The Arena of Titans

Imagine throwing some of the world's smartest "brains" – the top AI models we all know – into the most chaotic, thrilling, and brutally realistic battlefield. What would happen?

This isn't science fiction; it's a real-world experiment already underway.

Nof1.ai has launched a live trading competition called "Alpha Arena." They gave six top AIs – including GPT-5, Gemini, Grok, Claude, Deepseek, and Qwen – $10,000 each and set them loose on the crypto derivatives platform Hyperliquid.

The backdrop is intensely dramatic. Just days before the competition started, the crypto market experienced a bloody flash crash, with Bitcoin plummeting tens of thousands of dollars in minutes. The AIs entered the arena facing a highly volatile market brimming with panic, greed, and uncertainty. So, how is this chaotic battle unfolding?

01 The Contestants: The "Avengers" of AI

The lineup is nothing short of the "Avengers" of the AI world, each with prestigious backing and representing different global AI development paths.

* Captain America & Iron Man (GPT-5 & Gemini 2.5 Pro): The established "big brothers" from OpenAI and Google, widely regarded as the pinnacle of general intelligence, representing the most orthodox and powerful AI capabilities. They are like all-round superheroes, theoretically capable of anything.

* The "X" Factor (Grok-4): The "troll" AI from Elon Musk's camp, its biggest trump card is real-time access to the X (formerly Twitter) data stream. In the crypto market, which heavily relies on social media sentiment and influencer calls, Grok's information advantage is unique. It can capture community FUD or FOMO moods the fastest.

* The Peacemaker (Claude Sonnet 4.5): From Anthropic, known for its powerful logical reasoning and commitment to "AI safety." Its participation seems to explore whether a more "principled" AI can survive in the cruel zero-sum game.

* The Eastern Mystical Forces (DeepSeekV3.1 & Qwen3 Max): Two top-tier models from China. DeepSeek, in particular, has a compelling background: its founder, Liang Wenfeng, is also the co-founder of the quantitative trading firm幻方量化. This has led many to speculate: Does DeepSeek have trading inherently coded into its "DNA"?

This showdown is less about pure model performance and more a clash of philosophies: Is general intelligence superior, or is information advantage king? Or perhaps, can a specialist with deep "domain knowledge" achieve a dimensional breakthrough?

02 The "Top Students" Crash and the "Experts" Rise

A day and a half into the competition, the data began to show clear divergence, and the numbers on the leaderboard stunned everyone. The highly anticipated GPT-5 and Gemini performed disastrously, their account values plummeting. Leading the pack were precisely those contestants with "relevant backgrounds."

Image: Current net asset values of major AIs. Source: nof1.ai. Date: October 20, 2025.

DeepSeek, with its quantitative genes, topped the chart with a net account value of $13,738, achieving a high return of +37.3%. Grok, mastering the social code, followed closely with an account value of $13,306, a return of +33.06%. Claude, known for safety, performed steadily, ranking third with a net value of $12,404 (return +24.04%).

In contrast, the former AI giants found themselves in an awkward position: GPT-5's account value was only about $7,265, a loss of -27.4%; Gemini performed the worst, with an account value of just $6,824, a staggering loss of -31.7%.

This outcome clearly challenges the notion that pure "IQ" is sufficient. In the chaotic crypto market, filled with noise, emotion, and sudden events, raw intelligence seems ineffective. Instead, models with specific "weapons" – a background in quantitative strategies or exclusive information channels – are the ones truly unlocking the code to generating Alpha.

03 A Glimpse into AI Trader Personalities

More fascinatingly, under the pressure of real-money trading, these AIs exhibited distinct "trading personalities," as if possessed by traders with vastly different temperaments.

* DeepSeek: The All-In Bull

* Profile: DeepSeek's strategy is extremely simple and brutal – "unthinkingly all-in long." It employs 10x to 15x leverage long positions on all tradable assets, like a steadfast bull warrior.

