AlphaFox FAQ: Custody, Paper Trading, Copy Trading, Trading Terminal & Fees
Published Jun 22, 2026 · Updated Oct 16, 2026
The most common questions, grouped by topic. Every answer links to the page that covers it in depth. Step-by-step how-tos live in Guides; error fixes in Troubleshooting.
Platform and security
What is AlphaFox? AlphaFox (Chinese brand: 灵狐量化) is a crypto quant trading platform. You can copy public strategy parameters from the strategy leaderboard, follow lead traders from the Leader plaza, configure grid and other template strategies, backtest them on historical data, validate them with virtual funds in paper trading, and then go live through an exchange API or a Hyperliquid trading account. Your own AI agent can also run supported strategy and backtest operations through the AlphaFox CLI. Begin with Start Here .
Does AlphaFox hold my funds? It depends on the trading account you use. Exchange API connections are non-custodial: your funds stay in your own exchange account, and AlphaFox places orders only with the read and trade permission you authorize. If you choose an AlphaFox-managed Hyperliquid trading account, AlphaFox holds custody of it: AlphaFox can submit the trading and transfer operations you authorize, and withdrawals are initiated only from the Funding account. When you connect Hyperliquid by authorizing your own wallet, the funds stay in that wallet. See Core Concepts and the Risk Notice .
What permissions does my exchange API key need? Read and trade only; never enable withdrawal. When you add the connection under Account → Trading account, click Test connection. If the key has withdrawal permission, the dialog shows a red “Withdraw permission detected” warning, the test does not pass, and you must disable withdrawal on the exchange and test again. Sensitive credential fields are stored encrypted. Also add the whitelist IP shown in the dialog to the key, or the exchange rejects the orders. Steps: Connect an Exchange .
What if my API key leaks? Delete or revoke the key on the exchange immediately. Without withdrawal permission a leaked key cannot move your assets out, but it can still place harmful trades. Then create a new key with read and trade only, add it under Account → Trading account as a new connection, and pass the test. Stop the affected strategy, switch it to the new trading account in its config (this clears the strategy’s return curve), restart it, and finally delete the old connection. Daily hygiene: Security Settings .
What can I use on AlphaFox without logging in? Signed out, you can read the help center, browse the strategy leaderboard and the Leader plaza , and use the market data, leader signals, KOL intel, and news in the Trading Terminal . Copying strategies, following leaders, creating and backtesting strategies, connecting trading accounts, the Tools pages, and the terminal’s account widgets and manual trading all need an account. Sign-in options: Register and Log In .
Which exchanges does AlphaFox support? For live trading you can connect Binance, OKX, Bybit, Bitget, Gate, and Aster with an API key. Hyperliquid connects by signing an authorization with your browser wallet, or through an AlphaFox-managed trading account. Paper trading needs no exchange account at all and can use Binance paper or Hyperliquid paper public market data. Connection methods, rebate registration, and sign-up links per exchange: Supported Exchanges .
How do I contact support? Email support@alphafox.app with the time it happened, the page URL, what you did, and the exact error text. For a strategy issue, include the strategy name or ID and the exact text of the “Runtime status” alert and the Strategy Events on its detail page. Never send API keys, secrets, private keys, or verification codes. Many common errors are already covered in Troubleshooting .
Account and newcomer benefits
What is the difference between Account and User Center? The Account section in the navigation rail is about money: the Funding account (deposits, withdrawals, transfers), Trading account (paper, exchange API, and Hyperliquid connections), and Membership. The User Center, opened from your avatar at the top right, is about the account itself: Invite rewards, Rebate management, Notifications, Notification settings, and Security, where Telegram binding also lives. Overview: Account Overview .
How do I claim the newcomer benefits? Sign in and click Newcomer benefits at the top right. It holds three one-time tasks, each worth 3 days of Plus, 9 days in total: for “Try Plus for free”, click Claim now; for “Create a paper strategy”, create an internal paper strategy first, then come back and click Claim 3 days; for “Join the community”, bind your Telegram account first, because opening or joining the community link alone does not qualify. An active Pro or Pro Max receives equivalent time without changing plan. Details: Start Here .
Strategies, paper trading, and copy trading
What is the difference between paper trading and live trading? Paper trading runs on real public market data with AlphaFox’s internal simulated fills, using a virtual starting balance you set (10000 by default). It needs no API key and never touches real money. Live trading uses the real funds in your exchange account or Hyperliquid trading account and produces real profit and loss. The same parameters can still diverge between the two because of slippage, fees, and funding rates, so run paper for a few days before going live. Comparison: Backtesting vs Paper vs Live .
Can I copy a strategy straight from the leaderboard? Strategies marked “Public” can be copied; “Private” ones show only metrics and the curve. On a card, Paper creates and starts the strategy on an AlphaFox Paper account in one step, while Follow lets you pick a paper or live account yourself. You copy parameters, not returns: switch the window to 90D or longer and check max drawdown and data days first. The list only includes strategies above -30% ROI for the selected window. Steps: Copy from the Leaderboard .
What is the difference between the Leader plaza and the strategy leaderboard? Both live under Plaza. The Leader plaza lists lead traders (signal sources) you can follow; once you follow one, your strategy mirrors each of their later opens and closes. The strategy leaderboard lists paper and live strategies running on AlphaFox; copying one copies its parameters, which then run independently on your own account. Cards on both pages have Paper and Follow buttons, and both need you signed in.
