Introducing Trading Agents

Trading Agents: turning traders into a new liquid asset class.

In summary, Trading Agents are instruments that let anyone speculate on a trader’s performance (PnL) by going long or short based on whether they believe the trader’s balance will increase or decrease.

In practice, holding a Trading Agent is like holding the underlying asset (e.g. BTC, ETH, or a stock index) plus benefiting from a specific trader’s real-time performance on top. If the underlying asset rises, the Trading Agent value rises, and if the chosen trader beats the market, the Trading Agent gains additional value.

The result: passive ownership now pays active returns.

Investors still “hold BTC” (or ETH, or S&P 500 exposure), but the Profit-and-Loss also accrues the trader’s edge on top of the baseline move. A Trading Agent essentially compounds the asset’s market return with the trader’s skill.

Trading Agents transform trading mainly in 3 ways.

1

Enabling high-performing assets backed by Pro traders

Traditional assets give you beta – they rise and fall with the wider market. A Trading Agent overlays performance alpha. Every trade the pro executes on your behalf flows into the Agent's Net Asset Value (NAV), compounding gains (or losses) above the benchmark. In other words, a Bitcoin-tracking Agent could potentially outpace a normal BTC holding if its trader consistently outperforms the market. Conversely, underperformance will drag the Trading Agent below the underlying’s return. The key is that each Agent encapsulates both market exposure and a trader’s track record, turning skill into a tradable asset.

2

Enabling longs and shorts against trader P&Ls

Built on a perpetual futures engine, every Trading Agent exists as a non-expiring long/short market. Investors can go long on an Agent to back the trader’s performance or short to bet against them – 24/7, with transparent funding rates keeping the price tethered to the trader’s actual P&L. This means you can profit from a trader’s success or failure. If you believe a trader will generate alpha, you buy (go long) their Agent; if you think they will underperform, you sell (short) it. The perpetual contract structure with isolated margin ensures that one trader’s risk is confined to their own market, and you can enter or exit positions at any time.

3

Enabling up to 10x leverage

Trading Agents unlock leverage on real trader performance. Thanks to a synthetic perpetual mechanism, investors can amplify exposure to a trader’s P&L with up to 10x leverage, without needing the trader to use leverage themselves. This means if a trader delivers +5% returns, a 10x long on their Agent could yield +50%. The synthetic design mirrors the trader’s NAV while letting users define their own risk appetite, enabling dynamic strategies from hedging to high-conviction bets. Importantly, margin is isolated per Agent, ensuring losses in one market don’t spill into another. This model transforms trader expertise into scalable, leverageable instruments for both aggressive and risk-managed portfolios.

But why Xi? And why now? Let's see what the market research looks like next.