75% of Hyperliquid addresses are net unprofitable. When you see a trader-KOL with smart face on your feed, there is roughly a 3/4 chance that it lost money on perps. Once you understand how financial markets work, you will quit all discretional trading. Most .hl accounts you see in your feed are net unprofitable (go check their addresses) and the only ones profitable were either quantitatives (like @0xLoris) or were on the positive side of variance, i.e., luck (e.g., @NMTD8) p.s., if you solely rely on 'gut feeling' (luck), mathematically less painful for you would be playing a casino. A core reason discretionary traders suffer losses is market efficiency. In highly liquid and informationally dense markets, like commodities, large-cap cryptocurrencies, equities, and major indices, new information is priced into mark prices at remarkable speed. The news you just read? Already priced in. The technical indicator you rely on? Also priced in. Quantitative firms and exchanges operate with superior infrastructure, data access, and execution capabilities, making it exceptionally difficult (almost impossible) for manual traders to sustain an edge. Mathematically, the structure of these markets favor makers and systematic participants, while takers, particularly uninformed discretionary ones, face a persistent negative expected value, with the narrow exception of non-directional strategies with minimized costs, such as points farming. If you're an uniformed discretional trader (99.9% of readers), the most +EV course of action may be counterintuitive but is well-supported by the data: 1) Delete all trading apps (esp. mobile ones) 2) Quit all trading 3) Be on the side of the profitable exchanges (i.e., get exposure to them via their coinized shares, such as $HYPE, $LIT, $BNB) 4) Become a maker (p.s., providing exit liquidity through AMMs or retail tools like treadfi is extremely negative expected value for you) Hyperliquid