Winners and losers, side by side

Net buying includes short covering; net selling includes new shorts. Flows are signed quantity changes valued at one current reference price, and only accounts observed throughout the window count. A missing or incomplete observation never counts as an exit.

Winners had positive 7-day and 30-day PnL when they joined the panel, losers negative on both. These labels describe selection, not skill or current profitability.

The Host is every leaderboard account the Captains' rules would admit: at least $10k, 7-day and 30-day PnL of the same sign, some volume over 30 days. It is drawn again every day, so its winners are today's winners. Up to 6,000 accounts, the largest first.

Each account is read by its open positions every thirty minutes. A flow is the change between two reads less than two hours apart, valued at the price of the second read: a position opened and closed between two reads is not seen, a liquidation counts as a sale. Per account, the changes over the window are netted first; buyers and sellers are counted by that net.