The Algorithm Launchpad

PnL processes market data and portfolio targets on a one-minute clock. Its accounting records allocations, trading costs, funding and attributed performance separately for each exchange account.

Algorithms can make decisions less frequently, holding their targets between evaluations. Completed intervals are booked afterward, once the required data and execution records are available.

The Live Ledger describes PnL’s internal execution and accounting records; users’ positions settle on Hyperliquid or Lighter.

Algorithms run in PnL’s deterministic virtual machine. Each program reads declared market inputs, maintains bounded internal state and produces target exposures. The compiler checks computation and memory limits before execution, and the runtime enforces them.

The same engine supports backtesting and live execution: the same program, inputs and state produce the same targets. Programs cannot access external services or the host’s clock.

The algorithm contract defines how a strategy interacts with the Algorithm Virtual Machine. It declares the market data the program can read, when it runs, the state it carries between evaluations and the resources it can use.

At each evaluation, the AVM supplies those inputs and the program’s previous state. The algorithm computes its next state and target exposures: the positions it wants to hold. PnL’s portfolio and execution services then translate those targets into trades for each subscribed account.

This shared interface lets strategies be validated, backtested and run live under consistent execution rules. The program is tied to its strategy, engine and language identities, making its outputs reproducible from the same inputs and state.

Before listing, algorithms must pass PnL’s evaluation gate. Once listed, their strategy, parameters, markets and execution configuration are fixed. Changing the strategy requires a new listing and a new track record.

The Live Ledger enforces these restrictions, preserving the connection between a strategy and its performance history. Presentation and lifecycle status can still change, including halting or delisting.

Traders choose an allocation and leverage for each algorithm. Copy follows its target exposures; Counter reverses them. PnL combines those allocations into one net target per market within each exchange account.

1 BTC long − 0.6 BTC short = 0.4 BTC long

Algorithms produce targets; PnL’s portfolio layer does the netting. Hyperliquid and Lighter accounts are kept separate. Netting reduces opposing exposure and the turnover needed to reach the account’s target.

PnL’s execution service reconciles portfolio targets with actual positions and working orders, checks account risk limits, and places trades on Hyperliquid or Lighter using delegated exchange trading keys.

Funds stay in users’ exchange wallets at all times. The delegated keys cannot withdraw them.

PnL manages the linked exchange account, so keep manual trading in a separate account. Revoking trading access stops execution but does not close existing positions.

Each algorithm runs on PnL’s Live Ledger with simulated funds, building separate Copy and Counter track records using live exchange order books. Actual trader returns can differ from these simulated results.

Builders earn platform trading fees when their algorithms contribute positively to traders’ performance. After referral commissions, up to 50% of eligible remaining fees is shared with qualifying builders, weighted by allocations and recent positive performance.