Why Use the Leaderboard?

The leaderboard isn't just a ranking of who made the most money—it's a research tool. By studying top traders, you can discover strategies that work in current market conditions, identify traders worth watching closely, and benchmark your own performance against the best.

But here's the catch: raw PnL numbers can be deceiving. A trader who made $100,000 this week might have just gotten lucky on one leveraged bet. Another trader who made $10,000 with consistent 60% win rate across 50 trades is likely far more skilled.

Key Insight: The best traders to follow aren't always at the top of the PnL leaderboard. Look for consistency, risk management, and sustainable returns over flashy one-time wins.

Understanding Timeframe Selection

PerpsTracker lets you view the leaderboard across multiple timeframes. Each tells a different story:

Timeframe Best For Watch Out For
24 Hours Spotting hot traders riding current moves Extremely volatile, luck plays a big role
7 Days Finding traders adapting to recent market conditions Still relatively short for consistent patterns
30 Days Identifying traders with sustainable edge May include different market regimes
All Time Finding truly consistent performers Old profits may not reflect current skill
Pro Tip: Start with the 30-day view to find consistent performers, then check their 7-day performance to see if they're still active and profitable in current conditions.

Key Metrics Explained

Beyond raw PnL, PerpsTracker shows several metrics that reveal trading skill:

Win Rate

The percentage of trades that closed in profit. But beware—win rate alone is misleading.

  • 60%+ win rate with reasonable risk/reward = excellent
  • 40-50% win rate can still be profitable with good risk management
  • 90%+ win rate often indicates tiny profits, huge losses (martingale risk)

Average Trade Size

Shows how much capital the trader typically risks per position. Larger isn't always better—consistent sizing shows discipline.

  • Look for consistent position sizing (not random huge bets)
  • Compare to their total account to gauge risk tolerance
  • Erratic sizing often signals gambling behavior

Trade Count

More trades = more data = more reliable statistics. A trader with 3 winning trades isn't proven. A trader with 100+ trades and consistent profits has demonstrated skill.

PnL Consistency

Look beyond total PnL to see HOW they made it:

  • Steady growth: Multiple profitable days/weeks = sustainable
  • Spiky returns: Few big wins, many small losses = risky
  • One huge win: Lucky gamble, not skill

Red Flags to Watch For

⚠️ Warning Signs of Risky Traders

  • Extreme leverage (50x+): One bad trade wipes everything
  • All-or-nothing sizing: Betting everything on single trades
  • Very high win rate (95%+): Usually hiding huge potential losses
  • Recent appearance: New wallets with perfect records = likely survivorship bias
  • Only one market: SOL-only or BTC-only traders may just be lucky on direction
  • Holding losers forever: Unrealized losses that never get cut

Finding Quality Traders

Here's a systematic approach to identifying traders worth following:

Step 1: Filter by Timeframe

Start with 30-day view. This filters out one-hit wonders and shows sustained performance.

Step 2: Look Beyond Top 10

The top spots often go to high-risk traders who got lucky. Check positions 15-50 for more consistent performers.

Step 3: Check Trade Count

Minimum 20+ trades in the period. Fewer trades = not enough data to judge skill.

Step 4: Evaluate Win Rate + PnL Ratio

A 55% win rate with positive PnL suggests good risk management (winners bigger than losers). An 80% win rate with barely positive PnL suggests they're letting losers run.

Step 5: Check Current Positions

Click on the trader to see their open positions. Are they sitting on huge unrealized losses? That inflated PnL might evaporate.

🎯 Quality Trader Checklist

  • Profitable across multiple timeframes (not just this week)
  • 20+ trades in the evaluation period
  • Win rate between 45-70% with positive overall PnL
  • Reasonable leverage (under 20x typical)
  • Trades multiple markets (not just one asset)
  • No massive unrealized losses hiding

Using the Leaderboard Strategically

For Market Sentiment

Check what top traders are positioned for. If most profitable traders are heavily long, that's a bullish signal (though it could also mean a squeeze is coming). If they're short, expect downside.

For Trade Ideas

When you see a quality trader open a new position, consider:

  • What's their entry price?
  • What leverage are they using?
  • What's their likely target based on past behavior?

Don't blindly copy—use it as one input in your decision process.

For Self-Improvement

Compare your metrics to top traders:

  • Is your win rate similar?
  • Are your winners as big as theirs relative to losers?
  • Are you trading as frequently or more selectively?

Beyond the Leaderboard

Once you've identified interesting traders, use other PerpsTracker features to go deeper:

  • Watchlist: Add traders to track their moves over time
  • Compare: Put two traders side-by-side to see differences
  • Live Trades: Get real-time alerts when they open new positions
  • Positions: See exactly what they're holding right now

🚀 Start Exploring

Ready to find traders worth following? Head to the leaderboard and start your research. Remember: the goal isn't to find someone to copy blindly, but to learn from proven performers and improve your own trading.

Explore the Leaderboard →

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