Trades Stream - Real-Time Trade Executions

Stream real-time trade executions as they occur on Hyperliquid. Each trade message contains the execution price, size, direction (buy/sell), timestamp, and participant wallet addresses.

How to Subscribe

Send a subscription message to the WebSocket endpoint:

{
  "method": "subscribe",
  "subscription": {
    "type": "trades",
    "coin": "BTC"
  }
}

Subscription Parameters

User Filtering

You can filter the trades stream to only receive trades involving a specific wallet address. This is useful for tracking your own executions or monitoring a specific trader's activity without processing the full trade firehose.

{
  "method": "subscribe",
  "subscription": {
    "type": "trades",
    "coin": "BTC",
    "user": "0x1ed8d101622beaf192d06137dfb220851bcad9fa"
  }
}

When the user field is provided, only trades where the specified address appears in the users array (as either buyer or seller) are delivered. The user field is optional — omitting it returns all trades for the coin, as before.

The first websocket message after subscribing is a subscriptionResponse; subsequent messages carry the trades channel payloads.

Response Field Reference

Understanding the side Field

The side field indicates which side of the order book the trade executed against:

• "A" (Ask): The taker sold into the bid. A market sell order matched with a resting buy order.
• "B" (Bid): The taker bought from the ask. A market buy order matched with a resting sell order.

Use Cases

Trade Flow Analysis

Monitor real-time trade executions to understand market momentum:

• Direction detection: Track whether buyers or sellers are dominating
• Large trade alerts: Identify whale activity by filtering on size
• Execution timing: Measure latency between your orders and confirmations

VWAP and TWAP Calculations

Build execution benchmarks from the trade stream:

• VWAP: Volume-weighted average price for execution quality analysis
• TWAP: Time-weighted average price for order slicing strategies
• Implementation shortfall: Compare your fills against market VWAP

Historical Trade Recording

Capture trade data for backtesting and research:

• Tick data collection: Store every trade for historical analysis
• Pattern recognition: Train ML models on trade sequences
• Market replay: Reconstruct market conditions for strategy testing

Wallet Tracking

Use the users field to monitor specific addresses. For dedicated tracking, use the user subscription filter to receive only trades involving a specific wallet — this is more efficient than filtering client-side.

• Whale watching: Alert when known large traders execute
• Copy trading signals: Track successful trader activity
• Smart money flow: Analyze institutional wallet behavior
• Execution monitoring: Track your own fills by filtering on your wallet address

Zero-Hash Trades (TWAP Fills)

Some trades on Hyperliquid carry a zero transaction hash:

0x0000000000000000000000000000000000000000000000000000000000000000

These are typically TWAP (Time-Weighted Average Price) fills. TWAP orders split large executions into smaller slices over time. The matching engine generates these fills internally, so they do not correspond to user-signed L1 transactions and have no on-chain hash.

Zero-hash trades are valid executions with accurate price, size, and participant data. Only the hash field differs from regular trades.

Subscription Management

Multiple Coin Subscriptions

Subscribe to multiple trading pairs on a single connection:

coins = ["BTC", "ETH", "SOL", "ARB"]

for coin in coins:
    await websocket.send(json.dumps({
        "method": "subscribe",
        "subscription": {
            "type": "trades",
            "coin": coin
        }
    }))

Unsubscribe

Stop receiving trades for a specific coin:

{
  "method": "unsubscribe",
  "subscription": {
    "type": "trades",
    "coin": "BTC"
  }
}

Get Access

Ready to integrate real-time Hyperliquid trade data?

• Volume Calculator - Estimate monthly message volume
• Contact Sales - Get your WebSocket credentials
• Dashboard - Manage your subscription

Stream institutional-grade Hyperliquid trade data with Dwellir's ultra-low latency infrastructure.