Copy Trading Slippage: Why Your Returns Differ

The leader’s fill is not your fill

A copied order reaches the market after the original decision. The market may move, liquidity may change and your account may trade a different size. Even when the same direction is copied correctly, the average execution price can differ.

Slippage is an execution-price difference relative to the reference you choose. Always name that reference: the leader’s fill, a displayed quote or the price when your order was submitted.

Calculate the difference

For a buy, a $101 follower fill versus a $100 leader fill is 1% more expensive: (101 − 100) ÷ 100. At a common $110 exit, the follower gains 110 ÷ 101 − 1, or approximately 8.91%, before costs.

A sell works in the other direction: receiving a lower price is worse. Compare both entry and exit, not only the first trade. Use actual filled quantities when an order has multiple fills.

Separate four sources of divergence

• Price: execution happens at a different level.
• Size: balances and allocation rules change the copied amount.
• Costs: trading fees, funding and applicable creator terms affect net results.
• Coverage: some actions may fail or be skipped.

The perpetual fee calculator estimates execution fees and funding, but does not model order-book slippage or guarantee a copy will fill.

What to inspect after a mismatch

Compare timestamps, market, side, quantity, order type, entry and exit prices, and the failure reason if any. Check whether the performance panel includes open positions and costs. A different reporting window can also make two correct figures look inconsistent.

Do not increase leverage or allocation simply to match someone else’s displayed percentage. Review the strategy and your total exposure independently.

Continue with a related guide

• How Non-Custodial Copy Trading Works in TRUE
• Choose a trader to copy
• Fees
• Perpetual Futures Fee and Funding Calculator