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brierz

Finding · 25 Oct 2026 · data as of 23 Oct 2026

Why most Hyperliquid vaults can’t be rated yet.

2,674 of the 2,939 Hyperliquid vaults with money in them are not rated. Each one gets a reason instead of a score, and the most common reason, results driven by leader flows, is not about trading at all.

2,674 of 2,939checked vaults are not rated, each with its reason
59%of them: results driven by leader flows
$372.4Min not-rated vaults, 90% of all deposits

Every reason, by number of vaults

  1. Results driven by leader flows1,586 · 59%

    The leader's own deposits and withdrawals are large relative to the vault's capital; reported returns would primarily reflect capital movements rather than trading. Depositor flows are not counted.

  2. Insufficient independent decisions408 · 15%

    The record contains too few independent decisions to distinguish skill from chance.

  3. Risk-adjusted return not measurable278 · 10%

    The history is too short or too flat to measure return relative to risk.

  4. No trading activity264 · 10%

    No trades by the vault are recorded since the start of the data.

  5. Insufficient precision59 · 2%

    The 90% range is too wide or too unstable to support a tier.

  6. Range not reliably estimable44 · 2%

    The range could not be estimated reliably, or the history is insufficient to estimate it.

  7. Incomplete or inconsistent source data18 · 1%

    A required input was missing, partly retrieved or read at a different time from the others. The vault is reassessed in the next cycle.

  8. Value curve inconsistent with trades7 · 0%

    The vault's value curve and its trade-level results point in opposite directions, indicating that one of them is unreliable.

  9. Trading history exceeds current capacity6 · 0%

    The history is too large for the current calculation. Partial records are not rated.

  10. Assessment window too short4 · 0%

    Insufficient time has elapsed to support an assessment.

What this means

A refusal is a result, not a verdict. When a record can’t support a rating, Brierz says why instead of inventing a number.

The most common reason is about money, not trades: the leader’s own deposits and withdrawals are large next to the vault’s capital, so its value moves with them rather than with its trading. Depositors’ money is never counted against a vault.

What it takes to be rated

Enough independent decisions, a long enough window, and a result that comes from trading. Every vault with money in it is checked again as its record grows, under the same method.

Data as of 23 Oct 2026, method 0.9. Public data only: the Hyperliquid API and its trade archive. Live numbers for every vault are on the ratings list; how a rating is built is on the method page. Not investment advice.

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