AStockArena: Beyond Returns, Can We Entrust Real Capital to the Decisions of Financial Agents?

Computer Science > Computation and Language

[Submitted on 31 Oct 2026]

Title:AStockArena: Beyond Returns, Can We Entrust Real Capital to the Decisions of Financial Agents?

View PDF HTML (experimental)Abstract:Large language models (LLMs) are increasingly used in dynamic financial trading, yet real-time trading benchmarks mainly evaluate agents by cumulative returns and risk-adjusted performance. Such outcome metrics cannot show whether trades are faithfully reported, supported by available evidence, and consistent with account states. We introduce AStockArena, a real-time decision-auditing benchmark for continuous trading in China's A-share market. Under shared market conditions and execution constraints, we evaluate 13 open- and closed-source models over 3,198 sequential decisions. AStockArena reconstructsthe actions actually posted to accounts by aligning reports, trade requests, execution responses, and account states, and audits them with eight checks spanning execution traceability (O), evidence sufficiency (RK), and financial meta-awareness (B), combining record verification with consensus expert annotation. Of 1,070 trading points, 72.99% exhibit at least one audit gap; model-level rates range from52.2% to 91.2%, with evidence gaps most prevalent. Historical trade-filtering replay further shows thatportfolio outcomes are sensitive to these flagged trades. Decision-process auditing thus offers a verifiable complement to return-based evaluation of financial agents.

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