Copas — bonded copy trading on Monad
Monad Metropolis Hackathon · Track 01 Onchain Finance & Trading
On Perpl, 71% of traders lose money within 30 days, and the best leader can pull out at any time. On Copas, a leader who wants followers has to put their own money on the line. If they break their word, the followers get paid.
Every leader posts an AUSD bond and declares a mandate: max drawdown, allowed markets, max leverage and size. Followers copy the leader's Perpl perps positions through a vault they own, and that vault can only copy within the follower's own limits. The contracts read the leader's equity directly from Perpl state, with no oracle. If the leader breaches the mandate, the bond is slashed automatically and paid to followers in proportion to their real losses.
Links
Note for judges: indexer endpoint moved on 19 Oct 2026. Envio's Development tier scheduled the original deployment (042db7d) for auto-disable over its event limits, and Envio support told us to create a new deployment to reset it. The new endpoint is https://indexer.dev.hyperindex.xyz/003f7d8/v1/graphql. Its indexer code is unchanged: commit 242ef36 has the same indexer/ code as the original deployment (ac9388b). It re-synced from scratch and reached chain head the same day, at 10:28 GMT+7 on 19 Oct 2026: 75.07M mainnet events and 1.75M testnet events. The commit that adds this note only changes the endpoint URL and docs.
Sponsor integrations (all live)
| Sponsor | What Copas does with it |
|---|
| Perpl | Contracts hold their own Perpl accounts and trade via execOrder; the keeper copies leaders' longs and shorts into follower vaults; risk and analytics dashboard over all Perpl history |
| Kuru | Per-leader DOWN tokens (a CDS on a trader, paid out if the leader breaches) on Kuru order books, quoted by our market maker, tradable from the passkey wallet |
| Agora (AUSD) + Mera | Installable mobile app: passkey account, AUSD balance cross-checked three ways, Perpl orders gated by the trader's own mandate |
| Mera (Many Keys) | A second PRF key encrypts leader strategy notes onchain that only current followers can decrypt |
| Privy | Keeper server wallet with an ALLOW/DENY policy and gas sponsorship: the automation can sync vaults but provably can't move money |
| Dynamic | MPC wallets as LeaderBook operators (one traded on Perpl behind a Copas allowlist), email wallets, an unfollow-only delegated guard |
| Envio | HyperIndex over every Perpl event (72.5M on mainnet) + Copas contracts via dynamic registration; HyperSync for Kuru fills |
| Chainlink CRE | copas-risk-guardian workflow: reads leaders, scores risk, a consumer contract checkpoints risky leaders (simulated with onchain broadcast) |
| Aurora Intents | Any-chain deposit → USDC on Monad (real Base → Monad run on 14 Oct), feeding deposit-and-follow and the agent wallet that pays Nansen |
| Nansen | Leader discovery, wallet quality and smart-money alignment, paid per call with x402 in Monad USDC |
| Kimi | Signed AI risk analyst (see rule 4) |
| Alchemy | Monad RPC (primary, with fallback) for the web and keeper + Notify webhook → Telegram alerts |
| MetaMask | mm copas Agent Wallet plugin: 13 commands, mandatory risk limits, tighten-only edits, 24 h outflow cap |
| x402 / ERC-8004 | Pay-per-call risk reports on Monad; AI agent leader #2209 with per-epoch onchain reputation |
Design rules
- The backend never holds follower funds. Funds sit in a
FollowerVault owned by the follower's passkey EOA, and withdrawals only go to that owner.
- Copy-only. Anyone can call
sync(), but it can only move the follower toward ratio × leader position, within the follower's caps, stop-loss and leverage limit. Bots have no discretion.
- No oracle for money logic. Equity, drawdown, breach and settlement all come from Perpl views read in the same block.
- AI explains, rules execute. Kimi K3 (official Moonshot API) explains the numbers and gives three reasons not to follow; every answer carries Kimi's Request Signature, verified server-side (
docs/KIMI.md). Every action is deterministic contract logic.
- No silent rule changes. A leader can change its mandate, but only from the next epoch, and a follower vault only copies under terms its owner accepted. If the live mandate is looser (higher fee, drawdown, leverage, size or more markets),
sync unwinds the vault to flat until the owner accepts, and the fee is always charged at the accepted rate.
- Honest risk. The UI always shows max protection = bond / follower AUM and the remaining risks. The contracts are unaudited, so mainnet deposits are capped.
