Distinguish historical backtests from forward paper records and compare days observed, drawdown and same-period benchmarks.
Service Guides · Updated 2026-10-09
The paper track record observes trading rules with virtual capital. It does not represent real orders or profits on real funds. A backtest applies rules to historical prices; a forward paper record observes predefined rules on subsequent prices. They are different kinds of evidence and should not be merged.
Read the start date, elapsed days, published days and as-of date. Decisions and holdings are published a day late and are not current order signals. Records shorter than four weeks carry an early-record badge. If no days are published, the page says the record has not started.
Do not interpret a short cumulative paper return as long-term yearly growth. Compare maximum drawdown and holding BTC over the same days. With few observations, a handful of price changes can dominate the result.
Read the strategy explanation and recent signal, target weight and holdings. Check the separate backtest period and fee assumptions. Execution, data quality and costs can cause simulations to differ from reality; strong historical returns do not guarantee future results.
Public paper rankings compare observations across strategies. The own-strategy record follows fixed rules over time. Check that the periods, publication standards and costs match before comparing their figures. Pay attention to notices about stale or temporarily unavailable data.
Research explanations are educational, not investment recommendations. Development implements rules defined by the customer; work scope and payment are confirmed separately.