PAPER MILL

Thesis

Earn PAPER on Papertrade with hedged 50x BTC long/short pairs, or ETH when BTC is full, closing at 0.3% moves, then stake it.

Strategy

• Pair: Hold an equal long and short at 50x, each up to 45% of capital, on BTC, or on ETH when BTC has no room, and reopen as soon as a pair closes. • Exit: Close both legs on Hyperliquid's live price once the coin moves 0.3% against either, loser first; a leg near liquidation or unhedged closes at once. • Budget and stake: Stop opening pairs once net losses reach your dollar loss budget, $700 by default; stake minted PAPER and claim staking rewards every 30 minutes.

Exposure

• Holds: BTC or ETH pair, PAPER — Two opposite BTC or ETH positions on Papertrade with USDC margin, plus staked PAPER in the Papertrade account. • Venue: Papertrade — Trades on Papertrade from the wallet you start it on; fund your Papertrade balance before you start. • Leverage: 50x per leg — Liquidation sits about 1.95% from entry, 1.65% beyond the 0.3% exit; a sudden jump of that size before a close settles could liquidate a leg. • Costs: Haircut and winner fee — Winning closes pay Papertrade's move-dependent haircut and a 2% fee, about 20% of each losing leg's loss; pairs are sized so even a liquidated leg fits the budget. • Data: External venue feeds — api.hyperliquid.xyz supplies streaming BTC and ETH bid/ask prices; exchange.papertrade.xyz supplies haircut terms and side caps absent from Circuit data. • 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.