> ## Documentation Index
> Fetch the complete documentation index at: https://docs.radion.app/llms.txt
> Use this file to discover all available pages before exploring further.

# Smart Money

> How Radion labels wallets by trading performance: every label, its rule, and how the primary style is picked.

Smart money means wallets with a strong trading record. Radion looks at every wallet's on-chain history and gives it a set of labels. The labels come from indexed fills only — no self-reporting, no off-chain data. You can use them to find good traders and see how they position in a market.

<Note>
  Smart money API endpoints are coming soon. This page explains the data model
  behind them.
</Note>

## How it works

A background job runs every hour. It reads each wallet's trading stats — realized PnL, volume, trade counts, hold times, entry prices — and applies the rules below. All numbers come from the on-chain trade ledger, with realized PnL computed by average-cost accounting.

* A wallet needs at least **10 trades** to get labels. Below that, it stays unlabeled.
* A wallet can carry **several labels at once** (a whale can also be a market maker).
* One label is picked as the wallet's **primary style** (see below).

## The labels

| Label             | Meaning                         | Rule                                                       |
| ----------------- | ------------------------------- | ---------------------------------------------------------- |
| `whale`           | Very large total flow           | Lifetime volume ≥ \$1M                                     |
| `market_maker`    | Provides both sides of the book | ≥ 1,000 trades and buy/sell flow within 10% of balance     |
| `active_trader`   | Trades a lot, right now         | ≥ 100 trades and traded in the last 30 days                |
| `buy_and_hold`    | Buys and waits                  | Average hold ≥ 30 days and sells \< half of buys           |
| `degen`           | Many small, fast bets           | ≥ 200 trades, average trade \< \$50, average hold \< 1 day |
| `high_conviction` | Few markets, big size           | ≤ 10 markets and average buy ≥ \$10k                       |
| `contrarian`      | Buys long shots                 | Average entry price ≤ 35¢                                  |
| `value_hunter`    | Buys long shots and wins        | Average entry price ≤ 30¢ and profitable overall           |

<Warning>
  The thresholds are a starting point. We tune them as the data grows, so do not
  treat exact values as a stable contract. The label names and their meaning
  stay stable.
</Warning>

## Primary style

When a wallet matches several labels, the most specific behavior wins. The priority order:

1. `market_maker`
2. `whale`
3. `high_conviction`
4. `degen`
5. `active_trader`
6. `buy_and_hold`
7. `value_hunter`
8. `contrarian`

A wallet that matches none of the rules has no primary style.

## Definitions

| Term                | How it is computed                                                         |
| ------------------- | -------------------------------------------------------------------------- |
| Average entry price | Total buy USD ÷ total shares bought                                        |
| Average trade size  | Total volume ÷ number of trades                                            |
| Hold time           | Time from opening a position to closing it (sold to zero or resolved)      |
| Win / loss          | A position closed by market resolution with payout (win) or without (loss) |
| Realized PnL        | Profit and loss from closed positions, average-cost accounting             |

## Caveats

* Labels refresh every hour. A brand-new wallet shows up after its first pass.
* A wallet is not always one person. Polymarket users trade through proxy wallets, and one person can run many wallets.
* Labels describe past behavior. They are not financial advice and do not predict future results.