How performance is calculated
Transparent formulas, explicit limitations, and no invented history. These rules are applied deterministically to validated Hyperliquid data and stored UTC snapshots.
NAV and capital flows
The snapshot engine maintains a strategy unit value. Deposits and withdrawals change the number of units, not investment performance. For each interval, current equity is reduced by net external flows before the return is applied to the prior NAV. When precise flow data is unavailable, the interface labels the result estimated or insufficient rather than treating cash flows as profit.
PnL, fees and funding
Gross trading PnL is the sum of closed trade PnL. Net PnL subtracts trading fees and adds signed funding payments. Unrealized PnL is included in current equity and snapshot NAV, but is displayed separately from realized trade results.
Daily returns
All timestamps are stored in UTC. A daily close is the latest verified NAV observation at or before 00:00 UTC. Daily return equals closing NAV divided by the prior closing NAV, minus one.
Maximum drawdown
Each NAV observation is compared with the highest NAV observed up to that timestamp. Drawdown equals NAV divided by the running peak, minus one. Intraday maximum drawdown uses only the period for which five-minute snapshots exist; earlier minute-level history is never reconstructed.
Sharpe ratio
Sharpe uses daily NAV returns, a configurable annual risk-free rate (0% by default), sample standard deviation, and √365 annualization. A minimum of 20 daily observations is required.
Sortino ratio
Sortino divides mean excess daily return by downside deviation calculated from negative excess returns only, then annualizes by √365. It is not shown when history or downside observations are insufficient.
Volatility
Annualized volatility is the sample standard deviation of daily NAV returns multiplied by √365. The dashboard provides 30-day and 90-day windows only when enough daily observations exist.
Profit factor and win rate
Profit factor is profitable closed-trade PnL divided by the absolute value of losing closed-trade PnL. No losing trades is displayed as infinity, not as a fabricated large number. Win rate excludes zero-PnL and open trades.
Benchmarks and relative performance
TMC, PUMP, BTC and SOL are rebased to 100 at the selected window start. Relative Performance is the strategy return minus the benchmark return, expressed in percentage points. It is not described as alpha. Regression alpha and beta are withheld until sufficient matched daily observations exist.
Precision and rounding
Money-sensitive unit accounting uses fixed-point decimal arithmetic with 12 decimal places. Statistical ratios require square roots and are calculated in double precision after validated fixed-point inputs. Stored values retain database precision; display values are rounded only at presentation.