How to Trade Perps Privately on the Hyperliquid Orderbook
You open a $2M position. Within 90 seconds, three copybots have mirrored it and your liquidation level is a public target. This is the default state of trading perps on Hyperliquid. In this guide we show how traders can control their public footprint.
Hyperliquid has become the dominant venue for on-chain perpetual trading because its order book is fast, liquid, and fully transparent. Every position, entry, exit, and liquidation level is visible on-chain. For most traders, this transparency is a feature. It prevents exchange manipulation and gives everyone the same source of truth.
For traders with size, an edge, or a public reputation, that same transparency creates a structural problem. A mature surveillance ecosystem has built itself on top of Hyperliquid's public data. Your positions are not just visible, they are monitored, copied, and in some cases, hunted.
This article is about Hyperliquid private trading. Specifically, how to achieve execution privacy for perp trades without leaving the venue. If you are looking for a way to trade perps without exposing your strategy, your PnL, or your personal or company's brand, this guide is for you.
What "private perp trading" actually means onchain
Private perp trading can mean many things, including using a VPN to obfuscate IP addresses, trading without KYC or even using manual wallet rotation to limit your onchain footprint.
Hyperliquid perps privacy in this article is talking specifically about execution privacy. This means, breaking the structural link between the wallet that funds your trading activity and the wallet that actually executes the trade on Hyperliquid's order book. It is about making sure that when you open a position, the market cannot immediately associate that position with your identity, your history, or your other positions.
Execution privacy does not mean hiding trades from the order book either. Trades placed on Hyperliquid are still visible on-chain. What it means is that the trading wallet is not visibly linked to you. Analysts and bots may still observe the activity, but they see it coming from a fresh wallet without an established identity or historical profile.
The surveillance problem on Hyperliquid
Hyperliquid's on-chain architecture means that the moment your trade executes, your position is public. Anyone can query it. Tools like Dexly, Hyperdash, and Hyperbot make this data actionable. They do not just display it, they monitor it in real time, alert followers, and in some cases, trigger automated responses.
This creates three concrete problems for traders moving significant volume.
Position hunting on Hyperliquid
When a large wallet opens a directional position, the liquidation level becomes a visible target. Adversarial actors can identify the price at which you will be forced to exit, and trade against you to push the market toward that level. Hyperliquid liquidation hunt dynamics are not theoretical. They are a documented feature of transparent derivatives markets.
Strategy exposure
Every entry, exit, sizing decision, and pair preference is indexed permanently. Over time, your wallet becomes a readable profile of how you trade. Copybots detect your entries within seconds and replicate them. Their follow-on volume pushes price against you, eroding approximately 5-100 bps per trade.
Full PnL history
Your realised and unrealised performance is permanently queryable. For funds, VCs, market makers, and individual whales, this creates reputational exposure. A visible drawdown damages investor confidence. A known accumulation triggers market speculation. A single, high profile trade can become a social media sensation.
These problems land differently depending on who you are. Individual whales and fund managers face direct edge erosion and whale hunting because their known wallets are actively monitored. Institutions with public brands face reputational risk when their positions are visible. Market makers face inventory exposure that can be front-run.
Test your own exposure
Before we dive into the solutions, see what data your wallet has exposed. Enter your Hyperliquid wallet address below to see what competitors, journalists, or copy traders can learn about your positions.
Why Hyperliquid subaccounts do not solve the problem
Hyperliquid offers subaccounts as a native feature. At first glance, subaccounts look like a privacy tool. They let you separate different strategies or portfolios under one master account.
Here is how they work. You can create up to 10 subaccounts after reaching $100,000 in volume. Every additional $100 million in volume enables one additional sub-account, up to a maximum of 50 sub-accounts as of the time of writing.
But things are a bit different when you look through the lens of Hyperliquid subaccounts privacy. The master account for Hyperliquid subaccounts is queryable on-chain and via the API. Every subaccount resolves back to its master account on-chain and via the API. One identified subaccount exposes the entire set.. They offer organisational separation, not identity separation.
In short, subaccounts are a useful trading feature. They are not a Hyperliquid privacy solution.
How ShieldTX works
ShieldTX, built by the team behind Avail, is a perp trading app designed specifically for Hyperliquid private trading. It gives you access to Hyperliquid's order book and liquidity without permanently connecting every trade to your public wallet identity.