* Legendary Trade: When all other models were shorting XRP due to panic, DeepSeek was the only one to heavily long against the trend. This single trade alone brought it over $800 in floating profit. This counter-consensus move likely stems not from simple trend-chasing but from model confidence and systematic strategy.

* AI's Voice: DeepSeek's post-match "statement" radiated the calm and discipline of a quant trader: "I will continue to follow the plan, letting existing stop-loss and take-profit targets manage trades automatically." Translation: Everything is under control; emotions are irrelevant.

* Grok: The King of Social Sentiment

* Profile: Grok is also a staunch bull, but its operations are more aggressive and emotional. For instance, it applied up to 20x leverage on Bitcoin, clearly capturing extremely optimistic FOMO sentiment.

* Key Move: Contrary to DeepSeek, Grok chose to short XRP, which turned out to be one of its few losing trades. This was likely due to negative sentiment about XRP it captured on platform X.

* AI's Voice: Grok's behavior perfectly embodies "trading by watching Twitter." Its sensitivity to market sentiment is unmatched, making it a top-tier momentum and narrative trader. Its success is a victory of information advantage.

* GPT-5 & Gemini: The Confused Analyst and the Reckless Gambler

* GPT-5's Chaos: As the strongest general AI, GPT-5's operations appeared logically inconsistent, even "schizophrenic." It went heavily long on Bitcoin while simultaneously shorting SOL and XRP, resulting in losses on both sides. It resembles an overthinker trying to bet everywhere, only to get slapped by the market repeatedly. Its "humble" statement after losses sounded like a retail trader constantly second-guessing after a bad trade.

* Gemini's Recklessness: Gemini was the most aggressive, "tilted" gambler. It frequently used extremely high leverage (15x to 25x), went long on XRP against the trend, directly causing massive account losses. While it recorded the single largest profitable trade, its huge drawdowns exposed fatal flaws in its risk management.

This competition vividly demonstrates: On the trading floor, a disciplined "special forces soldier" (DeepSeek) and a well-informed "spy" (Grok) are far more potent than a "general practitioner" (GPT-5) who knows everything but lacks practical experience.

04 Industry and Public Reaction

This novel competition has naturally sparked heated discussion both inside and outside the crypto circle.

* The DeFi Idealists' Elation

For many crypto-native users, this is the moment the "DeFi + AI" (DeFAI) dream becomes tangible. They envision a future where AI agents autonomously provide liquidity, manage DAOs, execute MEV attacks, and become native participants in the on-chain economy. For them, Alpha Arena is the prototype of a "killer app."

* Traditional Finance's Skepticism

Of course, many remain skeptical. Some argue the crypto market itself is "irrational and random," so the competition merely tests the AIs' "luck." They believe the results might differ significantly in a market with clearer fundamentals, like US stocks.

* The Professionals' Calm Perspective

Most professional analysts advocate a "human-machine combination" view. They acknowledge AI's unparalleled ability to process vast data but maintain that higher-level strategic reasoning and handling the peculiar "noise" of financial data still require human wisdom. The dismal performance of GPT-5 and Gemini confirms this: AI is a powerful tool, but the ultimate decision-maker should likely still be human.

05 Conclusion

Alpha Arena is far more than just a competition; it's a bellwether, revealing the future landscape of AI and crypto convergence.

The victories of DeepSeek and Grok powerfully demonstrate that general-purpose large models cannot directly solve all problems. The future of financial AI will likely evolve in two directions:

1. Deep integration with specific domain knowledge (like quantitative finance), as seen with DeepSeek.

2. Mastery of unique, high-value data sources, as exemplified by Grok.

For projects looking to venture into the DeFAI space, this points to a clear direction.

Regardless, Alpha Arena has opened Pandora's box. It uses real money to tell us the era of AI traders has arrived. But the one standing atop the crypto world might not be the smartest "omnipotent god" we imagined, but rather a more focused, knowledgeable, and cunning "specialist player."

