Every number,
defined.
Implyra is a trader-intelligence platform for prediction markets. It tracks who is trading what on Polymarket, Kalshi and Hyperliquid: wallet profit and loss, whales, smart money, wallet clusters, funding relationships and market signals, in a free web terminal and an enterprise API.
This page is the reference for what Implyra covers and what each figure and label in the terminal means.
Three venues. One record.
Polymarket
Since
Markets, order-book fills, wallets, positions, P&L, clusters, cohorts, funding.
First order-book fill in the data. Earlier AMM trades (from Sep 2020) are used only as cost basis.
Hyperliquid
Since
Perpetuals and HIP-4 outcome markets, traders, positions, P&L, clusters.
Continuous coverage of perps and outcome markets starts here.
Kalshi
Since
Events, markets, prices and trades.
Kalshi publishes trades without trader identities, so there are no Kalshi wallets or trader P&L.
Live panels also re-read the latest copy every 20 seconds while a page is open. Every panel shows when its data was read.
- Polymarket trader rankings
- 10 minutes
- Polymarket positions and closed-position stats
- 5 minutes
- Hyperliquid leaderboards
- 5 minutes
- Market signals
- 15 minutes
- Cohort positioning and market correlations
- 30 minutes
- Risk metrics and smart score
- Hourly
- Wallet clusters
- Daily, 04:00 UTC
What a wallet made, and how we count it.
- Realized P&L
Per wallet and market, the cash a wallet took out (sells, merges, redemptions) minus the cash it put in (buys, splits), including taker fees. It is booked once the market has resolved and the position is closed.
- Unrealized P&L
For open positions in markets that have not resolved, (current price − average cost) × shares held. Average cost follows Polymarket: order-book buys at their price, splits at $0.50, neg-risk conversions at the cost of the shares given up. Inactive placeholder outcomes are valued at 0. Total P&L is realized plus unrealized.
- Win rate
The share of a wallet’s closed positions that made money. A position is one wallet in one market, both outcomes together.
A high win rate is not an edge on its own: buying outcomes at 95¢ or more wins most of the time and can still lose money overall.
- Why figures can differ from Polymarket’s profile page
Implyra rebuilds P&L from on-chain fills, splits, merges, redemptions and neg-risk conversions rather than copying Polymarket’s own number, so the two can disagree for some wallets.
- Neg-risk conversions are modelled as in Polymarket’s P&L subgraph: the No shares given up leave at their average cost, and the Yes shares received carry the rest of the cost.
- Share transfers between wallets outside a trade are not modelled. Shares received by transfer have no recorded cost, so those positions are never booked as realized; shares sent away keep their cost and read as a loss.
- Maker rebates and liquidity rewards are not included.
- Redemptions made by Polymarket’s auto-redeemer are credited to the wallet that held the shares.
Whales, smart money and new wallets.
- Whale
A wallet holding large positions right now.
- Polymarket: open positions worth at least $50,000.
- Hyperliquid outcome markets: at least $50,000 gross notional, or a position of at least $10,000 in the market shown.
- Hyperliquid perps: a portfolio of at least $50,000, or a single position of at least $100,000.
- Smart money
A wallet with a sustained, profitable record: enough closed positions to judge, a win rate of 60% or more, and real profit.
- Polymarket: at least 20 closed positions, a win rate of at least 60% and at least $5,000 in total P&L (realized plus unrealized).
- Hyperliquid outcome markets: at least 5 closed positions, a win rate of at least 60% and at least $1,000 realized P&L.
- Hyperliquid perps: at least 20 closed positions, a win rate of at least 60% and at least $5,000 realized P&L.
Past results only. The label does not predict future trades.
- New wallet, sizable position (the “Insider” flag)
A wallet whose first activity was within the last 48 hours and that already holds a position worth at least $100 in the market shown ($500 on Hyperliquid perps).
The flag describes wallet age and position size only. It does not mean the trader had non-public information, and Implyra never alleges that anyone did.
- Smart score
A 0–100 score for Polymarket’s 5,000 highest-volume wallets: profitability 30% (win rate and ROI), risk 25% (Sharpe, Sortino, maximum drawdown), consistency 20% (winning and losing streaks), volume 15% and experience 10% (number of positions). Each part is scaled between fixed bounds.
Clusters, funding and signals.
- Wallet cluster
A group of wallets that behave alike. Pairs of wallets are scored 60% on the markets they share and 40% on shared funding sources; pairs scoring 0.5 or more are linked, and community detection (Louvain) forms groups of two or more.
- Shared markets: Jaccard similarity of 0.3 or more.
- Shared funding: USDC deposits of $100 or more from the same outside address in the last 60 days. Exchanges and bridges are excluded.
A cluster is a behavioural pattern, not proof that one person controls the wallets.
- Funding graph
The on-chain collateral transfers into and out of a wallet (USDC.e, and since April 2026 pUSD minted from a wallet’s deposit address): who funded it, multi-hop traces back to labelled sources such as exchanges and bridges, and other wallets funded from the same address.
- Cohorts
Traders grouped by all-time P&L (from “extremely profitable”, +$100,000 or more, down to −$100,000 or worse) and by portfolio size (from under $1,000 up to $500,000 or more). For each market, Implyra shows how each cohort is positioned on Yes and No.
- Market correlations
The Pearson correlation of one-minute prices over 1, 7 and 30 days, between active markets (over $1,000 traded in 24 hours) that share holders. Only pairs with |r| above 0.3 are kept.
- Signals
Rule-based market alerts, checked every 15 minutes: volume up more than 500% in an hour, more than three whales or more than two new wallets entering or leaving in an hour, or the Yes price moving more than 20% in four hours.
The written explanation on a high-severity signal is generated by an AI model and labelled as such.
Short answers.
- How do I see a Polymarket wallet’s profit and loss?
- Search the wallet address or Polymarket username in the Implyra terminal. The trader page shows realized and unrealized P&L, P&L over time, open and closed positions, every trade, related wallets and where the wallet was funded from. It is free and needs no account.
- How far back does Implyra’s data go?
- Polymarket order-book fills from 21 November 2022, Kalshi trades from 11 March 2026, and Hyperliquid perps and HIP-4 outcome markets from 2 May 2026.
- Can I see who is behind a Kalshi trade?
- No. Kalshi is a regulated exchange that publishes trades without account identities, so Implyra covers Kalshi markets, prices and trades but not Kalshi traders. Wallet-level analysis is available for Polymarket and Hyperliquid, where trades settle on-chain.
- Does a high win rate mean a trader is skilled?
- Not on its own. A wallet that buys outcomes priced at 95¢ or more wins about as often as the price implies, and one loss can erase many small wins. Implyra’s smart-money label therefore requires profit and a minimum number of closed positions, not just a win rate.
- Is the data available through an API?
- Yes. The Implyra API serves trader rankings, wallet positions and history, market discovery, cohorts, funding relationships and Polymarket–Kalshi market matches, with an OpenAPI contract.
See the definitions
applied, live.
Building on the data? The API coverage notes list units and windows per endpoint.