Copy Trading

Copy trading lets you automatically mirror every trade a leader makes on Pear, scaled to your own account size. You pick one leader; from then on, each position they open, adjust, or close is copied to your account as its own order. The leader earns a cut of Pear’s fee on what you copy, and you pay nothing extra.

Copy trading runs on Hyperliquid and Lighter; you and your leader must be on the same venue.

You pick a leader from the leaderboard, ranked by volume, total PnL, ROI, and follower count across Hyperliquid and Lighter, then hit Copy trader to start mirroring them.

At a glance

• Who. Any active Pear account can be a leader. A follower copies one leader per account (a second account of yours can copy someone else), and you can’t copy yourself.
• What gets copied. Confirmed Pear trades only: market orders, trigger and ladder fills, rebalances, stop losses, take profits, and Pear TWAPs. Trades placed directly on the exchange are never copied.
• Sizing. You risk the same share of equity as the leader. If they put 50% of their account into a basket, so do you, with the same leg weights.
• Cost. Copying is free for the follower; the leader is paid out of Pear’s existing fee.

How it works

Copying is event by event. When the leader’s trade confirms, you get your own scaled order. Copy never studies their portfolio and tries to reconcile it later. Each follower is handled independently, so one follower’s failure never blocks another’s, and the leader’s trade never waits on followers.

Sizing

You never pick a size. New positions copy the leader’s share of equity; every later change copies the leader’s percentage change per leg.

Opening or joining a position sizes your order from the leader’s commitment as a share of their account:

Follower size = (Leader position size ÷ Leader equity) × Follower equity

Your size is split across legs with the same weights the leader actually filled, and the leader’s leverage and margin mode for those assets are applied to your account before the order goes in.

Every later change (add, trim, rebalance a leg) copies the percentage change in quantity, leg by leg:

Follower leg change = Follower leg × (Leader leg after − Leader leg before) ÷ Leader leg before

So if the leader adds 20% to their ETH short and leaves BTC alone, you add 20% to ETH and leave BTC alone.

Limits

• Exchange minimums. If any leg of an open, add, or partial trim is below the venue’s minimum order size, the whole action is skipped (BELOW_VENUE_MINIMUM). Full closes are exempt, so you’re never stuck in a position.
• 10-minute entry window. A new position that can’t be copied within 10 minutes of the leader’s trade is dropped (ENTRY_EXPIRED), so you don’t buy in at a stale price. Adds, trims, and closes have no time limit.
• No catch-up. A skipped or partly filled action is never repaired later. That gap is called drift, and it stays until the position closes.

Copied TWAPs

A TWAP splits one big order into many small slices over a time window. When a leader starts a Pear TWAP, you get one TWAP of your own, scaled to your account, not a copy of every slice (your share of each slice would fall below the exchange minimum).

Example. A leader with $100,000 equity starts a$30,000 TWAP over 2 hours in 24 slices of $1,250. A follower with$400 equity gets a $120 TWAP (30$5 would be below Hyperliquid’s $10 minimum, so Pear cuts the count to 12 slices of$10. After 1 hour the leader cancels with half filled; the follower’s TWAP is cancelled too: it had filled 5 slices ($50), so a one-off$10 true-up brings it to $60, half of$120, matching the leader.

Manual trades and takeover

You can always trade by hand. The rule is simple: anything you touch becomes yours, and copy stops managing it; everything else keeps copying. Each position is either copy-managed or your own, never both.

Takeovers are permanent: a position never returns to copy, even if you undo the change. Your own positions are never touched by copy (no auto-close, no resize, no cancelled orders). A taken-over position is frozen in the copy performance figures at the market price at the moment of takeover, so your manual decisions don’t count for or against the leader. Your coverage switches from Fully copy to Partially copy, listing each position you now own and why.

Stopping

Only two things end a subscription: you press Stop, or 5 copies in a row fail. Everything else you or the leader does releases a single position, and copying carries on for the rest.

A successful or partly filled copy resets the failure count; skipped copies don’t count either way. Things that don’t stop anything: creating, editing, or cancelling your own TP/SL, triggers, ladders, or TWAPs (until one actually fills), a setting change the exchange rejects, and a trade with no fills. After stopping, you can subscribe again, to the same or another leader, and positions from the old subscription stay yours.

Status codes

These are the exact labels you’ll see in your activity history:

What you can see

• As a follower: subscription status, start date, copied volume, your PnL and ROI next to the leader’s over the same positions, your coverage (Fully / Partially copy), and every leader action with its outcome, reason, actual fills, and live TWAP progress (latest 200 entries).
• As a leader: your current and lifetime follower count, trades copied, copied volume, and rewards earned, in total and per follower, filterable by date.
• Anyone: a leader’s leaderboard rank, open positions, closed history, pending automation, trading equity, and follower list. Leaders’ strategies are public by design.

How performance is measured

Copy figures are copy-only: on your side they count just the positions the subscription opened (your own trades are excluded, and a taken-over position is frozen at the takeover price). On the leader’s side they count just the positions you actually copied; for a position you joined mid-way, the leader’s profit from before you joined is subtracted, so both sides start from the same point.

Net PnL = Realized + Unrealized + Funding − Exchange fees − Pear fees
ROI     = Net PnL ÷ Follower equity at start × 100%

Figures are marked provisional while the subscription runs, and freeze when copying stops. ROI is hidden rather than shown wrong when a price can’t be read.