Does copy trading replicate the leader’s current positions? No. Copy trading on AlphaFox follows only the leader’s new opens and closes after you start, and never back-fills positions they already held. A newly created copy strategy usually stays flat until the leader acts again. The exception is “late entry” (Pro / Pro Max) enabled for a leader: it follows a position only after the loss reaches your threshold, and positions that already meet it at start are opened right away. Details: Follow a Leader .
What can the Trading Terminal do? The Trade section opens a configurable widget workspace for Hyperliquid native and builder perpetuals, excluding cash and USDT0 settlement. Markets retain their DEX identity and collateral, including USDC, USDH and USDE. Watch charts, books, trades, liquidations, signals, news and AI price action. Signed in with a Hyperliquid trading account, on a screen at least 1024 px wide, you can place orders, change leverage, close positions, cancel orders and follow leaders. AI price action uses your own OpenAI-compatible endpoint and never places orders. Details: Trading Terminal .
Why can one trading account run only one strategy? A trading account serves one running strategy at a time, so two strategies never fight over the same account’s positions and margin. Once that strategy stops, another strategy can use the account. To run several strategies in parallel, give each one its own trading account, for example extra paper accounts or exchange connections. A connection in use by a strategy cannot be deleted until you delete or migrate that strategy. Details: Connect an Exchange .
Why did my strategy stop running? Open the strategy under Strategy → My strategies, read the “Runtime status” alert below its name, then check the “Reason” column in Strategy Events under “Orders & Events”. A take-profit or stop-loss trigger is normal risk control. Insufficient balance, a billing failure, API errors, or a grid boundary hit need fixing before you click Start / restart. What each reason means and how to handle it: Strategy Not Starting or Stopped .
Can copy trading and automated strategies lose money? Who bears the loss? Yes, and the loss is yours. Live strategies use the real funds in your exchange account or Hyperliquid trading account; AlphaFox guarantees no returns and covers no losses. What you can do is contain the risk: validate on paper first, set take-profit and stop-loss, size copy trades with the copy ratio, turn on strategy notifications, and only commit funds you can afford to lose. Full disclosure: Risk Notice .
Does a good backtest mean a strategy will be profitable live? No. A backtest only shows how a set of parameters performed on past data; it does not predict future returns, and live results also face slippage, fees, funding rates, and changing market regimes. Be especially skeptical of parameters that look strong only inside one narrow period, a common sign of overfitting. After backtesting, run the strategy on paper for a while before deciding on live. How to backtest: Strategy Backtest .
Costs and funds
How much does AlphaFox cost? Browsing and research are free. The Basic (free) plan has no included slots, so strategies bill hourly: 0.07 credits per live strategy hour and 0.01 credits per paper strategy hour. Buying Plus, Pro, or Pro Max includes 1/2, 3/5, or 20/30 live/paper slots respectively, and anything beyond still bills hourly. Strategies on a Hyperliquid trading account or your own Hyperliquid wallet carry no runtime fee; a Builder Fee on volume applies instead. See plan prices under Account → Membership with Preview price; details: Membership .
How many strategies can I run at once? Included slots are 1 live + 2 paper on Plus, 3 + 5 on Pro, and 20 + 30 on Pro Max; the Basic plan has none. Strategies beyond your slots still run, they just bill hourly in credits: 0.07 per live and 0.01 per paper strategy hour. Only running strategies use slots and bill; a stopped strategy stops billing. Separately, each trading account serves one running strategy at a time. Details: Membership .
What are credits, and how do I pay for membership and hourly fees? Credits pay for Plus, Pro, Pro Max, and hourly billing. 1 USDC buys 1 credit, and a purchase cannot be returned as USDC. Under Account → Membership, click Buy credits to pay with Funding account USDC, or turn on auto-recharge to top up from the Funding account when the balance drops below your threshold. If credits fall short at checkout, the gap is bought from Funding account USDC one-to-one. If credits cannot cover hourly fees, the strategy stops with a billing failure. Steps: Top Up and Subscribe .
How do I deposit funds into AlphaFox? Open Account → Funding account and click Deposit to see your dedicated address and QR code. Only USDC and USDT on Arbitrum One are accepted; any other token or network can lose the funds permanently. USDT is swapped to USDC automatically, which adds one extra gas fee, and transfers and trading inside the platform support USDC only. Confirmed deposits arrive in about a minute and show in your Funding account balance. Details: Funding Account .
How do withdrawals work, and what do they cost? Under Account → Funding account, click Withdraw. In the “Move funds out” dialog, the “Withdraw USDC” tab sends USDC to an Arbitrum address you control (a Binance deposit address works) for a 0.1 USDC fee per withdrawal. Other tokens in the Funding account go out through the “Withdraw other tokens” tab with no platform fee. Before withdrawing, enroll a Passkey or authenticator under User Center → Security, and have an available trading account. Funds sent to a wrong address cannot be recovered. Details: Funding Account .
AI and retired features
Can AlphaFox generate a strategy from a chat? No. The in-site AI Workspace, Chat Backtest, and the Strategy Plaza chat-publishing flow are retired, and AlphaFox no longer generates strategy source code from chat. Instead, pick a supported template under Strategy → Create strategy, test it with history under Strategy → Strategy backtest, then validate it on paper. To let your own AI agent operate AlphaFox, use the strategy and backtest commands documented for the AlphaFox CLI: CLI installation guide .