PAPER MILL

Thesis

Earn PAPER by pairing 500x BTC longs and shorts with $1,000 margin per side on Papertrade, then staking the rewards.

Strategy

• Pair: Open a BTC long and short at 500x with $1,000 margin each when $2,000 is free; wait 60 seconds between pairs. • Exit: Watch BTC's live price; close both at a 1% move or near liquidation, the survivor if its partner is gone, and an unpaired leg at 0.3% against it. • Stop and stake: Close and stop at a net loss of 20% of capital or a five-minute range over 1.5%; stake PAPER from 1,000 and claim rewards every 30 minutes.

Exposure

• Holds: BTC pair and PAPER — Two opposite BTC positions each use $1,000 USDC margin; earned PAPER is staked. • Venue: Papertrade — Trades on Papertrade from the wallet you start it on; fund your Papertrade balance before you start. • Leverage: 500x per leg — $1,000 margin gives $500,000 exposure per side; close both when either leg is within 0.1% of its liquidation price. • Costs: Haircut and winner fee — Winning closes pay a move-dependent haircut and a 2% fee. • Data: Circuit and venue feeds — api.hyperliquid.xyz supplies live BTC quotes; exchange.papertrade.xyz supplies trading terms unavailable in Circuit. • On unwind: Open legs stay open — Stopping leaves positions on Papertrade; turn on hard_kill first to close them. PAPER stays staked.