BTC Long Short Ladder

Thesis

Holds a BTC long and a BTC short at once, cashing out whichever side gains and replacing it, so back-and-forth swings bank profits.

Strategy

• Two sides: Keeps one BTC long and one BTC short open on Papertrade, each 100 USDC at 5x. • Cash out: Closes a side once it is up 5% on its margin (a 1% BTC move) and opens a fresh 100 USDC replacement. • Let it ride: The losing side stays open until it reaches its own target or is liquidated, then gets replaced.

Exposure

• Holds: BTC long and short — One long and one short BTC trade, each 100 USDC of margin, open at the same time. • Venue: Papertrade — Trades and holds your USDC on Papertrade; fund it with Papertrade USDC first. • Leverage: 5x per side — Each side controls $500 of BTC; a side is liquidated after about a 19% move against it. • Costs: 2% of wins, impact — Papertrade keeps 2% of each win and charges a small price-impact cost on each trade. • Data: Circuit — BTC prices from Circuit. • On unwind: USDC on Papertrade — Closing both sides returns their value as USDC on Papertrade.