Repository
| Folder | What | Sponsor tech |
|---|
contracts/ | CopasRegistry, LeaderBook (units, epochs, mandate, bond, breach), FollowerVault (copy-only sync, caps, claims, referral, mandate consent), UnderwriterPool, BreachMarket (UP/DOWN per leader epoch), AgentLeaderRegistry. Unit, invariant and mainnet-fork tests | Monad, Perpl, AUSD, ERC-8004 |
web/ | Next.js app (Mera passkey accounts, Dynamic email wallets and an unfollow-only delegated guard): bonded leaderboard, leader profile, follow ticket, vault, become-leader, underwrite, DOWN market, proof page with reproducible breach math, plus a full Perpl analytics and risk dashboard (protocol and wallet level) | Mera passkeys, Perpl, Envio, Telegram |
indexer/ | Envio HyperIndex v3: all Perpl fill, position, liquidation, funding and collateral events plus aggregates, and the Copas contracts via dynamic registration | Envio |
keeper/ | Copy sync, checkpoint and epoch bot; Privy server wallet with policy, gas sponsorship and a DENY demo; Dynamic MPC wallets as LeaderBook operators (agent #2209, and a server wallet that trades on Perpl behind a Copas allowlist); ERC-8004 feedback; alerts | Privy, Dynamic, Alchemy, Telegram |
services/ | Backtest using the same math as the contracts, LLM risk analyst with EIP-191 receipts, Nansen discovery (API key + x402), x402 pay-per-call report on Monad testnet, tx simulation, track-record attestation | OpenRouter, Nansen, x402 (Monad facilitator) |
cre/ |
Each app folder has its own README with setup, env vars, and what is live versus mocked. Deployed contract addresses go in contracts/deployments/.
Try it on Monad testnet
Copas is live on Monad testnet (chain 10143), trading on the Perpl testnet exchange. All addresses are in contracts/deployments/10143.json.
- Open the web app at https://copas-mocha.vercel.app and choose Create passkey account. You get no seed phrase, and no key is stored on any server. Use a browser and passkey manager with WebAuthn PRF: Windows 11, iCloud Keychain, Google Password Manager or 1Password. A local Chrome desktop profile does not support PRF.
- Open the account menu and choose Get testnet MON + AUSD. You receive 1 MON for gas plus 10,000 AUSD from the Perpl testnet faucet (
0xd236c18d274e54faccc3dd9dda4b27965a73ee6c, requestFunds(address)).
- Follow a leader from the leaderboard, open your vault in Me, and watch the copied position. Alternatively, open Become a leader to post a bond and a mandate.
Live demo objects:
| Address |
|---|
| Registry | 0xA8BA57c7Af1d9A28660653E0439A180c86D03e3d |
| Active leader (bond 50 AUSD, BTC long copied 50% by a follower vault) | book 0xda695cB060c7e2dF0b5c36EA591eA69399463D90 |
| Breached leader (bond slashed, follower claimed its loss) | book 0xb1B08F6a0642c51b48c1916136458A769a1c5208, vault 0x38E8EbBD7Bd291036A0EFe4a6eFa3BCcd27D74ff |
| Short copied 1:1 (traded by a Dynamic MPC operator wallet) | book 0xE31302DA2B0dA7898416E630dA75c837139dBE1B, vault 0xe8eAA63Aba51C6a41e1b7ce31B3E91DC9E1E1119 |
| AI agent leader (ERC-8004 #2209) | book 0xbC277432C927996E5F91a2D356289895e1415958 |
| Encrypted strategy feed (Mera second PRF key) | leader book 0x1A6F9D5ccbbCC8561896311AcBa0be8B963E233E, CopasFeed 0x75d52573C684C7799778Da633fDceB80297d7718 |
To reproduce from scratch, run contracts/deploy-testnet.sh, then script/Seed.s.sol (bonded leader with a follower copying a trade), then script/Breach.s.sol (breach, slash, claim; run phase 2 one epoch later).
Quick start
# contracts
cd contracts && forge test
# web (http://localhost:3000)
cd web && pnpm install && pnpm dev
# indexer (WSL/Linux + Docker; needs ENVIO_API_TOKEN)
cd indexer && pnpm install && pnpm codegen && pnpm dev
Monad mainnet is chain 143 and Monad testnet is 10143. Perpl Exchange on mainnet: 0x34B6552d57a35a1D042CcAe1951BD1C370112a6F.
