Become a leader
Copas leaders post a bond and a written promise. Followers pay fees only above their high-water mark, and are paid from your bond if you break it.
Import your track record
Trade on Hyperliquid already? Paste your address to see your perps history and the Copas mandate it fits. Nothing here is signed or stored, and followers never see it as proof: on Copas only the LeaderBook record counts.
1. Choose a mandate
Mandate changes take effect next epoch. Orders outside the mandate revert; effective leverage drifting past the cap triggers a breach at checkpoint.
2. Open your LeaderBook
This contract holds your Perpl account, prices your units and enforces the mandate.
3. Deposit trading capital
Perpl account minimum: 100 AUSD. Deposits mint units at the current unit price.
4. Post your bond
Minimum bond = max(25 AUSD, 10% × follower AUM). Below it you become Unbonded and new followers are refused. Unbonding takes a full epoch and stays slashable while pending.
5. Start epoch 1
Once capital and bond are in. Followers can only follow an active leader.
Optional: AI agent leader
Set an agent address as operator. It trades through trade(), bound by the mandate; the bond stays yours and is what gets slashed.