Risk disclosure
Copying a trader can lose you money, including all of it.
MirrorTrade places leveraged perpetual futures orders in your own account, automatically, in response to trades made by a stranger you chose. A single price move can take your entire margin. Nothing on this site is a prediction, a recommendation, or a floor under your losses. If losing the whole balance would change your life, do not put it here.
The six that catch people out
- The key can trade your account to zero. It cannot withdraw — but trading is enough to lose everything, and that is a different sentence.
- The fee is charged on turnover, not on gains. A busy trader can cost you more in a flat year than a quiet one costs in a good one.
- You are behind, always. You get a later price than the trader did — sometimes better, sometimes much worse.
- Some trades never reach you. Small ones, fast reversals, outages. We print which and why; we cannot undo them.
- Their record is theirs. It was made in their account, at their size, with their timing. None of that transfers.
- We have not measured everything. §11 is the list of what we have not, published as a list rather than left out.
This summary exists so that you read something. It is not complete, it is not the agreement, and where it differs from the numbered sections below or from the terms, those win.
Who this is for
This disclosure is for anyone considering using MirrorTrade to copy a trader on the Hyperliquid protocol. It is written to be read before you approve anything, not after something goes wrong.
It does not list every risk. It lists the ones that have actually cost people money in products of this shape, plus the ones specific to how MirrorTrade works. Where a risk here is also a term of the agreement, the terms of service are what binds; this page is written to be understood, not to be argued from.
Nothing here is advice. We do not know your circumstances, your other positions, or what a loss would mean for you. Deciding whether any of this is suitable is yours alone, and if you are not sure, the correct action is to not start.
You can lose everything
Perpetual futures are leveraged instruments. The position MirrorTrade opens for you is larger than the margin backing it, so a price move against you consumes that margin faster than the same move would consume a spot holding. Total loss of the balance you allocate is a normal outcome of this product, not an edge case.
Losses are not capped at what you have made. They are capped at your margin, and that cap can be reached in a single move, in seconds, while you are asleep and while nobody at MirrorTrade is watching your account — because nobody at MirrorTrade watches your account.
Copying does not diversify anything. Following one trader concentrates your risk into one person's judgement, and following several can still leave you in the same crowded position several times over, because traders on the same venue tend to be long or short the same things at the same time.
What the agent key can do
To copy anyone, you approve a Hyperliquid agent key. It is the protocol's own mechanism, and the exchange itself refuses withdrawal and transfer instructions signed with it. We cannot withdraw your funds. That is a real, enforced limit and it is why your money never leaves your account.
We generate that key and we hold it. It is created on our servers, stored encrypted, and loaded into the engine that trades your account. This is what makes copying work while you are asleep, and it is also the part you are trusting us with — see the list below for what that trust is exposed to. A service that never held a key could not place your orders for you.
It is not the same as being safe. Within that limit the key can open, increase, reduce, reverse and close positions in your account. A key that can only trade can still lose you everything — by trading. Anyone who tells you a trading key means your money cannot be touched is describing custody, not risk, and hoping you will not notice the difference.
Concretely, the ways that key can cost you money include:
- the trader you follow trades badly, and it is faithfully reproduced;
- a defect in our software sizes, repeats or reverses an order wrongly;
- someone compromises our systems and uses the key to trade your account against you — they still cannot withdraw, and you can still be left with nothing;
- your own settings turn out to be more aggressive than you understood.
You can revoke the key from your own wallet at any time, without asking us and without our cooperation. Revoking stops all future copying immediately. It does not close positions that are already open — those remain yours to manage.
The approval also expires on its own, after 90 days. Hyperliquid puts a fixed 90-day life on every agent approval. It is the exchange's rule, not ours; it is not documented publicly, and we established it by measuring one approval and reading the expiry back from the protocol. When it lapses, copying stops — and it stops the way this document keeps warning you about: with no error, no message from the exchange, and nothing visible on your account. The trades simply stop arriving. We track the expiry date on every account we run and warn you 14 days before it falls due, in the dashboard and by email, but we cannot renew it for you: re-approving takes a signature from your own wallet. If our warning does not reach you — wrong address, spam folder, an outage on our side — the expiry still happens on schedule.
Leverage and liquidation
If your margin falls below Hyperliquid's maintenance requirement, the protocol closes your positions automatically. Liquidation is performed by the exchange, not by us. It happens without warning, at whatever price the market offers, and there is no opportunity to add margin once it starts.
Two things make liquidation more likely here than in manual trading:
- You are copying somebody else's risk appetite through your own balance. Scaling makes your position proportional to theirs; it does not make their tolerance for drawdown yours.
