inside TDE Pro.
First class is on Monday. If you want to use this downturn to actually get sharper, join before it starts.
Markets
Subject Line
In the last newsletter, I listed out the many bearish factors in the market.
After I published it, the market kept getting worse. Now, on the weekly chart
- $BTC is down >20%
- $ETH has crashed ~30%
- $SOL is also down ~30% on the week.
At the end of last week's article, I said it was a good tactic to find tokens that are holding strong in the current conditions as well. Many of you replied, asking for the tokens that are holding strong.
I've found a couple of them.
These weren't random bounces. In each case, there was a clear reason why buyers stepped in with real usage. Defensive positioning or exposure to narratives that benefit during stress instead of collapsing under it.
Hyperliquid
As I said in the first article, volatility is good for perp platforms.
When everything is crashing, shorting is the only way to make money. So, even during massive crashes, there'll be HL users to short the market.
It was visible in metrics. When everything was crashing, open interest and volumes on Hyperliquid were spiking massively.
Hyperliquid also has many upcoming product upgrades. HIP-4 is looking to create (a limited version) of prediction markets.
While everyone was red on the weekly, $HYPE is still up 13.2% on the 7-day chart.
Canton
I've covered Canton in the newsletter before.
Unlike others, this project came from Wall Street people. It's a privacy-focused settlement network designed specifically for banks and financial institutions.
While $CC is down ~4% on the weekly, it's up ~24% on the monthly chart. Why this outperformance?
It's holder base isn't terminally online crypto natives who trade based on vibes and narratives. They're much more driven by "fundamentals".
And despite the general crypto sentiment, transactions on the network have been increasing consistently.
The tokenomics of the chain is such that activity directly adds value to $CC by burning it.
MYX Finance
$MYX is up >15% on the 7-day chart.
The reason? It's a perpetual platform. So, the points made about Hyperliquid apply here as well. Even when the crash destroyed other tokens, the activity and price of MYX held strong.
It also has some upcoming catalysts like upgrades around matching efficiency, margin systems, and chain expansion. These gave MYX investors something to get excited about.
Morpho
Right now, $MORPHO is down 4% on the week. But in a crash where most alts are down >20%, this is respectable.
During the ETH-led liquidation wave, Morpho processed tens of millions in liquidations without generating bad debt. That's the kind of thing most people don't notice in bull markets, but absolutely matters when times get hard.
Morpho's model has created a lot of trust. Isolated lending markets and conservative risk design meant Morpho didn't wobble when leverage unwound elsewhere.
Kite
$KITE is up 7% on the weekly and 55% on the monthly chart.
It's a project with a clear niche and massive TAM: it's the blockchain that focuses on AI Payments.
Recently, AI has gotten a lot of mindshare due to Claude Code and Moltbook. While most of the tokens associated with the narrative has went down, $KITE didn't. This is probably due to its upcoming mainnet launch.
Compared to other projects in this article, this feels the most narrative-driven for me. (And that's not necessarily a good thing, btw.)
The Common Thread
Each token that held the line had a reason to be held during stress. Whether it was institutional settlement (Canton), trading infrastructure (Hyperliquid, MYX), financial plumbing (Morpho), or future-facing rails (Kite), the market was telling a clear story:
When chaos breaks loose, narratives aren't enough. There needs to be clear utility and fundamentals.
That's the signal worth paying attention to going forward.
If you think I should've included any other token, share it with me by replying to this email.
🚀 DeFi Catalysts
Ethena introduced Ethena Exchange Points. It'll reward genuine trading activity on Ethereal and Hyena, two Ethena-powered exchanges.
Avon introduced MegaVault. It's a yield vault for USDm, the native stablecoin of the MegaETH chain.
OpenClaw is the open-source AI agent that created the recent "tokenized agent" meta in crypto. Its founder said he doesn't support crypto.
Aave DAO has voted to shut down deployments on three L2s: zkSync, Metis, and Soneum. Low usage is a major reason.
Rainbow, a crypto wallet, has released its token $RNBW. Users with points can claim their Airdrop in the Rewards tab.
📰 Industry News
DefiLlama introduced its RWA dashboard. Unlike others, it'll track stuff like which RWAs are actually being used in DeFi.
Kaito will release their Kaito Studio waitlist this week. It's their new data-driven model to connect creators and projects.
Kyle Samani, a well-known VC figure in crypto, is leaving Multicoin, his VC firm. Many people leaving crypto is bearish for the industry.
🐦⬛ X Hits
- The economics of zk-proofs.
- Role of L2s according to Vitalik.
- Math of optimal trading on Polymarket.
- Kobeissi on crypto price action.
- Why does AI need crypto?
😂 Meme
Until next time,
Edgy
Today's email was written by Edgy and Yayya.
DISCLAIMER: I'm NOT a financial advisor. This content is for education and information purposes only. Crypto and DeFi are risky and speculative. Please do your research before investing.
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