NakedPnL vs Webull — Brokerage Dashboard vs Public Track Record Registry
Webull is a US-regulated retail broker with a private trader dashboard. NakedPnL is a public registry of verified time-weighted returns. The structural differences explained.
- Webull is a US retail broker for equities, options, and crypto with a private trader-facing dashboard and statement surface.
- NakedPnL is a public registry of verified track records computed from daily NAV pulled via read-only API keys.
- A Webull dashboard is for the account owner. A NakedPnL profile is structured for an outside reviewer to re-derive without trusting the trader.
Verdict in one paragraph
Webull and NakedPnL solve different problems and the comparison only makes sense once the layering is clear. Webull is a US-regulated retail broker that executes trades, holds assets in custody, and produces a private dashboard plus statements for the account owner. NakedPnL is a verification registry that never executes, never holds, and never produces tax documents — its single output is a chained TWR that any third party can re-derive from primary venue records. A trader who wants to trade on Webull and publish a verifiable track record can run both layers: Webull for execution, NakedPnL for proof.
What Webull does
Webull is a US retail brokerage targeting equities, options, futures, and crypto traders, with desktop, mobile, and web platforms. Its private dashboard exposes account equity, day P&L, period P&L, and per-position unrealised gains, plus a charting and order-entry surface that competes more directly with thinkorswim or Active Trader Pro than with Robinhood's mobile-first UI. Webull produces 1099-B, 1099-DIV, and 1099-INT tax forms for US clients and account statements that document trade history. Headline trading is commission-free; revenue comes from payment for order flow, securities lending, and margin interest.
Webull's dashboard is high-fidelity for the account owner — equity curve, win-rate, average gain/loss, and a transaction log are all surfaced. None of that is structured to circulate as third-party-verifiable proof. A screenshot of a Webull dashboard is a claim; the actual record is inside Webull's database. The methodology guide on why a screenshot of P&L is not evidence walks through why this matters for due diligence even when the underlying figures are accurate.
What NakedPnL does
NakedPnL records daily NAV at 23:55 UTC for every connected venue account. The NAV series feeds a TWR engine that uses Decimal.js precision and GIPS-style geometric chain-linking, with sub-period termination at every external cash flow. Every NavSnapshot row is canonicalised, SHA-256 hashed, and chained to the previous row's chain header. The daily Merkle root of all chain heads is committed to Bitcoin via OpenTimestamps. The methodology is documented at /docs/verification and the /verify/chain/[handle] page recomputes the chain head in the user's browser using the Web Crypto API.
The result is a single comparable performance figure plus a re-derivable history. The how-to-verify-a-trader-track-record-yourself guide walks an outside reviewer through the six-step verification procedure end to end.
Feature comparison
| Criterion | NakedPnL | Webull |
|---|---|---|
| Category | Public registry of verified performance | US retail broker (equities, options, futures, crypto) |
| Primary output | Time-weighted return + chained NAV history | Trade execution + private dashboard + tax forms |
| Custody model | None — read-only API keys | Custodial — broker holds user assets |
| Trade execution | No execution | Yes — equities, options, futures, crypto |
| Performance metric used | Time-weighted return computed from daily NAV (Decimal.js precision) | Total return / unrealised P&L on the dashboard; no public TWR per account |
| Public profile of the account | Yes — opt-in, GDPR-consent gated | Private — dashboard accessible only to the account owner |
| Verification model | SHA-256 content hash, append-only chain, Bitcoin-anchored Merkle root via OpenTimestamps | Internal broker records; user trusts Webull's rendered figures |
| Independent re-verification | Yes — browser-side SHA-256 from raw venue responses | Not designed for third-party re-derivation; statements are after-the-fact PDFs |
| Tax form generation | Out of scope | Yes — 1099-B, 1099-DIV, 1099-INT, etc. |
| Cross-venue aggregation | Yes — TWR computed across all connected venues as a single portfolio | Webull-only |
| Snapshot cadence | Daily NAV (23:55 UTC), retained forever | Continuous broker activity |
| Cost | Free public registry; trader-side paid tiers for analytics depth and verification depth | Commission-free trades; revenue via payment for order flow, securities lending, margin |
| Regulatory category | Publisher of verified data (not a broker, adviser, or asset manager) | Registered US broker-dealer (FINRA member); SEC-regulated; SIPC member |
Where each one is the right tool
- Trading equities, options, or futures with a more capable charting and order-entry interface than Robinhood — Webull. NakedPnL has no execution surface.
- Holding regulated US-domiciled custody of brokerage assets — Webull. NakedPnL never holds assets.
- Filing US taxes on brokerage activity — Webull produces the 1099 forms. NakedPnL has no tax product.
- Publishing a verified, re-derivable track record an outside allocator can underwrite — NakedPnL. Webull produces private statements, not a public track record.
- Aggregating performance across a Webull account, an IBKR account, and a Bybit account into a single TWR — NakedPnL. Webull only sees Webull.
- Confirming a trader's claimed Webull ROI without trusting either Webull or the trader — NakedPnL chain bundle plus the verification methodology.
Why an in-app analytics surface is not a public track record
Webull's analytics dashboard is among the better trader-facing surfaces in US retail brokerage — equity curve, win-rate, drawdown, and per-symbol breakdowns are all accessible to the account owner. None of that solves the verification problem. A trader can post a Webull screenshot and the viewer has no way to know whether the displayed window is the trader's full history or a curated subset, whether the methodology behind the displayed P&L matches what is being implied, or whether the figures shown today were the figures shown yesterday. The methodology guide on why most leaderboards are gameable explains the same structural problem applied to operator-rendered ranking surfaces.
A NakedPnL chain answers each of those questions structurally. The chain spans the full history of every connected account; the methodology is published; and the daily Merkle root is committed to Bitcoin via OpenTimestamps so the chain cannot be edited retroactively without breaking the proof. The verified-track-record glossary entry sets out the four properties that distinguish a verified record from a claimed one.
Can a Webull user connect to NakedPnL today?
Webull does not publish a third-party-accessible read-only credential API on the model NakedPnL requires for daily NAV pulls. Its OpenAPI offering is in selective release for institutional partners and does not provide the open user-credential surface that Binance, Bybit, OKX, or IBKR Flex Web Service expose. As a consequence, NakedPnL does not currently support direct Webull connection. A trader who runs the same strategy on a venue with read-only access can publish a verified record there. The full list of supported venues is on the connect page and grows when new venues open suitable read APIs.
Pricing and access
Webull is commission-free for equities and options at the headline level; revenue comes from payment for order flow, securities lending, and margin interest. NakedPnL is free to view as a public registry; trader-side paid tiers exist for deeper analytics and higher verification depth (Bronze / Silver / Gold). The founding seat program is hard-capped at 100 lifetime seats and is enforced by a unique constraint at the database level.