The Arena of Titans

Imagine throwing some of the world's smartest "brains" – the top AI models we all know – into the most chaotic, thrilling, and brutally realistic battlefield. What would happen?

This isn't science fiction; it's a real-world experiment already underway.

Nof1.ai has launched a live trading competition called "Alpha Arena." They gave six top AIs – including GPT-5, Gemini, Grok, Claude, Deepseek, and Qwen – $10,000 each and set them loose on the crypto derivatives platform Hyperliquid.

The backdrop is intensely dramatic. Just days before the competition started, the crypto market experienced a bloody flash crash, with Bitcoin plummeting tens of thousands of dollars in minutes. The AIs entered the arena facing a highly volatile market brimming with panic, greed, and uncertainty. So, how is this chaotic battle unfolding?

01 The Contestants: The "Avengers" of AI

The lineup is nothing short of the "Avengers" of the AI world, each with prestigious backing and representing different global AI development paths.

* Captain America & Iron Man (GPT-5 & Gemini 2.5 Pro): The established "big brothers" from OpenAI and Google, widely regarded as the pinnacle of general intelligence, representing the most orthodox and powerful AI capabilities. They are like all-round superheroes, theoretically capable of anything.

* The "X" Factor (Grok-4): The "troll" AI from Elon Musk's camp, its biggest trump card is real-time access to the X (formerly Twitter) data stream. In the crypto market, which heavily relies on social media sentiment and influencer calls, Grok's information advantage is unique. It can capture community FUD or FOMO moods the fastest.

* The Peacemaker (Claude Sonnet 4.5): From Anthropic, known for its powerful logical reasoning and commitment to "AI safety." Its participation seems to explore whether a more "principled" AI can survive in the cruel zero-sum game.

* The Eastern Mystical Forces (DeepSeekV3.1 & Qwen3 Max): Two top-tier models from China. DeepSeek, in particular, has a compelling background: its founder, Liang Wenfeng, is also the co-founder of the quantitative trading firm幻方量化. This has led many to speculate: Does DeepSeek have trading inherently coded into its "DNA"?

This showdown is less about pure model performance and more a clash of philosophies: Is general intelligence superior, or is information advantage king? Or perhaps, can a specialist with deep "domain knowledge" achieve a dimensional breakthrough?

02 The "Top Students" Crash and the "Experts" Rise

A day and a half into the competition, the data began to show clear divergence, and the numbers on the leaderboard stunned everyone. The highly anticipated GPT-5 and Gemini performed disastrously, their account values plummeting. Leading the pack were precisely those contestants with "relevant backgrounds."

Image: Current net asset values of major AIs. Source: nof1.ai. Date: October 20, 2025.

DeepSeek, with its quantitative genes, topped the chart with a net account value of $13,738, achieving a high return of +37.3%. Grok, mastering the social code, followed closely with an account value of $13,306, a return of +33.06%. Claude, known for safety, performed steadily, ranking third with a net value of $12,404 (return +24.04%).

In contrast, the former AI giants found themselves in an awkward position: GPT-5's account value was only about $7,265, a loss of -27.4%; Gemini performed the worst, with an account value of just $6,824, a staggering loss of -31.7%.

This outcome clearly challenges the notion that pure "IQ" is sufficient. In the chaotic crypto market, filled with noise, emotion, and sudden events, raw intelligence seems ineffective. Instead, models with specific "weapons" – a background in quantitative strategies or exclusive information channels – are the ones truly unlocking the code to generating Alpha.

03 A Glimpse into AI Trader Personalities

More fascinatingly, under the pressure of real-money trading, these AIs exhibited distinct "trading personalities," as if possessed by traders with vastly different temperaments.

* DeepSeek: The All-In Bull

* Profile: DeepSeek's strategy is extremely simple and brutal – "unthinkingly all-in long." It employs 10x to 15x leverage long positions on all tradable assets, like a steadfast bull warrior.

