Background
Thomas Erhel is the founder of PerpLog, a trading journal and execution platform built specifically for Hyperliquid perpetual futures traders. An active trader with a background in orderflow analysis and AMT (Auction Market Theory), he built PerpLog to combine the discipline of a structured journal with the speed of native execution. His writing focuses on practical position sizing, risk-adjusted Kelly applications, playbook construction, and the structural mechanics of perpetual futures markets.
What I focus on
- Perpetual futures trading
- Hyperliquid DEX
- Position sizing
- Kelly criterion
- Orderflow analysis
- Risk management
- Trading playbooks
- Trade journaling
Why I built PerpLog
I built PerpLog because the trading journals I tried fell into two camps. The legacy journals (Tradervue, Edgewonk, TradeZella) were excellent for stocks, options, and futures but had no Hyperliquid integration — every DEX trade required manual CSV entry that didn't scale with active perp trading. The crypto-focused journals were generic multi-exchange dashboards that lacked depth on perpetual-futures specifics like funding cost tracking, oracle premium analysis, and proper Kelly sizing. Nothing combined sizing, execution, and journaling in one tool calibrated for Hyperliquid specifically.
PerpLog ships the trading workflow I wanted as an active Hyperliquid trader: real fee modeling on the position sizer, bracket orders that journal themselves, adaptive sizing based on segmented stats, and behavioral guardrails that catch tilt before it compounds.
Articles I've written
- Why We Killed the Season Prize Pool (and What We Replaced It With) — 8 min
- Position Sizing for Perpetual Futures: The Complete Guide — 8 min
- Kelly Criterion for Crypto Trading: A Practical Approach — 7 min
- How to Build a Trading Playbook (With Examples) — 6 min
- Understanding Funding Rates on Hyperliquid — 6 min
- Hyperliquid Trading Fees Explained: How to Minimize Costs — 6 min
- Why Every Trader Needs a Trading Journal (And How to Keep One) — 7 min
- Why We Killed Copy Trading on PerpLog — 4 min