Economics

Copying costs the follower nothing extra: a copied trade is priced exactly like your own manual trade (base rate, any custom rate, and your referral and stPEAR discounts). The leader is paid out of Pear’s existing fee: they get 10% of whatever is left after the referrer’s cut, through the same Rewards claim as referral earnings.

How the split is calculated. Each copied fill is split once, when the exchange confirms it, in this order:

1. Gross Pear fee: the fee the exchange recorded on your fill.
2. Referrer share = gross fee × the referrer’s rate (10% by default; zero if you weren’t referred).
3. Leader share = (gross fee − referrer share) × 10%.
4. Protocol share = whatever is left, split 70% to PEAR buybacks and 30% to treasury.

Every amount is rounded down to 6 decimal places (USDC’s precision), any rounding dust stays with the protocol, and the split is written once and can never be edited. On a $60 fee that works out to:

When rates lock in. The leader rate and the referrer’s rate are fixed when your copy order is prepared, so a change mid-trade never reprices an order already in flight. Who gets paid is fixed when the fill confirms: rewards go to whoever owns the account.

Settlement. When a trade confirms, the split is recorded and the leader’s reward shows as pending. At the daily settlement Pear collects each exchange’s fees and funds the referrer and leader shares into the rewards custody wallet first, then splits the remaining protocol revenue. The reward becomes claimable the next UTC day, paid in USDC on Arbitrum; one claim pays referral and copy rewards together, and a partial claim leaves the rest claimable.

When the leader earns nothing: self-copy (the follower account belongs to the same user), anything the follower traded on their own, a trade with no Pear fee (fully discounted, or on an exchange without a builder fee), and a trade prepared before leader rewards were switched on. If copying stops, rewards already earned stay earned.

Worked example

One trading day, step by step. Alice (leader) has $100,000 of equity. **Bob** (follower) has$10,000, so every new copy is 10% of Alice’s size. Bob already holds a $1,000 SOL long of his own. Prices are held flat and the 6 bps fee is illustrative; Bob has no referrer.

1. 09:00, Bob starts copying Alice. Alice already holds BTC long $30,000 / ETH short$20,000 (50% of her equity). Bob joins at 50% of his equity: BTC long $3,000 / ETH short$2,000. He sees a join row (COPIED) and coverage Partially copy, because his SOL long is listed as “existing at start”, so copy never touches it.
2. 10:00, Alice adds 20% to her ETH short ($20,000 →$24,000), BTC unchanged. Bob’s ETH short +20% → **$2,400**; BTC stays$3,000. Adjust row, COPIED.
3. **10:30, Alice opens a new basket: HYPE long / SOL short, $20,000.** Bob’s share would be$2,000, but he already holds SOL, so the whole basket is skipped (ASSET_CONFLICT) and is never copied for him, even if he later closes his SOL.
4. 11:00, Alice starts a 2-hour TWAP: LINK long / AVAX short, $30,000.** Bob gets one TWAP of **$3,000 (30% of equity). At 12:00 Alice cancels with half filled; Bob’s TWAP is cancelled with $1,300 filled, and a one-off **$200 true-up** brings him to $1,500, half of$3,000.
5. 13:00, Bob trims his BTC leg by hand. The BTC/ETH position becomes Bob’s own (FOLLOWER_INTERVENTION), frozen in the copy figures at that moment’s price. Copying continues for LINK/AVAX; coverage stays Partially copy.
6. 14:00, Alice closes BTC/ETH. Skipped for Bob (POSITION_EXCLUDED). His BTC/ETH stays open and he decides when to close it.
7. 15:00, Alice closes LINK/AVAX. Bob’s $1,500 LINK/AVAX closes too (full closes always go through, regardless of size).
8. Next day, fees and rewards. Bob’s copied volume: $5,000 (join) +$400 (ETH add) + $1,500 (TWAP incl. true-up) +$1,500 (close) = $8,400**; his manual BTC trim doesn’t count. Pear fee at 6 bps = **$5.04, so Alice earns 10% = $0.50, claimable from the next UTC day.
9. Bob presses Stop. The subscription ends (UNSUBSCRIBED); nothing is closed. Bob keeps his SOL long and what’s left of BTC/ETH as his own. His final PnL and ROI freeze at the stop, counting BTC/ETH up to his 13:00 takeover and LINK/AVAX in full, but not HYPE/SOL (never copied) or his SOL long (his own).

Edge cases & FAQ

• Will my results match the leader’s exactly? No. You trade a moment later, at your own prices, and a skipped or partial copy leaves lasting drift; the system never places catch-up trades at a price the leader didn’t get.
• Why was a trade skipped? Usually one of: the scaled size was below the exchange minimum (small accounts), you already hold that asset, you took the position over, or the copy arrived more than 10 minutes after the leader’s entry. Every skip shows in your activity history with its reason.
• Can I copy myself? Copying the same account is blocked. Copying another account you own is allowed, but earns no leader reward.
• Can a leader also follow someone? No. A follower can’t become a leader, and an account with followers can’t follow anyone; copied trades are never copied onward, so there are no copy chains.
• Does the leader expose their strategy? Yes, by design. A leader’s open positions, history, and pending stops are public.
• What happens to my own positions? Nothing. Copy never touches positions, triggers, or TWAPs you already had or opened yourself.