PAPER MILL

Thesis

Acquire PAPER from opposing 50x BTC trades, then stake only the session's earned tokens for USDC distributions.

Strategy

• Pair: Open equal 50x BTC legs while flat, with a 10% cash reserve and both margins inside the remaining spend budget, 20% by default. • Exit: Check every five seconds; close both at a 0.3% adverse move, within 0.75% of liquidation, or close an unpaired leg once its entry resolves. • Budget and rewards: Count confirmed settlements once, stop new pairs when the budget cannot fund them, and stake session-earned PAPER from 1,000 after paired closes.

Exposure

• Holds: BTC pair and PAPER — Holds opposite BTC positions, USDC collateral and earned PAPER. • Venue: Papertrade — Starts with 2,000 USDC at the default 20% budget; a smaller budget percentage requires more starting capital. • Leverage: 50x per leg — Each minimum-sized BTC leg uses 200 USDC margin for 10,000 USDC exposure. • Costs: Winner haircut and fee — Profitable closes pay the payout haircut and winner fee. • Data: Circuit + Hyperliquid — Circuit supplies positions and settlements; api.hyperliquid.xyz supplies the order book beyond Circuit's 15-second prices. • On unwind: USDC and staked PAPER — Closing returns available or queued USDC; stopping leaves positions open. The close-only switch requests software exits.