* Legendary Trade: When all other models were shorting XRP due to panic, DeepSeek was the only one to heavily long against the trend. This single trade alone brought it over $800 in floating profit. This counter-consensus move likely stems not from simple trend-chasing but from model confidence and systematic strategy.

* AI's Voice: DeepSeek's post-match "statement" radiated the calm and discipline of a quant trader: "I will continue to follow the plan, letting existing stop-loss and take-profit targets manage trades automatically." Translation: Everything is under control; emotions are irrelevant.

* Grok: The King of Social Sentiment

* Profile: Grok is also a staunch bull, but its operations are more aggressive and emotional. For instance, it applied up to 20x leverage on Bitcoin, clearly capturing extremely optimistic FOMO sentiment.

* Key Move: Contrary to DeepSeek, Grok chose to short XRP, which turned out to be one of its few losing trades. This was likely due to negative sentiment about XRP it captured on platform X.

* AI's Voice: Grok's behavior perfectly embodies "trading by watching Twitter." Its sensitivity to market sentiment is unmatched, making it a top-tier momentum and narrative trader. Its success is a victory of information advantage.

* GPT-5 & Gemini: The Confused Analyst and the Reckless Gambler

* GPT-5's Chaos: As the strongest general AI, GPT-5's operations appeared logically inconsistent, even "schizophrenic." It went heavily long on Bitcoin while simultaneously shorting SOL and XRP, resulting in losses on both sides. It resembles an overthinker trying to bet everywhere, only to get slapped by the market repeatedly. Its "humble" statement after losses sounded like a retail trader constantly second-guessing after a bad trade.

* Gemini's Recklessness: Gemini was the most aggressive, "tilted" gambler. It frequently used extremely high leverage (15x to 25x), went long on XRP against the trend, directly causing massive account losses. While it recorded the single largest profitable trade, its huge drawdowns exposed fatal flaws in its risk management.

This competition vividly demonstrates: On the trading floor, a disciplined "special forces soldier" (DeepSeek) and a well-informed "spy" (Grok) are far more potent than a "general practitioner" (GPT-5) who knows everything but lacks practical experience.

04 Industry and Public Reaction

This novel competition has naturally sparked heated discussion both inside and outside the crypto circle.

* The DeFi Idealists' Elation

For many crypto-native users, this is the moment the "DeFi + AI" (DeFAI) dream becomes tangible. They envision a future where AI agents autonomously provide liquidity, manage DAOs, execute MEV attacks, and become native participants in the on-chain economy. For them, Alpha Arena is the prototype of a "killer app."

* Traditional Finance's Skepticism

Of course, many remain skeptical. Some argue the crypto market itself is "irrational and random," so the competition merely tests the AIs' "luck." They believe the results might differ significantly in a market with clearer fundamentals, like US stocks.

* The Professionals' Calm Perspective

Most professional analysts advocate a "human-machine combination" view. They acknowledge AI's unparalleled ability to process vast data but maintain that higher-level strategic reasoning and handling the peculiar "noise" of financial data still require human wisdom. The dismal performance of GPT-5 and Gemini confirms this: AI is a powerful tool, but the ultimate decision-maker should likely still be human.

05 Conclusion

Alpha Arena is far more than just a competition; it's a bellwether, revealing the future landscape of AI and crypto convergence.

The victories of DeepSeek and Grok powerfully demonstrate that general-purpose large models cannot directly solve all problems. The future of financial AI will likely evolve in two directions:

1. Deep integration with specific domain knowledge (like quantitative finance), as seen with DeepSeek.

2. Mastery of unique, high-value data sources, as exemplified by Grok.

For projects looking to venture into the DeFAI space, this points to a clear direction.

Regardless, Alpha Arena has opened Pandora's box. It uses real money to tell us the era of AI traders has arrived. But the one standing atop the crypto world might not be the smartest "omnipotent god" we imagined, but rather a more focused, knowledgeable, and cunning "specialist player."