Threat model

• Wallet search. HyperVeil is built so positions are not published as clearinghouseState on a user address, so a wallet can't be searched to open that trader's book. It is built for genuine unlinkability, not a display mask.
• Aggregate leakage. The pool's Hyperliquid position and fills are public. Large one-sided flow can still be visible as pool activity.
• Inference. Exact public prints, timing and amounts can support statistical linkage. Netting and batching reduce that risk; they do not erase it.
• Disclosure. Viewing keys are opt-in. Sharing one reveals your history to whoever holds it.

HyperVeil is built to keep trades from being linked to the trader's wallet. It does not make market activity invisible.