Paper Fills, Real Books: What Our Simulation Matches

Funding Perpetuals is paper trading with a real market attached. The distinction matters when you are judging whether a challenge result says something about your process.

What Is Real

• Mark prices and order-book depth from Hyperliquid, Binance, and Bybit
• Funding rates on the same schedule each venue uses
• Slippage that comes from walking visible depth, not from a random spread pad

What Is Simulated

• Your balances, margin, and positions
• Fees charged to the challenge account
• Liquidations and daily-loss enforcement
• Every fill confirmation you see in the ticket

No order you place on a challenge account is sent to an exchange. The book is a pricing and depth source; the ledger is ours.

A fill at the touch on a quiet book is not a promise the same order would have rested as maker on the venue. It is a fill against the depth we could see at that moment.

Why That Split Exists

A funded-style evaluation needs market realism without putting exchange accounts or real capital in the path of thousands of concurrent challenge traders. Real books keep the tape honest. Simulated balances keep risk, payouts, and account rules under one ledger.