PAPER MILL

Thesis

Finish the existing BTC hedge at its exit and stake the accumulated PAPER to earn USDC rewards.

Strategy

• Finish the pair: Keep the existing BTC long and short until their 0.3% exit or existing safety exit; open no new positions. • Stake and stop: Once both legs settle, stake all remaining PAPER at or above the 1,000 PAPER minimum and stop trading. • Sizing: Keep the current positions unchanged until closing; commit no additional USDC to new trades.

Exposure

• Holds: BTC pair and PAPER — Existing BTC long and short positions, USDC, and staked PAPER. • Venue: Papertrade — Positions and staking remain in the wallet's Papertrade account. • Leverage: Existing 50x legs — The current BTC positions retain their leverage until closed. • Costs: Winner haircut and fee — Profitable closes pay Papertrade's haircut and winner fee. • Data: Hyperliquid, Papertrade — api.hyperliquid.xyz supplies live BTC quotes; exchange.papertrade.xyz supplies trading terms. • On unwind: USDC and staked PAPER — After the pair closes, USDC remains in Papertrade and PAPER remains staked.