PAPER Hedge Farmer

Thesis

Farms PAPER cheaply: equal BTC long and short on Papertrade, closed together after a big enough move so the losing leg mints PAPER.

Strategy

• Open a hedged pair: Opens a BTC long and short with half the balance each, at 50x by default, whenever no pair is open. • Close after the move: Closes both legs, losing leg first, once BTC moves 1% from entry by default, then opens a fresh pair.

Exposure

• Holds: BTC long and short — Equal size on both sides, so price moves mostly cancel out. • Venue: Papertrade — Your USDC sits on Papertrade; fund it from your Hyperliquid balance. • Leverage: 50x per leg — Set by you; lower leverage survives a bigger move before liquidation. • Costs: Win haircut and fee — Papertrade trims winning profits and charges a 2% win fee. • Data: Circuit — BTC price and Papertrade rules both come through Circuit. • On unwind: USDC plus PAPER — Closing returns USDC; PAPER minted by losing legs stays in your account.