- Positions can be opened while you are not there. That is the entire point of the product, and it means a position can be opened, move against you, and be liquidated without you ever seeing it.
Markets gap. Funding is charged on perpetuals and can run against you for as long as you hold. In fast conditions, order books thin out and the price you are filled at can be far from the price you saw.
You are always behind
MirrorTrade reacts to a trade after it has happened. The trader's order reaches the exchange, the exchange publishes the fill, we read it, we scale it, and we send yours. That sequence has a floor greater than zero, and you are on the far side of it every single time.
What that delay costs you is not fixed. If the price moved in your favour in between, you are filled better than the trader. If it moved against you, worse. On a violent candle it can be much worse, and the moves where being late hurts most are exactly the moves that make a trader's record look good.
Any latency figure we publish is a historical measurement taken under stated conditions. It is not a service level, not a guarantee, and not a floor under load. A busier system is a slower one. Treat any number of ours as a description of what happened on particular hardware on a particular day, and see §11 for what we have not measured about this.
Fills you will not get
Copying is best-efforts. Some of the trader's fills will not appear in your account, and it is better that you learn the reasons now than from the record afterwards.
- The order is too small. Hyperliquid rejects orders under $10. When your scaled share lands under that, MirrorTrade rounds up to the minimum where your settings allow it — down to a $6.50 floor — and skips it below that. Rounding up means taking a position larger than your share called for, which is a real cost, disclosed rather than hidden.
- The trader was too fast. If they open and close inside the time it takes to reach your account, there is nothing sensible to copy and the trade is skipped.
- The price moved past your band. Orders that would fill outside the tolerance you set are not sent.
- We were down. See §10.
How often this happens depends almost entirely on the trader, and the effect is much larger on the count of trades than on the money involved. In our measurements of public trading, the median copyable trader at a $1,000 account loses 23.3% of the trader's individual fills to the $10 minimum while losing 0.65% of the notional. At the 75th percentile it is 51.8% of fills and 6.9% of notional (n=18 traders copyable at that deposit). That is the shape of the problem: your screen can look half empty while your P&L is tracking closely, and both are true at once. Neither of those two numbers means anything without the other — the count is what you see, the notional is what your P&L follows.
Where we can see in advance that a pairing will not work, we say so, and below a floor we refuse the pairing rather than sell you a service we cannot deliver. That check is made on the trader's past behaviour and can be wrong about their future behaviour.
What the fee costs over a year
The fee is charged on the notional MirrorTrade copies for you — every open and every close — and never on your profit. That sounds cheaper than a performance fee, and for a slow trader it is. For a fast one it is not, and the difference is much larger than most people expect.
The cost is driven by the trader's turnover, not by your deposit. Doubling your deposit doubles the fee in dollars and leaves the percentage exactly where it was, so there is no account size that makes a high-turnover trader cheap:
Annual fee as a share of your own equity, calculated as monthly turnover × 12 × the rate. Turnover is our own measurement of 19 traders' public trading, 18 of them chain-verified — their trades, not ours, which is why we can publish it. Each trader's turnover is what they traded over a day, expressed as a monthly rate, divided by the same equity figure the engine itself uses to size a copy — their highest balance of the last 30 days. The rates are the published tiers on our pricing page. Nothing in this table depends on how much you deposit.
Measured 6 August 2026. Reviewed every three months; next review November 2026. We deliberately do not recompute this table every time our own refresh runs. That refresh samples between three and ten traders twice a day, and a median over that few swings by two orders of magnitude between consecutive runs — republishing it each time would move the numbers on this page for reasons that have nothing to do with how traders actually behave. The list of traders you can copy is current; these figures are a fixed measurement with a date on it. They are different things and we would rather say so than blur them.
Read the bottom of that table before you read anything else on this site. The busiest trader we measured would cost you very nearly your whole balance in fees over a year, in a year where their trades netted out flat. That is arithmetic, not a warning about a rare event — and it is the strongest argument there is for looking at a trader's turnover before looking at their return.
What this measurement cannot see, stated plainly. We watch a trader for up to a day and state the result as a monthly rate. A trader we happened to catch during an unusually busy stretch reads as busier than they are, and one we caught during a quiet one reads as quieter. We drop any trader we managed to observe for less than six hours rather than publish a figure scaled up from almost nothing — an earlier draft of this table carried a 1831× entry that came from fifteen trades seen over two and a half minutes, and we are not going to quote a number like that at you. These figures are a measurement with real limits, not a forecast, and §11 lists what we have not measured at all.
