PAPER ETH HIGH LEV

Thesis

Earn PAPER on Papertrade with hedged 100x ETH long/short pairs that close at 0.3% moves, sized inside the open-interest caps, then stake it.

Strategy

• Stacked pairs: Each minute it opens another equal ETH long/short at 100x sized to free margin and 95% of the tighter side's open-interest room. • Exit: Each pair closes on Hyperliquid's live price once ETH moves 0.3% against either leg, 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: ETH pair and PAPER — Two opposite ETH positions on Papertrade with USDC margin, plus staked PAPER; BTC positions on the wallet are left alone. • Venue: Papertrade — Trades on Papertrade from the wallet you start it on; fund your Papertrade balance before you start. • Leverage: 100x per leg — Liquidation sits under 1% from entry; a leg closes once within 0.5% of it, beyond the 0.3% exit. • 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 ETH bid/ask 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 account.