PAPER MILL ETH

Thesis

Earn PAPER with equal 50x ETH long and short positions on Papertrade, close pairs at 0.6% moves, and stake minted PAPER.

Strategy

• Pair: Hold one equal ETH long and short pair at 50x, each using up to 45% of session capital, and reopen after closing. • Exit: Close both legs when ETH moves 0.6% against either, loser first; close near-liquidation or unhedged legs using the existing safety rules. • Budget and stake: Stop new pairs at the loss budget, 20% by default; stake minted PAPER and claim rewards every 30 minutes when no action is pending.

Exposure

• Holds: ETH pair and PAPER — Opposite ETH positions use USDC margin on Papertrade; minted PAPER earns staking rewards. • Venue: Papertrade — Fund the Papertrade account used by the session before trading. • Leverage: 50x per leg — Each ETH position has 50 times its margin in price exposure. • Costs: Haircut and winner fee — Winning closes pay a move-dependent haircut and 2% fee; pair sizing accounts for the remaining loss budget. • Data: Live price and terms — api.hyperliquid.xyz streams ETH bid and ask; exchange.papertrade.xyz supplies terms unavailable through Circuit. • On unwind: USDC and staked PAPER — Closing returns USDC to Papertrade; stopping alone leaves positions open, and hard_kill closes them without reopening.