What a strategy is made of
A strategy alone on a market holds the venue’s whole position there: a position you open on that market by hand counts as the strategy’s. Two of your strategies can also trade one market, each with its own share of the position: Two strategies on one market.
Both legs always trade the same size, on the coarser of the two venues’ size steps, and never under either venue’s smallest order: for an order that only closes, the smallest such order the venue takes, which can be less (the last of a position).
Create one
On a pair’s page, in your executor’s front, Create a strategy opens the New strategy dialog. It has three steps:- Size: the target per leg, set by its size or its margin (four ways), each leg’s margin mode and leverage, with what they earn. A leg says here when its venue account isn’t ready, or takes no isolated margin. A leg on a market its venue margins in isolated only, as some of Hyperliquid’s and Polymarket Perps’, opens isolated: its margin mode shows Isolated only, set, and says why on hover.
- Template: the rules it starts with.
- Review: everything at once, and the slippage.
The built-in templates
A template is a strategy’s setup without its pair: its rules, slippage ladders, margin modes, leverage and maybe a target. Every executor has three:
The generic template holds both legs in cross margin, which the margin keeper keeps level. Rules lists its rules one by one.
Your own templates. On a strategy’s page, More, then Save as template. Settings, under Strategy templates, lists yours: rename, delete, export as a file, or import one. An executor keeps at most 100.
The target per leg
Set by and In choose how you type it, four ways. With JUP at $0.2985 and both legs at 10×:
Switching converts what you typed, so the leg stays the same: $100 of size at 10×, switched to **Margin**, reads $10; $100 switched to **JUP** reads $100 over JUP’s price, 335.008 JUP. While the asset’s price isn’t known yet, the form says so, and dollars and the asset’s units don’t switch: nothing is converted on a guess.
As you type, the form shows the size in dollars and in units, the margin each leg puts up at its leverage, and what is saved: Saved as 1,000 JUP per leg. For a strategy that holds nothing yet, that margin is what Margin to enter asks of each leg’s account before the taker fee, at the middle of the two legs’ prices.
The margin only computes the size. While the form is open, on this step or in the strategy’s settings:
- Set by margin, changing a leg’s leverage keeps the margin you typed, and the size follows: $100 of margin at 10× is $1,000 per leg; at 5×, $500.
- Set by size, the size stays and the margin follows.
- In dollars, the size follows the price. When the price falls, what the legs hold is worth less than the target, and an entry rule tops both legs up.
- In units of the asset, the size stays fixed whatever the price: a price move adds nothing.
The top-up threshold
Top up once under the target by, for a target in dollars: how far under its target the position may fall before an entry adds to both legs.- At 0%, the default, an entry tops up as soon as anything is missing. A small price drop then adds a small slice, which reads like a reopening.
- Above 0%, up to 50%, a small price move reopens nothing. A $1,500 target at 5% tops up only below $1,425. When an entry does top up, a slice that would leave less than the threshold takes the rest, so the position lands on its target.
The slippage ladders
Each order tries at a first slippage, then goes wider with what’s left each time it fills nothing or not all, up to a maximum. A venue’s refusal ends the climb. Opening and closing climb apart:
Closing may go as far as any price, since it takes risk off; each venue’s own price band still applies. A rule’s trading action can carry a ladder of its own in place of the strategy’s: the generic template’s emergency exits climb from 0.5% to 10% by 2%.
The journal keeps one line per order: what filled, at what average price, after how many tries, up to which slippage.
An order’s price is never shown as 0. When a venue hasn’t said a fill’s price yet, the line reads “price not known yet”, and your executor
reads the order again after 5, 30 and 120 seconds to fill it in.
Activate, pause, close, delete
- Activate starts running its rules: your executor will trade. A strategy that holds nothing isn’t activated while one of its venue accounts can’t take its leg: one the venue doesn’t serve before a first deposit, or one whose margin mode forbids the leg’s. The answer says which, and what to do. Nor while one of its accounts can’t carry its entry: see Margin to enter.
- Pause stops running its rules; positions stay as they are.
- Close positions, on a paused strategy that holds something: 25%, 50%, 75% or 100% of the position, at once or in slices so long apart. Both legs close alike, each slice up the closing ladder. When you close everything, a slice that would leave less than both venues take in one order closes everything left instead, so no dust stays behind.
- Delete, on a paused strategy, archives it: its rules stop for good, it leaves your strategies, and its markets are free for a new strategy. Its history stays: Archived, on the Strategies page, lists it with its P&L, funding payments and journal until then. A payment its venue settled before the deletion and tells only later is still added to it; nothing after. Its positions stay on the venues as they are. A strategy that shares a market is deleted only once it holds nothing there.
