Slippage
Difference between the intended execution price and the actual filled price.
Slippage is what separates backtested returns from live returns. When you place a market buy, your order walks the order book and fills at progressively higher prices. We model slippage dynamically per signal based on symbol depth, volatility, and size · this is in every net bps number we publish. The /tools/position-size calculator and /tools/funding-arb-calc calculator both include a slippage buffer, because ignoring it is the most common reason strategies look profitable on paper and bleed in practice.
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