PAPER MILL

Thesis

Earn PAPER on Papertrade with hedged 50x long/short pairs on BTC, or ETH when BTC is full, that close on small moves far from liquidation, then stake it.

Strategy

• Pair: Hold an equal BTC long and short at 50x, or ETH when BTC has no room, sized to the room left and up to 45% of capital per leg. • Exit: Close both legs once BTC or ETH moves 0.3% against either, loser first; a leg near liquidation or unhedged closes at once. • Budget and stake: Stop opening pairs once net losses reach the spend budget, 20% of capital by default; stake minted PAPER and claim rewards every 30 minutes.

Exposure

• Holds: BTC or ETH pair, PAPER — Two opposite positions on one coin 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: 50x per leg — Liquidation sits 1.95% from entry; any leg within 0.75% of it closes at once. • Costs: Haircut and winner fee — Winning closes pay Papertrade's move-dependent haircut and a 2% fee; pairs are sized so even a liquidated leg fits the budget. • Data: External venue feeds — api.hyperliquid.xyz streams BTC and ETH prices; exchange.papertrade.xyz supplies haircut terms absent from Circuit data. • 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.