PAPER MILL

Thesis

Earn PAPER on Papertrade with hedged 100x BTC pairs, closing on price moves or near liquidation, then stake it.

Strategy

• Pair: Reopen settled BTC pairs at 100x, each leg using at least $20 and up to 45% of capital; recheck both sides' capacity every 15 seconds when waiting. • Exit: Close both legs on Hyperliquid's live price once BTC 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 staking rewards every 30 minutes.

Exposure

• Holds: BTC pair and PAPER — Two opposite BTC positions 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: 100x per leg — Each $20 margin backs $2,000 exposure; the original 0.75% liquidation-distance exit can close the pair before its 0.3% target. • Costs: Haircut and winner fee — Winning closes pay Papertrade's move-dependent haircut and a 2% fee, about 20% of each losing leg's loss; pairs are sized so even a liquidated leg fits the budget. • Data: External prices & terms — api.hyperliquid.xyz supplies streaming BTC prices; exchange.papertrade.xyz supplies trading limits unavailable through 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.