Margin to enter
Before any order that opens or adds to the position, your executor checks both legs’ venue accounts. Each must have free what is left to enter on its leg: what the leg lacks of its target, at the mark, over the leg’s leverage, plus the taker fee on it: your account’s own where the venue says it, as for the price gap after fees, else the venue’s base one. Cross or isolated, that margin comes out of the account’s free balance, which already leaves out what your other strategies hold there. Both legs on one venue add up on its account. If one account is short, neither leg is sent: one leg never opens alone.- On the strategy’s page, a Margin short badge sits beside its status, and names each account short, what it has free and about what it needs: “Polymarket Perps: $0 free · ~$21 needed”. Activate stays off while the strategy holds nothing; one that holds a leg is activated all the same, since its rules are what close it.
- Transfer margin, beside Activate, opens a margin move through LaMarge sized for it: into the account short, from the other leg’s account when what it can spare beyond its own leg covers the move, else from your account that can spare most. The amount is what’s missing and the move’s cost, in whole dollars up, at least $10 and the receiving venue’s deposit minimum, and never more than the giving account can spare. You can change all of it in the dialog. When no account can spare it, there’s no transfer: the badge says to deposit there.
- An active strategy waits: you’re told once, with each account’s figures, in its journal and on your notification channels. It enters by itself once the margin is there, and that’s told once too. A restart doesn’t tell it again.
- Closes and reductions never wait for margin.
- A venue that doesn’t say what its account has free holds nothing back: it still refuses an order it can’t carry.
- An opening’s maker order holds margin on its venue while it rests: what it hasn’t filled yet counts as free for the entry it belongs to, so its slice isn’t counted twice. A reduction’s holds none.
Change its settings
More, then Settings: its name, the target and its kind, set by its size or its margin as when creating it, the top-up threshold, both ladders, and each leg’s margin mode and leverage. Its asset and markets never change. A leg’s margin mode and leverage apply the next time it opens from flat. A leverage changed here leaves the target as it is, unless you set it by margin in the same dialog: then the margin stays and the size follows. Under them come the strategy’s keeper options: whether the margin keeper keeps it level, and where a refill may come from.Two strategies on one market
A venue holds one position per market on your account. Two of your strategies can still trade the same market: your executor keeps each one’s share of that position, and each strategy runs on its own share.Sharing is off unless your executor starts with
SHARED_MARKETS=on. Without it, a strategy on a market another one of your strategies
trades is refused, as before.What is shared, and what isn’t
- Orders are sized on the share. A strategy’s reduction or close takes its own share, never the other’s.
- The margin keeper reads each leg from its own share: its own margin, what it made or lost, and what was moved for it. Each strategy is refilled from its own other leg.
- Sharing is declared, never guessed. A market becomes shared when you create a second strategy on it.
Create the second strategy
On the pair’s page, a badge beside Create a strategy names what it would share, such as Shares Polymarket Perps’s JUP, or Shares both markets. Behind it: who trades that market already, and what sharing means. In the New strategy dialog, the shared leg’s margin mode and leverage are the market’s, those of the strategy that was there first. They show behind Shared: locked and can’t be changed there, whichever template you pick. The other leg is free. The new strategy starts paused, with nothing on the shared market. The shares are set a moment later. The first strategy’s share is what the venue holds once its last order there has settled: your executor sets it at its first check 15 seconds or more after that order. That is within a minute on a quiet market, and longer behind a strategy that keeps sending orders there. Until then the leg’s card reads Shares opening. The strategy that held the market alone still holds all of it. The new one sends nothing there: a rule of its own that would order there waits, and says so once. Each strategy’s History then says whom it shares the market with, and what it starts with: all the venue holds for the first, nothing for the second.What can be shared for now
One thing: a position in cross margin, held the same way, both strategies long there or both short. Two other cases are refused when the second strategy is created, until the margin keeper keeps margin right for them.
The pair’s page says so before you try: Can’t share Polymarket Perps’s JUP, with the reason behind the badge, and no button.
A few refusals come only when you press Create, in your executor’s own words, since it reads the venue for them:
- The position is still in isolated margin at the venue, though its strategy is now set to cross. A margin mode reaches a position the next time it opens from flat: close that position first.
- Something of the strategy already there is on its way, a rule acting or an order just sent. Try again in a moment.
- The venue’s account, or its size step for that market, can’t be read just now. Try again in a moment.
