Another asterisk: Many of the “leaders” are not individual traders, but sub-accounts of massive trading firms. “If you look at the top 20, it’s mostly market makers and funds,” says GCR. ChadCloutman agrees, guessing that the “overwhelming majority” of the leaders are “subaccounts of multi-billion-dollar crypto trading firms” such as Jump, Tower, HRT and Alameda. ChadCloutman also notes that the Leaderboard excludes profits from spot trading, only showing the P&L from derivatives.
