Capital

Position sizing when mirroring a basket

Nothing about a mirrored position is a copy of the leader's ticket. Size is derived: from the capital allocated to that leader, from their weight in the basket, and from the caps that bound any single sleeve.

In short

Mirrored size is computed from the capital allocated to a leader — Capital weighted in proportion to each leader's composite score — then constrained by an independent leverage cap and a per-leader notional ceiling, then rounded to the market's lot size. The ratio to the leader's own position is therefore never exact, and it is deliberately broken whenever the leader runs hotter than the caps allow.

At a glance

How a leader's position becomes your position.
Step	Input	Effect on your size
Weighting	InputComposite score	Effect on your sizeShare of allocated capital per leader
Proportional target	InputLeader's observed position	Effect on your sizeDirection and relative size, not notional
Leverage cap	InputPer-sleeve limit	Effect on your sizeClips a leader running hotter than the cap
Notional ceiling	InputPer-leader limit	Effect on your sizeBounds concentration in one leader
Lot rounding	InputMarket increment	Effect on your sizeFinal, unavoidable deviation

The four steps between a leader's fill and your order

First, the leader's weight determines what share of allocated capital backs their sleeve. Second, their observed position is translated into a proportional target for that sleeve. Third, leverage caps and the per-leader notional ceiling clip the target. Fourth, the result is rounded to the market's lot and tick increments.

Each step is a place where your position stops resembling a scaled copy — by design in steps one and three, by necessity in step four.

Weight from the composite score, not equal splits.
Proportional target, not the leader's notional.
Caps clip before sizing is final.
Lot rounding applies last and is unavoidable.

Why score weighting changes sizing

Equal weighting would give the marginal qualifier the same capital as the strongest leader. Score weighting distributes in proportion to the composite score, so exposure scales with the strength of the evidence rather than with basket size.

The practical effect on sizing is that two leaders taking the same position produce different notionals in your account, and that difference is intentional.

Caps and ceilings break the ratio on purpose

A leverage cap applied per sleeve means a leader running at higher leverage than the cap is mirrored at lower leverage. A per-leader notional ceiling means a leader whose score pulls away from the field does not receive an unbounded share of the book.

Both make tracking worse and risk better. That is the trade being made, and it is not hidden: a mirrored sleeve is a risk-bounded expression of a leader's direction, not a replica of their aggression.

What happens when a weight changes

Weights are applied at rebalance rather than continuously, because every weight change closes positions and opens others, and both sides pay fees and slippage. A sleeve whose weight rises is sized up at the next rebalance; one whose weight falls is sized down.

Membership changes are separate from weight changes. The basket is sticky: a lower score reduces weight over time but never by itself removes a leader.

What you control, and what you do not

You control the capital in the account and whether autopilot runs. You do not set per-leader weights, leverage or notional targets — those are produced by the model so allocation stays systematic rather than discretionary.

If positions are larger than you want to hold, the correct lever is the capital in the account, not overriding a sleeve mid-position.

Past performance is not indicative of future results. Perpetual futures are leveraged instruments and carry a substantial risk of loss, including the loss of your entire position.

Methodology

Scoring and replacement are documented in full on How it works and in the Docs (Policy v3). In short: the Elite basket is sticky, emergencies remove a leader immediately, and soft issues accrue at most one strike per UTC day with three strike-days triggering replacement. Read how it works or the documentation for the full table.

Questions

Frequently asked

Can I set my own position sizes?

No. Sizing is derived from allocated capital, composite score and the risk caps so that allocation stays systematic. You control the capital in the account and whether autopilot runs.

Why is my position smaller than the leader's proportionally?

Usually a leverage cap or the per-leader notional ceiling clipping the target, or lot rounding on a small sleeve. All three are deliberate risk bounds rather than errors.

Do weights change during an open position?

Weights are applied at rebalance rather than continuously, because reweighting costs fees and slippage on both sides. Emergency removals are the exception and act immediately.

Keep reading

Position sizing frameworkCaps, ceilings and the risk logic behind them.Portfolio heatHow sleeve exposure adds up.Score vs equal weightingWhy weights are not equal.Elite trader leaderboardThe current basket with scores and allocation weights.

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