PAPER MILL 100x by zorba

Thesis

Earn PAPER on Papertrade with hedged 100x ETH or BTC pairs closing at 0.825% (BTC) or 0.675% (ETH) moves, before liquidation.

Strategy

• Pairs: Open a 100x long and short together, ETH first unless paused (paused ETH legs are never opened or closed); $1M to $5M per leg, 48% of free capital. • Exit: Close both legs at a 0.825% BTC or 0.675% ETH move, loser first; an unhedged leg retries its hedge and closes on a 0.2% trailing stop. • House check and stake: Stakes minted PAPER; closes every leg if Papertrade's house funds drop under $500k, reopening pairs once they are back at $1M.

Exposure

• Holds: ETH/BTC pairs and PAPER — Opposite ETH or 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 — Liquidation sits about 1% from entry, beyond the exits; a leg within 0.15% (BTC) or 0.2% (ETH) of liquidation closes at once. • Costs: Haircut and winner fee — Winning closes pay Papertrade's move-dependent haircut and a 2% fee. • Data: External venue feeds — api.hyperliquid.xyz supplies streaming ETH and BTC prices; exchange.papertrade.xyz supplies haircut terms and side caps 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 Papertrade account.