PAPER MILL BTC

Thesis

Earn PAPER on Papertrade with hedged 50x BTC long/short pairs that close at 0.5% moves, far from liquidation, then stake it.

Strategy

• Pair: Open equal 50x BTC legs with at most 15% margin each; require room on both sides, allow 20 seconds to confirm, and wait 5 minutes after entry failure. • Exit: Close both at a 0.5% BTC move, loser first; close near liquidation, on entry failure, or when a partner is missing after 20 seconds. • 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: 50x per leg — Liquidation sits 1.95% from entry, 1.45% beyond the 0.5% exit; only a sudden jump of that size before a close settles could liquidate a leg. • 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: Live price and terms — Uses api.hyperliquid.xyz for streaming BTC bid and ask and exchange.papertrade.xyz for trading terms not provided by Circuit. • 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.