Introduction
Why private perps
What transparent perp venues expose, and what HyperVeil is built to keep unlinkable.
On a transparent perp venue, anyone can query an address and read its size, entry, leverage, unrealised PnL and liquidation price. That enables three things traders pay for:
- Wallet search: large accounts are found and followed.
- Copy-trading: strategies are mirrored as soon as they are visible.
- Liquidation hunting: known liquidation levels become targets.
HyperVeil is designed so market activity stays visible while it can't be linked to the wallet behind it. Prices are still discovered in the open, on Hyperliquid's book.
Same market, two designs
| Transparent venue | HyperVeil | |
|---|---|---|
| Trade prints | Public | Public |
| Positions searchable by wallet | Yes | Built so they aren't |
| Liquidation levels linked to a wallet | Yes | Built so they aren't |
| Prices and depth | Venue's book | Hyperliquid's book |