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Account Types

A Hyperliquid API Wallet is an authorized signing agent, not a new funded master account. Owly supports three trading account types:
  • API Wallet: connects a Hyperliquid master/EVM address through an authorized agent. Funds stay at that trading address.
  • Hyperliquid Sub-account: connects a native sub-account. You can select an existing sub-account or create one in the supported onboarding flow when the master wallet meets Hyperliquid’s requirements.
  • On-chain Lending (Alpha): connects a LeverAcc account, which uses collateral-backed USDC borrowing. Linking the account does not start trading; it can subsequently be configured for copy trading. The current Grid account selector excludes this type.
Your Owly main account handles login and management. A trading account holds or accesses the capital used by its strategy. These roles may use the same address or different addresses; adding an independent address does not automatically move funds from your login wallet. Owly generates and stores the API Wallet signing agents used for the first two account types. Authorization comes from the trading wallet or the native sub-account’s master wallet. All three account types share a limit of 10 active trading accounts per Owly main account. Hyperliquid’s own native sub-account eligibility and quotas are separate. Read Account Type for prerequisites and security boundaries, or follow Quick Start.

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Key Indicators

Compare metrics over the same time window and account scope. A value shown for perpetual trading is not necessarily a return on every asset held by the account.

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ROI and Return

Deposits and withdrawals are capital movements, not trading profit. A simple change in account value divided by its initial balance can therefore misstate performance. The copy trading portfolio overview uses NAV share accounting. External capital flows add or remove shares, and account value per share determines NAV:
For unified and portfolio margin accounts, this calculation uses Combined account valuation, including perpetual, spot, Vault, and staking value. Other supported account modes use perpetual account valuation. Portfolio ROI can consequently have a different scope from the perpetual PnL displayed alongside it. Other surfaces, including trader statistics and performance reports, can use different periods and return calculations. For example, backend performance reports adjust capital for the timing of cash flows using Modified Dietz. Read the metric tooltip and selected scope instead of assuming that every ROI label uses one formula. Missing account history, ledger data, or unsupported cash flows can make a return unavailable.

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Sharpe Ratio

Sharpe ratio measures excess return per unit of return volatility. A higher value generally indicates a better historical return for that volatility, but comparisons depend on the sampling period and methodology. It does not guarantee future performance.

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Max Drawdown

The largest observed decline from a peak to a subsequent trough over the measured history. It describes a historical loss, not a ceiling on future losses. Compare drawdown together with the return curve and selected period.

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Win Rate

Check whether the view measures completed trades, closing fills, or current positions. A high win rate alone does not establish profitability: a small number of large losses can outweigh many winning trades.

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Volatility

Volatility measures variation in returns. Lower historical volatility indicates a smoother return series over that period, without eliminating market risk.

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Copy Trading Logic

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Evaluating Traders

Use the available filters, sorting, trader history, and risk analysis together. Useful dimensions include profitability, drawdown, trading frequency, position concentration, and execution constraints. A ranking or historical score does not guarantee that the same results can be copied with a different account size or fee level.

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Account and Portfolio SL/TP

Individual copy strategies can have stop loss, take profit, and drawdown-from-high thresholds. The portfolio overview also offers a Portfolio SL/TP configuration covering a group of copy trading accounts. Portfolio SL/TP tracks configured initial-capital and profit baselines, with separate loss, take-profit, and drawdown thresholds. Review the covered accounts, check interval, and trigger values when saving or recalibrating it. It is broader than a stop order on one position. These controls can initiate protective closing when their conditions are detected. Polling intervals, data availability, liquidity, and execution affect the final result; a configured threshold does not guarantee an exact exit price or preserve principal. See Risk Management.