Papertrade Hedged Pairs

Thesis

Earn PAPER on Papertrade with hedged 150x BTC long and short pairs that close on 0.3% moves, then stake the PAPER for rewards.

Strategy

• Hedged pair: Holds an equal BTC long and short at 150x, each with 45% of available funds, and opens a new pair as soon as one closes. • Exit: Closes both legs, losing leg first, once BTC moves 0.3% against either, a leg nears liquidation or a leg is gone. • Budget and staking: Stops opening pairs after net losses reach 20% of starting funds; claims rewards and stakes earned PAPER every 30 minutes.

Exposure

• Holds: USDC, BTC pairs, PAPER — Papertrade USDC as margin for a BTC long and short, plus staked PAPER earned from closed pairs. • Venue: Papertrade — Funds sit in your Papertrade account, moved in from Hyperliquid USDC (at least 10 USDC). • Leverage: 150x per leg — Each leg controls 150 times its margin; the opposite leg offsets most of the price risk. • Costs: Win fees, price impact — Papertrade takes a fee on winning legs and prices in an impact cost on each open. • Data: Circuit — BTC price halfway between Hyperliquid's buying and selling prices, read through Circuit. • On unwind: USDC on Papertrade — Closing any open legs returns USDC to your Papertrade balance; staked PAPER stays staked.