How every number is calculated

Simulated trading at live market prices. No real money; no order reaches a real venue. Prices come from real markets. Fills, positions and profit or loss are computed here and written to an append-only ledger.

Where the same exposure is available from several sources, only the Hyperliquid one is listed.

Yahoo Finance is not an official exchange feed and will be replaced by a licensed delayed source before a wider launch. Each UK fill records the one-minute bar it used.

Fill in full at the last best bid or ask read. No book depth, fees or slippage, so a large order fills better than on a real venue.

Rejected if:

• the price is more than 30 seconds old
• that side of the book is empty
• cash or margin is insufficient (cash reserved for open orders counts as spent)
• a season is settling or opening (a few minutes at each season boundary)

A UK order never fills at a price that exists when it is placed. It fills at the open of the first one-minute bar that starts after the order, plus or minus a published half spread, so a live screen gives no edge over the 15 minute delay.

• The fill confirms about 16 minutes after the order. Until then the cash is reserved, not spent.
• Orders placed while London is closed fill at the first bar after the next open.
• Pending UK orders cannot be cancelled. If no usable bar arrives within 5 days, the order is cancelled.
• No limit, stop-loss or take-profit orders on UK stocks.

A resting order is placed on the first price check where its condition is met. It never fills better than the market observed at that check.

• A limit that is marketable when placed fills immediately at the best price, like a market order with a price cap.
• A stop-loss or take-profit that would trigger immediately is rejected.
• Each check settles liquidations before resting orders, so a stop never fills beyond the liquidation price. If both are crossed in one check, the position is liquidated and the stop cancelled.
• Good until cancelled, up to 30 days. Cancel any time. Max 50 open orders per account.
• All or nothing. Orders resting at the same price all fill on the same check; fills do not consume the real book.
• A price that crosses your level and reverts between two checks triggers nothing.

• Maximum leverage is the venue’s limit for each instrument. Isolated and cross margin.
• Maintenance margin is half the initial margin at maximum leverage (the venue’s published formula).
• A position is liquidated when the mark crosses its liquidation price, and closed at the liquidation price. You keep the maintenance margin; cash never goes negative. A real exchange can fill worse.
• Liquidation is checked every 10 seconds. A wick that crosses and reverts between checks does not liquidate.
• Shorts are margin-checked the same way as longs.
• Funding settles every 8 hours at the sum of the venue’s hourly rates over that window.

• One season for the whole site, set by the operator. Seasons never overlap; once set, dates cannot be changed.
• At season end, open orders are cancelled and every position settles at the settlement price. Final standings are frozen.
• A leveraged position returns its margin plus profit or loss, long or short.
• Every account then resets to $10,000 for Free play: trading is open, nothing is ranked.
• When the next season starts, Free play positions close and every account resets to $10,000 again.

Time-weighted. Daily return is (NW_t − flow_t) / NW_t−1 − 1, where flow is money paid in that day (starting balance, referral bonuses). Cumulative return is the product of daily returns, so a bonus never counts as a gain.

Equity is sampled every 15 minutes. The daily close is the last sample of each UTC day. A return needs two daily closes.

Approximation: deposits are netted per day, not at the moment they land. Error below 1 basis point at these sizes.

Rankings use return only; hit rate and profit factor swing too much over a few trades. A dash means not computable yet, never zero.

• Organisations apply to be created; each application is reviewed by hand. Admins approve members and assign teams.
• Organisations use the site-wide season. Name changes are reviewed before they take effect.
• A team is one portfolio: members’ equity is combined, then return is computed on the total (not an average of member returns). Its closes are all members’ closes.
• After each season settles, every member and every team receives a badge, good or bad, with the metrics above and rank, written to the ledger. Names are copied at issue; later renames do not change it.
• Each badge is verifiable at its /v/ link, which shows its ledger entry.
• Team matches use rosters frozen when the challenge is accepted.
• Traders outside an organisation appear on the individual leaderboard but receive no badges.

Trading needs an account (email and password). Markets and standings are public. One account per email. Only a hash of the email is stored.

A short record is mostly luck: a few weeks cannot separate skill from variance. Annualised figures stay hidden until there are enough observations, and every record shows its number of days. Fills here are kinder than a real venue: no fees, no slippage on market orders, no queue.

The market data API serves the same prices.