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Copy Trading

Copy trading lets you automatically replicate trades from any Polymarket wallet in real time. When the wallet you’re tracking buys or sells, Merlin places the same trade on your behalf.

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Getting Started

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Open Copy Trading

Use the /copy command or tap “Copy Trading” from the main menu to open the copy trading dashboard. From here you can see all your configs and create new ones.

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Create a Config

1. Tap “Add new config”
2. Select a wallet — if you have multiple wallets, choose which one will execute the copied trades. If you only have one wallet, this step is skipped automatically.
3. Enter the target wallet address — paste the Polymarket wallet address you want to copy. Merlin verifies that the address has traded on Polymarket before accepting it.
4. Name your config — type a name (up to 42 characters) to help you identify this config later. Send /skip to use the target address as the name.

Your config is created in an inactive state. Review the settings, then tap “Start” when you’re ready.

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Buy Modes

The buy mode controls how much Merlin spends when copying a trade. Tap the mode buttons on the config detail screen to switch between them. When you select Fixed or Percent mode, a “Set Amount” button appears. Tap it and enter:

• For Fixed: a dollar amount (e.g., 25 for $25)
• For Percent: a percentage from 1 to 1000 (e.g., 50 for 50%, or 200 to double their size)

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How Sells Work

Sells require Follow Sells to be enabled. Merlin checks your on-chain balance and sells per mode — never more than you hold. No position = sell skipped.

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Examples

Target trades on a market at $0.50 per share.

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Exact — mirror the target

Buy: target spends $100 → $$\$100 \div \$0.50 = 200 \text{ shares}$$ Sell: target sells 200 shares → you sell 200 shares

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Fixed ($25) — flat amount

Buy: target spends $100 → $$\$25 \div \$0.50 = 50 \text{ shares}$$ Sell: target holds 1000 shares and sells 400 (40%) → you sell 40% of your position

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Percent (50%) — proportional

Buy: target spends $100 → $$\$100 \times 50\% = \$50 \to \$50 \div \$0.50 = 100 \text{ shares}$$ Sell: target sells 200 shares → you sell 200 × 50% = 100 shares

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Toggle Flags

Each config has three on/off flags you can toggle by tapping the corresponding button: A green circle means the flag is on, red means off.

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Below Min Limit, Buy at Min

Polymarket has a minimum bet size (usually around $1). This setting controls what happens when your calculated copy amount falls below that minimum.

• Disabled — if your calculated copy amount is less than $1 (e.g., $0.50), the bot will skip the trade
• Enabled — if your calculated amount is less than $1, the bot will round up and force a buy of the minimum amount (approx. $1)

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Ignore Target Wallet Trades Under

A dust filter that helps you avoid copying insignificant or test trades. If the target buys only $0.10 or $1 worth of shares to “test” a market, you might not want to waste resources copying such small trades. Set a dollar threshold — the bot will ignore any trade where the target spends less than that amount.

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Advanced Filters

Tap “Advanced Features” on the config detail screen to reveal additional filters. These let you narrow down which trades get copied. To clear any filter, type clear when prompted.

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Take Profit & Stop Loss

Tap 🎯 TP or 🛡 SL in the advanced settings to attach an automatic exit to every position opened by this config. When the market reaches the trigger, Merlin sells the position for you — no manual action needed. Both fields accept the same input formats:

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How triggers fire

• Take Profit — fires when the market price rises to or above the target.
  • Percent: entry × (1 + TP%). Example: entry 0.40, TP 50% → fires at 0.60.
  • Price: fires when the market reaches that price.
• Stop Loss — fires when the market price falls to or below the target.
  • Percent: entry × (1 − SL%). Example: entry 0.40, SL 25% → fires at 0.30.
  • Price: fires when the market reaches that price.

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Spent Limit

Cap the lifetime USD a copy-trading config can spend. When the running total reaches your limit, Merlin pauses the config and sends you a notification with a deposit link.

• 💰 Spent Limit — tap to set the cap (e.g., $500). Send none to clear.
• 🔄 Reset Spent — clears the running total back to $0 without changing the limit.

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Pro Tips for Strategy

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The “Arbitrage” Setup

If you are following a high-frequency arbitrage bot, they often make small trades.

• Recommended: Enable Below Min Limit, Buy at Min
• Warning: This consumes more capital as it rounds up every small trade to $1

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The “Whale” Setup

If you are following a whale who bets $10,000 at a time.

• Recommended: Use Percent mode (e.g., 1%) and set a Max Copy Amount to protect your wallet from sudden massive bets

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Managing Configs

From the config detail screen, you have several management options:

• Pause / Start — toggle the config on or off. A paused config does not copy any trades. You must set a target wallet before you can start a config.
• Set Target — change the wallet address being tracked
• Rename — give the config a new name
• Duplicate — create a copy of this config with all the same settings (created in inactive state)
• Delete — permanently remove the config (you’ll be asked to confirm)

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Bulk Actions

From the copy trading dashboard (the list of all your configs), you can act on all configs at once:

• Pause All — pauses every active config
• Start All — starts every paused config
• Delete All — permanently removes all configs

Each bulk action asks for confirmation before executing.

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Deeplinks

You can share a link that pre-fills the target wallet when someone creates a new copy trading config. The link format opens the bot and starts the creation flow with the target address already set, skipping the address input step.