Two leaderboards — part 2: the honesty flags the native board doesn't show

The native leaderboard prints every number at face value. The single most important thing our board does is refuse to. Here are the flags it adds — each one a trap the raw view shows as confidently as the truth.

Dormant: the frozen number

The deadliest one. A vault can sit there marked "open, accepting deposits," wearing a fat APR, while the leader stopped trading weeks ago. The equity curve won't warn you — it records a point a day even when nothing happens. Only volume proves a vault is alive. Our board flags dormant when 30-day volume is essentially zero. A real example: Loop Fund showed roughly 437% annualized — frozen, and on a naive sort would have sat in an Aggressive top-5. A spectacular number with no live engine behind it.

Tiny-base artifacts

A Calmar ratio of 85, an APR of 2,000% — these are usually math artifacts of a tiny starting balance, not skill. The native board will happily float them to the top if you sort by return or risk-adjusted return. Ours refuses to sort by raw Calmar and strikes through the extremes: extreme-return (over ~500% annualized), extreme-calmar, short-track (under ~60 days), sparse-history. A number you can't trust gets visibly demoted, not crowned.

Solo-funded

A vault that is 100% the leader's own money — a single depositor — has no external validation at all. It might be fine; it's also untested by anyone but its creator. Flagged, so you know.

The position-quality flags

The subtlest, and the ones I'm proudest of. paper-heavy marks a vault whose unrealized PnL is more than ~15% of its account — profit it hasn't banked. funded-illusion goes further: a vault showing green whose "gain" is really an open book bleeding funding. The clearest case was BULBUL2DAO, flagged "208% funded" — the funding it was paying more than explained its entire displayed profit; the real book was net negative, shown green. Even a big name like Systemic had a HYPE position showing +$554k of price PnL against ~$422k of funding paid — the honest number was a fraction of the headline.

Leader at the floor

A leader holding the bare 5% minimum has the legal minimum skin in the game, not conviction — as skin in the game, tested showed. Our board dims that leader-stake column, and the Index bars those vaults outright.

The contrast

The native board gives you the number. Ours gives you the number and what the number isn't telling you. None of these flags hides a vault — you can still see it, still inspect it — they just refuse to let a mirage pass as a verdict. And every flag is a rule, recomputable from the same public data, not a vibe.

← Part 1: two philosophies  |  Part 3: profiles & Fit →

Nothing here is financial advice.