PAPER MILL

Thesis

Earn PAPER on Papertrade with hedged 200x BTC long/short pairs that close at 0.2% moves, then stake it.

Strategy

• Pair: Open a BTC long and short at 200x using 40% of session allocation per leg; reopen after closing when that margin is available. • Exit: Close both legs on live BTC prices at a 0.2% adverse move, loser first; also close near liquidation or when unhedged, with a 10-second main loop. • Budget and stake: Stop opening pairs once net losses reach the spend budget, 20% of capital by default; stake minted PAPER and claim staking rewards every 30 minutes.

Exposure

• Holds: BTC pair and PAPER — Two opposite BTC positions on Papertrade with USDC margin, plus staked PAPER in the Papertrade account. • Venue: Papertrade — Trades on Papertrade from the wallet you start it on; fund your Papertrade balance before you start. • Leverage: 200x per leg — Each leg uses 40% of session allocation as margin; $1,000 allocated gives $80,000 BTC exposure per side. • Costs: Haircut and winner fee — Winning closes pay Papertrade's move-dependent haircut and a 2% fee. • Data: Live prices and terms — api.hyperliquid.xyz streams BTC quotes faster than Circuit's price snapshots; exchange.papertrade.xyz supplies trading terms absent from Circuit. • On unwind: Open legs stay open — Stopping leaves positions on Papertrade; turn on hard_kill first to close them. USDC and staked PAPER stay in the Papertrade account.