Start with account survival
Read account value, withdrawable balance, margin used, and the notional of the largest positions together. A wallet can show positive unrealized PnL while having too little room for an ordinary adverse move. The first result of a check should therefore be whether the account can absorb volatility, not whether its current trade looks clever.
Map concentration before performance
Combine positions that express the same underlying risk. Spot HYPE, a HYPE perp, a Hyperliquid vault, and correlated ecosystem exposure can look like separate rows while behaving as one concentrated bet. Concentration and liquidation distance are more actionable than a single historical return number.
Use fills to judge timing
Public fills show whether the wallet entered before the move, added after momentum was obvious, or is already reducing exposure. Compare recent fills with current price, funding, and position size. A source wallet with a good entry can still be a bad copy when the available entry is much later.
Read vault and permission context
User vault equities reveal capital already delegated to vault strategies. Agent or builder permissions are a different surface: they describe who can sign trading actions or attach a fee, not whether the current position has edge. Keep wallet state, delegated exposure, and permissions separate in the briefing.
End with one falsifiable next move
The output should be one action, one watch condition, or one reason to do nothing. State what evidence would invalidate the recommendation, such as funding flipping, margin headroom shrinking, or a whale reducing the position. More rows do not mean more clarity.