Frequently Asked Questions
What is Mirrorly?
Mirrorly.xyz is a copytrading service on Bybit that allows you to copy the top Binance Leaderboard traders. It offers the fastest service available and enables you to use your own sizing, stop loss (SL) and take profit (TP) logic.
How do I set up Mirrorly?
Setting up Mirrorly is simple. You can follow our step-by-step setup guide here. If you have any issues or questions, don't hesitate to contact our support team.
Which exchanges does Mirrorly support?
We currently support Bybit & Bitget
What is Binance/Hyperliquid Leaderboard?
Binance/Hyperliquid Leaderboard is a ranking of the best traders on the platform. These traders are ranked based on their Profit and Loss (PnL) and Return on Investment (ROI), with positions updated in real-time.
Why are some of my trades set to 100X leverage?
Mirrorly sets leverage dynamically to optimize capital efficiency. This means that leverage is applied to adjust your position size, allowing for greater exposure while using less capital.
It's important to note that Mirrorly uses cross leverage, meaning your actual leverage is determined by the relationship between your Max Account Limit and the funds in your account. For example, if you have $100 in your account and set a Max Account Limit of $200, your effective leverage is 2x, even if individual trade symbols show 100x leverage.
To control your leverage, adjust the Max Account Limit in relation to the actual money you have in your account.
How Safe is my investment when using Mirrorly?
Trading futures is inherently risky. It is your responsibility to ensure that you have sufficient margin and use Mirrorly's risk control and protection mechanisms. By using Mirrorly, you acknowledge that your investment can potentially reach zero.
Why is it necessary to connect my Web3 wallet to Mirrorly, and does this allow Mirrorly to transfer my funds?
The connection of your Web3 wallet, such as MetaMask, to Mirrorly is crucial for ensuring privacy and anonymity. When you link your wallet, Mirrorly obtains access to your public address and the capacity to request your digital signature for transactions. However, this does not empower Mirrorly to transfer your funds.
Can Mirrorly withdraw my funds from the exchange?
No, the API permissions granted to Mirrorly are strictly for executing trades. Mirrorly does not have the ability to withdraw funds from your account.
Can I use Mirrorly if I don’t have a Binance Account?
Yes, you can use Mirrorly even if you don't have a Binance account. Mirrorly is a copytrading service on Bybit and Bitget and is not dependent on having a Binance account.
How does Mirrorly select traders?
Every trader featured on Mirrorly is carefully selected by our team. We review each trader's performance before adding them to our platform to ensure they meet our standards. However, please note that past performance is not a guarantee of future results. Trading involves risks and it's possible to lose money, even when copying successful traders.
Can I request for a Trader to be added?
Yes, absolutely! If there's a trader you'd like to see on Mirrorly, you can make a request through our 'Submit a Ticket' form. Just choose the 'Request Trader' option and provide the necessary details. We'll review your request and do our best to accommodate it.
Can I perform trades on the same account where Mirrorly is running?
Absolutely not. In order to maintain the integrity of the copytrading mechanism and to avoid any conflicting actions, you should not perform additional trades on the same account where Mirrorly is running.
Can I use the same API and Secret keys with other services or Terminals?
No, for security reasons and to ensure correct operation of Mirrorly, you should not use the same API and Secret keys with any other service or terminal.
How quickly are trades executed on Mirrorly?
At Mirrorly, we prioritize speed and efficiency in our operations. We fetch and update leaderboard positions every second. Typically, all positions are opened within 2 seconds, ensuring you don't miss out on trading opportunities. However, please note that occasional delays may occur due to issues on Binance or Bybit, which are beyond our control.
Can I open two different copytraders on the same account?
No, at this time, Mirrorly does not support running multiple copytraders simultaneously on the same account. This is to ensure a streamlined trading experience and to maintain the integrity of the copytrading mechanism.
Can I follow Multiple traders on a single copytrader?
Yes, Mirrorly allows you to follow multiple traders on a single copytrader. This feature helps you diversify your copytrading strategy by taking advantage of the skills and strategies of various traders.
What happens if I'm copytrading two traders and one goes long while the other goes short on the same position?
Mirrorly operates in hedge mode, meaning that it treats each trader's decisions independently. This results in two separate positions being established - a long and a short position. Therefore, you would have one position going long and the other going short simultaneously. This approach allows for nuanced strategies and more flexible management of your copytrading portfolio.
Does the initial size I set refer to the total position margin or the value after applying leverage?
The initial size you set refers to the notional value of the position, which is calculated based on the margin multiplied by the leverage. Mirrorly sets leverage dynamically to optimize capital efficiency. This means your position size is influenced by the leverage applied, allowing for potentially greater exposure while using less capital.
Why doesn't my trade have the same price as the trader I'm copying?
Differences between your trade price and the trader you're copying can arise due to several factors: use of market orders, Binance to Bybit price discrepancy, and position limits. Mirrorly always strives to minimize these discrepancies and provide you with the best possible trade execution.
In the Mirrorly user interface, do the Opening Size and Max Size refer to the margin used or the notional value?
Both the Opening Size and Max Size refer to the notional value. At Mirrorly, we use margin dynamically in conjunction with leverage to maintain capital efficiency. Therefore, these sizes do not directly represent the margin used, but rather the notional value of the position after leverage has been applied.
What happens when the same symbol is traded by two different traders I'm following on Mirrorly?
When the same symbol is traded by two different traders, it will appear as one aggregated position on the exchange. However, Mirrorly manages these as separate positions. We adjust each position according to the actions of the respective trader, increasing or reducing the position exactly as each trader does, ensuring you get the most accurate copytrading experience.