A strategy finds the trade. You see what it can cost. You decide.
Run a trading rule on live Bitcoin, Ether and Solana futures prices from four crypto venues, on practice funds.
No login, no wallet and no real money to start. With real funds you can lose money, and a stop is not a guaranteed maximum. Practice funds are simulated, and a practice result is not a return. What limits a loss, and what does not
Order book
Connecting
BTCSell offers sit above the middle and buy offers below, added up across venues. Venues trade their own contracts at slightly different prices, so each is placed at its own middle. Total is the size from the best price out to that row.
| Price | Size (BTC) | Total (BTC) | By venue (BTC) |
|---|---|---|---|
| Asking for the BTC book. | |||
Five stages, always in this order
Shown on practice funds. With real funds a strategy is authorized once, when you start it.1 Fund
- You
- Choose an amount of practice funds. No login, no wallet, no real money.
- You see
- The amount split across four simulated venue accounts, each balance marked practice.
2 Pick a strategy
- You
- Choose one rule and set its safeguards: a size cap per trade and the losses at which the account stops itself.
- You see
- What the rule does and what makes it act, in plain words.
3 Watch
- You
- Nothing. The strategy reads the market and waits.
- You see
- Its confidence beside the confidence it needs, and how far short it is.
4 Authorize
- You
- Read what the entry can cost, then press Start Trading or decline. Declining costs nothing.
- You see
- The entry the strategy found: its orders, its fees and how much more the account can lose before it stops itself.
Example reviewPractice USD · an example, not live - Entry
- Buy BTC perpetual
- one order, on Hyperliquid
- Size
- 247.50
- the size cap of a 1,000 account
- Fees to open and close
- —
- the venue’s fee, paid twice
- Stops itself after a further loss of
- 30.00
- 3% of 1,000
A fast market, a thin book or a venue that stops answering can cost more than that stop.
5 Track
- You
- Pause, or stop and close, whenever you like.
- You see
- The position, each decision and your exposure against each limit. A loss is drawn as plainly as a gain.
You can lose money.
These safeguards can reduce a loss. None of them caps it.
On the recorded sample and in an overnight soak, every strategy here lost money after fees at its default settings. Kurikuri reports that and claims no edge.
Practice funds are simulated. Orders fill on paper against the public books at assumed fees. Delay, queue position and liquidation are not modelled, so a practice result is not a return and does not predict one.
Size cap per trade
Does No position on one venue is larger than the cap you set before the strategy starts.
Does not It does not limit how far the price can move against a position of that size. A two-venue strategy opens two of them.
Loss stop
Does At a loss you set in advance, measured from where the run started and from its highest point since, the account closes its positions and halts.
Does not It does not set the most you can lose. It acts when the loss is measured, which needs fresh prices from every venue, and its closing orders fill at the prices then available. A fast market, a thin book or a venue that stops answering can cost more.
Confirmation before an entry
Does The strategy holds the entry it found and shows you its orders, its fees and how much more the account can lose before it stops itself. It places nothing until you press Start Trading. Declining is one press.
Does not It does not cover exits. A close or a stop never waits for you. It does not ask again once you authorize later entries too. It is not advice, and it states what an entry can cost, never what it will earn.
Pause
Does The strategy places no order while paused, its own exits included. The loss stops still act.
Does not It does not close anything. Open positions stay open and keep moving with the market.
Stop and close
Does Ends the strategy, cancels its resting orders and sends closing orders.
Does not It does not close at once. A position stays open until its closing order fills. Signing out does not stop a running strategy.
Real funds get less. A strategy on the Hyperliquid account is authorized once, for a whole run, and then opens and closes positions without asking. The operator of the server sets its caps and its loss halt, and they do not change the venue’s margin mode or leverage. An order you sign in your own wallet on Pacifica or Jupiter Perps has no cap and no loss halt.
