PAPERMAXI

Thesis

Earn PAPER from equal 100x ETH long and short positions that close on 0.5% moves, then stake the earned tokens.

Strategy

• Pair: Open equal ETH long and short positions at 100x, using all available capital within venue caps and the remaining loss budget. • Exit: Close both legs when ETH moves 0.5% against either leg, losing leg first; close unmatched legs or use the manual close switch. • Loss budget: Stop new pairs at the net-loss budget, 50% by default; size within the remaining budget, stake earned PAPER and claim rewards every 30 minutes.

Exposure

• Holds: ETH pair and PAPER — Opposite ETH positions use USDC margin, with earned PAPER staked in the same account. • Venue: Papertrade — Fund the Papertrade account before starting; both ETH legs trade there. • Leverage: 100x per leg — Available margin is split equally between long and short, within venue caps and the remaining loss budget. • Costs: Haircut and winner fee — Winning closes pay a move-dependent haircut and a 2% fee. • Data: Circuit and venue APIs — api.hyperliquid.xyz supplies streaming ETH prices; exchange.papertrade.xyz supplies trading caps and payout terms absent from Circuit. • On unwind: USDC and staked PAPER — Closing returns USDC to Papertrade; stopping alone leaves positions open, while the manual close switch closes them.