QuantConnect is an open-source, cloud-based algorithmic trading platform for equities, FX, futures, options, derivatives and cryptocurrencies.

Once the team greenlights a user-generated algorithm, it is loaded into QuantConnect's Alpha Streams API and priced accordingly by the quant who developed it.

[7] Hedge funds that leverage the Alpha Streams API search for algorithms that fit their specific criteria and license them for a monthly fee.

Once users code an algorithm, they can run a backtest on historical data, which provides a full breakdown on how it could have performed in the market in the past.

As of January 2021, there are over 100 LEAN-Powered Hedge Funds and 103,000 live algorithms successfully deployed on LEAN, with over $8.1 billion of asset volume traded through the engine.