PAPER MILL 75

Thesis

Earn and stake PAPER from opposite BTC trades, sizing each pair to a $75 starting balance.

Strategy

• Pair: Split available USDC equally into 500× BTC long and short legs; require $40, at most $5 queued and 60 seconds between cycles. • Exit: Close both on Hyperliquid's live price at a 0.1% move against either; a lone leg closes if its partner fails or at 0.03% against it. • Stop and stake: Stop at a 20% net loss ($15 on $75) or a 0.15% five-minute BTC move; stake earned PAPER of 1,000 or more and claim rewards.

Exposure

• Holds: BTC pair and PAPER — A $75 start puts up to $37.50 margin into each BTC leg and stakes earned PAPER. • Venue: Papertrade — USDC stays on Papertrade; authorize Circuit trading before starting with at least $75. • Leverage: 500× per leg — Liquidation sits 0.15% from entry and a leg within 0.03% of it closes at once; legs shrink so even a liquidated leg fits the loss stop. • Costs: Haircut and winner fee — Winning closes pay a move-dependent haircut and a 2% fee. • Data: Hyperliquid, Papertrade — Streams Hyperliquid's BTC best bid and ask, the price Papertrade settles at, and reads Papertrade's live trading terms before each pair. • On unwind: Open legs stay open — Stopping leaves positions on Papertrade; turn on hard_kill first to close them. USDC and staked PAPER stay in the Papertrade account.