PAPER MILL

Thesis

Earn PAPER on Papertrade with hedged 100x ETH long/short pairs that close at 0.7% moves, then stake it.

Strategy

• Pair: Hold an equal ETH long and short at 100x, each with up to 45% of session capital, and reopen as soon as a pair closes. • Exit: Close both legs once ETH moves 0.7% against either, loser first; also close on a lost price feed, an unhedged leg, or the close-all switch. • Budget and stake: Stop opening pairs at the loss budget, 20% by default; stake PAPER and claim rewards every 30 minutes.

Exposure

• Holds: ETH pair and PAPER — Two opposite ETH positions with USDC margin, plus staked PAPER. • Venue: Papertrade — Trades from your Papertrade USDC balance; fund that balance before starting. • Leverage: 100x per leg — Each ETH leg has a position value of 100 times its USDC margin. • Costs: Haircut and winner fee — Winning closes pay a move-dependent haircut and a 2% fee. • Data: External live feeds — api.hyperliquid.xyz streams ETH prices; exchange.papertrade.xyz supplies limits and haircut terms absent from Circuit data. • On unwind: USDC and staked PAPER — Closing ETH legs returns USDC; stopping alone leaves legs open, while the close-all switch closes them.