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The platform runs three scoring formulas in parallel, each optimized for different contexts.

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Tournament Score

The primary leaderboard ranking formula. It’s an additive weighted formula that balances multiple dimensions of trading performance. 
Score = (PnL% × W₁) + (log₁₀(Volume) × W₂) + (Consistency × W₃) + (WinRate × W₄) − (MaxDrawdown × W₅)

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Score Components

ComponentWeightWhat It Measures
PnL%8.5Realized profit as percentage of starting equity
log₁₀(Volume)6.0Trading activity — log scale prevents volume farming
Consistency0.28How evenly distributed trading is across the window
Win Rate0.08Percentage of profitable trades
Max Drawdown−0.65Peak-to-trough equity decline (penalty)

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Why These Weights

  • PnL% dominates (8.5x) because profit is the primary skill signal
  • Volume uses log scale to reward activity without letting whales dominate — going from 1Mto1M to 10M volume adds the same score as 100Kto100K to 1M
  • Consistency is lightly weighted (0.28x) to encourage regular trading without punishing concentrated strategies
  • Drawdown is a penalty (−0.65x) — it subtracts from the score, making risk management matter even for high-PnL traders

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Tiebreakers

When two traders have the same tournament score:
  1. Higher PnL% wins
  2. If still tied: higher volume wins
  3. If still tied: earliest timestamp of achieving the score wins

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Standings Order

Traders are sorted in two phases:
  1. Eligible traders first — anyone with abuse flags (sybil_suspicion, wash_trading_suspicion, manual_review) sorts below eligible traders
  2. By score descending — within each eligibility group

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Reward Preview

The top N eligible traders split the prize pool:
RankShare
1st40%
2nd25%
3rd15%
4th10%
5th5%
6th+5% split equally

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Mutagen Score

Adrena’s native scoring formula that runs alongside tournament scoring. Mutagen is per-trade and multiplicative — it rewards individual trade quality rather than aggregate performance. 
Mutagen = (Performance + Duration) × Size Multiplier × Mission Bonus

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Components

Linear scale capped at 7.5% PnL per trade: - 0% PnL → 0 performance - 7.5%+ PnL → 0.3 performance (max) - Negative PnL → 0 (no penalty, just no reward)
Linear scale capped at 72 hours hold time: - 0h → 0 duration - 72h+ → 0.05 duration (max) - Rewards conviction — holding through volatility scores higher
Interpolated from an 8-tier table based on position size:
SizeMultiplier
$100.01
$1000.02
$1,0000.05
$10,0000.1
$100,0000.5
$500,0002.5
$1,000,0005.0
$4,500,00045.0
Between tiers, values are linearly interpolated. This heavily rewards larger positions — a 1Mtradegets100xthemultiplierofa1M trade gets 100x the multiplier of a 10K trade.
Multiplier for special events or promotions. Default is 1.0x (no bonus). Can be increased for time-limited campaigns.

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Key Properties

  • Per-trade, not aggregate — each closed trade gets its own Mutagen score, then they’re summed
  • No penalty for losses — negative PnL trades score 0 Mutagen, they don’t subtract
  • Size-weighted — larger positions score exponentially more, aligning with protocol liquidity goals
  • Aggregate across window — total Mutagen for a cohort is the sum of all trades within the competition window

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RAROI (World Cup)

Risk-Adjusted Return on Investment is used exclusively for World Cup head-to-head matches. It’s a multiplicative formula that rewards skill-intensive trading. 
RAROI = ROI% × WinRateFactor × ActivityFactor − DrawdownPenalty

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Components

FactorFormulaRange
WinRateFactormin(2.0, 0.5 + (winRate/100) × 1.5)0.5 – 2.0
ActivityFactormin(1.5, 0.5 + activeDays/totalDays)0.5 – 1.5
DrawdownPenaltymaxDrawdown% × 0.30 – unbounded

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Why Multiplicative

Unlike the additive tournament score, RAROI multiplies factors together. This means:
  • A 0% ROI always produces 0 RAROI regardless of other factors
  • High win rate amplifies high ROI exponentially
  • Low activity dramatically reduces the score (AF=0.5 halves everything)
  • Drawdown penalty subtracts from the product — even great trades can be wiped by poor risk management
This makes RAROI better for 1v1 matchups where you want a clear “who is the better trader” signal, while tournament score works better for cohort-wide leaderboards where you want to incentivize participation.

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Challenge Evaluation

Beyond scoring, the engine also evaluates whether a trader has passed or failed their challenge:
CheckRuleResult
Max DrawdownExceeded tier’s max DD%Fail
Daily LossExceeded tier’s daily loss limit on any dayFail
Profit TargetReached tier’s profit target %Pass (if no other failures)
Minimum TradesAt least 1 trade requiredCannot pass with 0 trades
Minimum DaysAt least 1 active day requiredCannot pass with 0 days
DurationChallenge window expiredFail if target not reached
Checks run in order — a trader can fail on drawdown even if they hit the profit target.

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Drawdown Calculation

Drawdown is computed as maximum peak-to-trough decline using a High Water Mark (HWM) approach: 
For each equity point:
  hwm = max(hwm, equity)
  drawdown = (hwm - equity) / hwm
  maxDrawdown = max(maxDrawdown, drawdown)
This captures the worst decline from any peak, not just from starting equity. A trader who goes +20% then drops to +5% has a 12.5% drawdown, even though they’re still profitable overall.