When you trade through ShieldTX, your orders are routed to Hyperliquid through fresh trading wallets. Funds enter a shielded pool. The wallet that executes your trade is funded from that pool, not from your deposit. So there is no on-chain path from your funding wallet to your position, even for an observer watching both. The deposit and settlement are on-chain. The trading activity itself is not linked to your funding wallet.
Trades placed through ShieldTX are submitted to Hyperliquid and remain visible onchain and on the Hyperliquid orderbook. What changes is the attribution. Analysts and trading bots may still observe the activity, but they see it coming from a fresh wallet without an established identity or historical trading profile. This gives traders a clean separation between their public identity and a particular position, strategy, or trading experiment.
ShieldTX is intended for traders who want greater market confidentiality while maintaining the compliance architecture expected by professional desks. It is not designed to conceal trading activity from legitimate compliance processes or lawful requests. An internal audit history is maintained so that activity can be accounted for and reviewed where appropriate. The objective is professional confidentiality: private from the market, while remaining accountable where required.
How to trade perps privately on Hyperliquid: step by step
The ShieldTX private beta is live. You can request access, fund your account, and start trading shielded perps on every Hyperliquid perp market.
Here is how it works.
Step 1: Fund your ShieldTX balance
Deposit USDC into ShieldTX. Observers see the deposit, not what happens next. You can bridge from 10+ chains to the ShieldTX vault on Arbitrum. Deposits are free.
Step 2: Open a Hyperliquid perp
Place the trade inside ShieldTX. A fresh wallet is funded for it and the order routes to Hyperliquid's native order book. You access the same liquidity and fills as native Hyperliquid trading. There is a delay of a few seconds between placing a trade on ShieldTX and it hitting the order book, which is necessary to shield the trade. If you're interested in higher frequency shielding via the API then reach out. We're looking to optimise the specific trading features and performance with our beta users.
ShieldTX supports all Hyperliquid perp trading pairs today. You can use up to 40x leverage. Fees are shown separately at checkout and are separate from Hyperliquid's native fees. Private beta members get discounted pricing.
Step 3: Close and settle
Close through ShieldTX. Proceeds return to your shielded balance, separate from the wallet that traded on Hyperliquid.
Step 4: Withdraw
When you are ready, withdraw to an external wallet.
Who this is for
ShieldTX is designed for traders and organisations that want to:
- test new strategies without revealing every experiment publicly
- isolate different trading mandates or portfolios
- reduce unwanted monitoring and copy trading
- prevent individual positions from being immediately associated with their brand
- manage market signalling and reputational exposure
- retain access to Hyperliquid's liquidity without maintaining a complex network of wallets.
If you manage outside capital, trade significant volume, or need to separate your trading activity from your organisation's public identity, ShieldTX is built for you.
Summary
Hyperliquid's transparency is what makes it trustworthy and liquid. The problem is not the protocol. The problem is the surveillance infrastructure that has been built to exploit that transparency. Position hunting on Hyperliquid, strategy exposure, and public PnL history exposure are real structural costs for traders with size or a reputation to protect.
Subaccounts help with organisation, not privacy. VPNs help with network privacy, not execution privacy. The real need is to break the structural link between your funding wallet and your trading activity.
ShieldTX does exactly that. It is perp trading on Hyperliquid, without the public exposure.
Request access to the private beta and start trading shielded perps today.
Frequently Asked Questions
Can others see my positions on Hyperliquid?
Yes. Hyperliquid is fully on-chain. Every position, entry, size, leverage, and liquidation level is public and queryable by anyone in real time. Tools like Dexly and Hyperdash make this easy to monitor. Trades placed through ShieldTX hit Hyperliquid's orderbook but the link to your trading history and funding wallet is private.
Is Hyperliquid trading private?
No. By default, all Hyperliquid trading is public, including perpetuals. Execution privacy tools like ShieldTX break the link between your funding wallet and your trading activity, so positions are not attributed to your identity.
What is position hunting on Hyperliquid?
Position hunting (aka Whale hunting) is when adversarial actors see your visible liquidation level and trade against it, pushing the market toward your forced exit. Hyperliquid's transparency makes this data accessible to anyone with the tools to query it.
Do Hyperliquid subaccounts provide privacy?
No. Subaccounts organise strategies under one master account, but they are queryable on-chain and via the API. Anyone can tie them together.