We show a projected annual fee drag for the specific trader you are considering before you approve anything, and flag it when it is high. That projection is built from their past turnover and will be wrong if their behaviour changes. Hyperliquid's own trading fees are charged on top of ours — 4.5 bps taker, more than our entry rate — and go to the exchange.
The trader is not vetted
We do not select, endorse, rank by quality, interview, or perform any diligence on the people you can follow. What we publish about them is the record of what they did on-chain, reconstructed from the exchange's fill stream. That record is evidence of the past and nothing else.
- Past performance does not predict future results. A run of good months is exactly what a trader looks like immediately before their worst one.
- A visible record can still be a misleading one. Traders can hold losses without realising them, trade elsewhere at the same time, or run positions in accounts you cannot see.
- Incentives may not be aligned. A trader may earn from having copiers regardless of whether copying them works out, and may charge a share of their own on top of our fee, shown on their card before you follow.
- They can stop, change strategy, or blow up without telling anyone, and the first you know of it will be your own account.
Anyone can be followed by anyone. A trader has no duty to you, no relationship with you, and no obligation to consider your account when they trade.
Hyperliquid is its own risk
Everything here happens on the Hyperliquid protocol. We are not Hyperliquid, we do not control it, and we cannot compensate you for what it does.
- It sets margin requirements, liquidation logic, order minimums and its own fees, and it can change any of them at any time.
- It can be congested, degraded, halted or unreachable, including at the moment you most want out.
- Smart contracts and protocols can contain defects and can be exploited. An exploit, fork or governance decision can affect your balance regardless of how your positions were doing.
- Your relationship with Hyperliquid is governed by its terms, not ours.
Nothing in your account is protected by any deposit guarantee or investor compensation scheme. There is no protected balance, no regulator standing behind it, and no mechanism by which anyone makes you whole. This is true of the exchange and it is true of us.
Our software and our servers
MirrorTrade is software written by people, running on machines that fail. It has defects we have not found yet.
When we go down, nothing new is copied and nothing open is closed. Your existing positions stay exactly as they are — they are yours, on the exchange, not held by us. The risk in that is specific and worth stating plainly: if the trader you follow exits during our outage, you do not exit with them. You can be left holding a position the person you were copying has already abandoned, and it stays open until you close it yourself or the exchange liquidates it.
Every fill missed during an outage appears in your record afterwards, labelled as an outage. That is disclosure, not a remedy. Managing an open position is always your responsibility, and never more so than when we are unavailable.
We may also suspend or discontinue the service, or stop supporting a particular trader, under the conditions set out in the terms.
What we have not measured
Most services publish what makes them look good and say nothing about the rest. The list below is the rest. It exists because a number we have not taken is more dangerous to you than one we have, and the honest place to put it is next to the risks rather than in a footnote.
Items leave this list by being measured and published with their conditions, not by being quietly dropped. If something you care about is missing from both this list and the site, ask us — the address is in §14.
Legal, regulatory and tax
MirrorTrade is not an investment adviser, broker, dealer, exchange, fund manager or portfolio manager, and copying a trader through it does not create an advisory or fiduciary relationship. We exercise no discretion over your account: every order is the mechanical result of settings you chose and a trade someone else made.
Leveraged derivatives are prohibited or restricted for some people in some places, and the treatment of both the instruments and the protocol can change at short notice, including in ways that cut off your access while you hold a position. Whether you may lawfully use this service where you live is your responsibility; the restrictions we are aware of are listed in the terms.
Copied trades are your trades for tax purposes, and there can be a great many of them. We do not provide tax advice or tax reporting, and we do not withhold anything on your behalf.
Before you start
If you decide to go ahead anyway, the things below reduce the chance of a surprise. None of them reduce the risk of loss.
- Allocate only what you can lose in full, and size it as though the worst week in the trader's record is ahead of you rather than behind.
- Look at the trader's turnover before their return, and read §7 against it.
- Set a per-trade ceiling. It is the one setting that limits how wrong a single copied trade can go.
- Know how to revoke the agent key from your own wallet, before you need to.
- Understand that pausing stops new copies and does not close what is open.
- Check the fill record early, so you learn what your trader's misses look like while the amounts are small.
If any part of this page was unclear, treat that as the answer. Not starting costs you nothing.
Contact
Questions about anything on this page — including anything you think is missing from §11 — go to support@mirrortrade.xyz, which a person reads.
Security issues go to security@mirrortrade.xyz. The entity behind MirrorTrade, and where formal notices go, are in the terms.