Change the leverage, for both
Change a shared leg’s leverage from either strategy’s Settings: it reaches every strategy on that market. Your executor asks first, naming them: Change the leverage for both strategies? Without Change for both, nothing changes. It applies the next time the position opens from flat, every share back to nothing. Open, the position keeps the leverage it has. The other strategy’s History says whose change it was. A change that leaves the shared leg as it is, a name, a target, a ladder, the other leg, asks nothing and reaches no one.Close and delete
- Close positions takes this strategy’s share alone. The dialog says so: “On Polymarket Perps’s JUP, only this strategy’s share comes off: what JUP aster holds there stays as it is.”
- Delete goes through only once the strategy holds nothing of what it shares. Until then its menu reads Delete (close its share first), or Delete (its share is still being set). Nothing is closed for you.
- A moment can still be asked of you. Within 15 seconds of the strategy’s last order, while one of its orders still rests in that book, or while the other strategy’s P&L can’t be brought up to date, the deletion is refused with the reason: try again.
- A share too small to close keeps its strategy. A change made outside can leave a share under the venue’s smallest order. Such a strategy can’t be deleted yet: it stays, paused, and costs nothing.
When the position changes outside lebroker
An order on the venue’s own page, or a forced reduction, changes a shared position without either strategy ordering it. What happens then is yours to set, in Settings, under Trading venues, Shared markets: A change made outside lebroker.
Example. Polymarket Perps holds $200 long, $100 for each strategy, and you sell $50 there by hand. Split, each strategy holds $75. Each one’s legs are now uneven, so its own guard closes what its short has too much.
Each strategy is told its part, as an alert on your channels and in its History. For a strategy that held 100 JUP of the 150 there:
Polymarket Perps JUP: 30 sold outside lebroker, by an order on the venue’s own page or a forced reduction. It was split between the strategies sharing that market, in proportion to what each holds there: 20 sold for this one, which holds 80 long there now.
- A paused strategy takes its part too. Its rules don’t act, so its legs stay uneven until you act.
- After Pause both, nothing resumes by itself. Undo the change on the venue, or switch back to Split pro rata, then activate the strategies again. One activated while the change still stands is paused again.
- Your executor’s own fills are never taken for such a change. A venue may show a fill a moment late: what an order of the last 15 seconds can explain is waited for.
- A change counts in whole steps of the venue’s size step for that market.
- Before the shares are set, a position you change there by hand is still the first strategy’s, whole.
Where a figure is an estimate
A strategy’s P&L and funding on a shared market are its own: its own orders’ fills at their prices and fees, and its part of each funding payment, by the share it held when the payment settled. The strategies’ parts always add up to what the venue paid. Three figures are estimates there, and nothing on the page marks them yet:- A change made outside lebroker counts at the market’s price when your executor saw it, not at the price it filled at, and without its fee. That fee is in no strategy’s P&L.
- A fill counted moments before a funding payment can be shared out as if it came after: that one payment’s split is off by that fill, and still adds up.
- A fill the venue’s history doesn’t show yet counts at the price its order answered, without its fee, until the history shows it.
Where you see it
- A strategy’s page: a Shared badge on the leg’s card, and Position on its venue: what the venue holds there in all, split between this strategy and the others, each named and linked. The leg’s size reads Its share, and its liquidation price is the whole position’s.
- Positions: a shared position wears Shared · 2, with a line per strategy under it: its share, its own entry and its own gain.
- The Strategies page: the same Shared badge on the leg’s line.
- History: the line that says a market is now shared, and each change made outside lebroker, as an alert.
What its page shows
Whichever tab is open, a badge beside the strategy’s status counts what asks for a look: an entry an account can’t carry, legs that couldn’t be read, a position far over its target, slices a venue won’t take, rules that work against each other; and what’s worth knowing without one: funding that costs it now, entries a rule holds, orders resting in the books. Hover it, or tap it, to read each one. Your status reports weigh the same things the same way.
While an opening rests a maker order, its leg’s card shows it as Maker order, and a reduction’s as Maker exit: buying or selling, how much, at what price, how much has filled and how long it’s been in the book. The history tells each step: placed, with why on that leg, moved and from what price, filled with the other leg’s answer, and taken out, with why.
Above the two legs, Filled and Hedged are two figures. Filled 100% of target is what both legs hold against the target per leg. Hedged 100% is how evenly they hold it, the smaller leg over the bigger. A position can be filled 166% and hedged 100%: over its target, with nothing uncovered. More than 10% over its target, or over its top-up threshold when that’s wider, it shows a warning: raise the target, or reduce the position.
P&L counts since the strategy was created: what closing made, what the legs still hold at the mark, funding received or paid, less fees and what margin moves cost. A fee or a cost under a cent shows its digits, such as
$0.0017, rather than $0.00.