PAPER Pair Farmer

Thesis

Earns Papertrade PAPER rewards from hedged BTC long and short pairs while limiting the USDC spent to get them.

Strategy

• One long, one short, each alone: Keeps one BTC long and one BTC short open, each 10 USDC margin, and reopens a side as soon as its leg closes. • Exits per leg: Closes a leg once it loses 10% of its margin, gains 20%, or gets 70% of the way to its bust price. • Hard stops: Stops opening legs after 30 USDC total net loss or any liquidation, and never raises size to win losses back.

Exposure

• Holds: USDC and BTC positions — Margin in one BTC long and one BTC short of equal size, with the rest kept as free USDC on Papertrade. • Venue: Papertrade (BTC) — Funds stay as USDC in your Papertrade account; fund it with USDC on Papertrade before starting. • Leverage: 100x per leg — Each leg controls 1,000 USD with 10 USDC margin; a leg that hits its bust price loses its whole margin. • Costs: Win fee, price impact — Papertrade trims winning legs by its price-impact formula and a win fee; winnings may wait in a payout queue. • Data: Circuit — BTC prices and Papertrade account and market rules all come through Circuit. • On unwind: USDC on Papertrade — Closing any open legs returns their remaining margin and profit as USDC; earned PAPER stays in your account.