Live now on four venues
loadingWorth a look
Reading the board’s history…
The table is wider than this screen. Scroll it sideways for all four venues, the differential and its history.
| Market | Hyperliquid | Pacifica | Phoenix | Jupiter Perps | Widest funding differential | Differential history | |
|---|---|---|---|---|---|---|---|
| BTC perp | — | — | — | — | — | loading history | opens the lab at the plugin defaults |
| ETH perp | — | — | — | — | — | loading history | opens the lab at the plugin defaults |
| SOL perp | — | — | — | — | — | loading history | opens the lab at the plugin defaults |
These are the rates the venues report right now. A funding gap pays only while it lasts, and it seldom lasts the days a round trip needs.
How to read this board
Funding is each venue's reported hourly forecast, annualized; positive means longs pay. “Fees earned back” divides the round-trip taker fees on both legs by the carry per day if the differential stayed where it is now, which it rarely does. Jupiter Perps charges borrow fees instead of funding.
Each differential is one instant: the rates the venues report at this second. To pay for the round trip it would have to hold, in the same direction, for the whole “fees earned back” time, which at these rates is days; the history column shows how long it has held and how often it flipped since this process started, no further back. Hyperliquid and Pacifica report the same 10.95% APR whenever their premium sits inside the dead band, so two venues at that anchor are one published formula, not a dislocation; the Markets page names each venue's quirks.
Words used here
- Perpetual (perp)
- A futures contract with no expiry date that follows a coin's price.
- Long, short
- A long gains when the price rises. A short gains when it falls.
- Funding
- A payment between longs and shorts, usually every hour, that keeps a perpetual near the coin's price. Positive means longs pay shorts.
- APR
- The hourly funding rate scaled to a year so rates can be compared. It is not a promised yield, and rates change every hour.
- Funding differential
- The gap between two venues' funding rates on the same market at one moment.
- Pair
- A long on one venue and an equal short on another. Price moves cancel out and the funding gap is what remains.
- Taker, maker
- A taker fills against an order already in the book and pays the higher fee. A maker's order waits in the book and pays less.
- Round trip
- Opening a position and closing it again. Each leg pays a fee both times.
- Fees earned back
- How long a funding gap would have to stay as it is to pay for the round trip. It rarely stays.
- Basis point (bps)
- One hundredth of a percent. 10 bps is 0.10%.
- Backtest
- Replaying a rule on recorded market data to see what it would have done. It is not a forecast.
- Paper account
- Virtual money on a simulated venue that uses live prices. No real order is placed and a paper result is not a return.
Other places to start
each opens the strategy lab, on paperShow me one trade first
Watch a walkthrough setting open a simulated position on live prices within a minute and close it within about two more. It is set to trade at once, so it loses roughly its fees. No real money is involved.
I have a rule to test
Pick one of seven cited strategies, change a parameter and replay both versions on data recorded from four venues. Results download as JSON or CSV.
I have a paper or a note
Paste the text. A model maps it onto one registered strategy with exact quotes from your source, and the server checks every quote. Nothing is saved or run before you review it.
What is verified, and what is not
Browse live markets- Market data
- The order book and the board are public data, read from the venues without an account. Jupiter Perps has no order book, so its pool mark is shown as a reference.
- Practice and paper
- Practice accounts, the strategy lab and its portfolio use simulated orders, fills, fees, funding payments and balances against public data from four venues.
- Real funds
- Live trading opens on practice funds, and real funds are a separate choice there. They use the configured Hyperliquid testnet or mainnet account. The page labels the network and reports exchange positions, fees and fills. A server with no such account says so.
- Your own wallet
- Pacifica orders and Jupiter Perps requests are signed in your wallet and go straight from this browser to the venue. No Kurikuri server sees them, so the caps and loss stops of a Kurikuri account do not apply.
- Evidence
- Local lifecycle verification uses a clearly labeled exchange fixture. Funded mainnet execution has not been verified, and neither has an authenticated order on the public testnet. No real order, deposit, withdrawal or request has been sent in verification. Paper results do not establish live returns.