Papertrade Pair Farmer

Thesis

Hedged BTC across Hyperliquid and Papertrade at 40x, leaning long on Hyperliquid, to farm Papertrade volume and PAPER.

Strategy

• Mirrored pair: Opens equal-size BTC positions on Hyperliquid and Papertrade, one long and one short, each with half the money at 40x. • Lean long on Hyperliquid: Two of every three pairs are long on Hyperliquid and short on Papertrade; the third flips. • Recycle at 25%: When a leg is up or down 25% on its margin, closes both, stakes earned PAPER and opens a fresh pair.

Exposure

• Holds: BTC long + BTC short — Two opposite 40x BTC positions of equal size that cancel out. • Venue: Hyperliquid, Papertrade — Half your USDC sits on Hyperliquid and half is moved into Papertrade. • Leverage: 40x per leg — Each leg's size is 40 times its margin. • Costs: Fees on both venues — Hyperliquid trading fees and funding, Papertrade fees, plus a fee on winning Papertrade legs. • Data: Circuit — Prices and Papertrade rules come through Circuit. • On unwind: USDC — USDC on Hyperliquid and Papertrade; staked PAPER stays staked.