PAPER MILL

Thesis

Earn PAPER on Papertrade with hedged 200x BTC long/short pairs that close at 0.3% moves, then stake the PAPER for rewards.

Strategy

• Pair: Hold an equal BTC long and short at 200x, each with half the capital up to $2,500 margin, and reopen as soon as a pair closes. • Exit: Close both legs once BTC moves 0.3% against either, loser first; a leg within 0.1% of liquidation or left unhedged closes at once. • Budget and stake: Stop opening pairs once net losses reach 90% of capital by default; stake minted PAPER and claim rewards every 30 minutes.

Exposure

• Holds: BTC pair and PAPER — Two opposite BTC 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: 200x per leg — Liquidation sits under 0.5% from entry, so a losing leg can be liquidated before the 0.3% exit fills. • Costs: Haircut and winner fee — Winning closes pay Papertrade's move-dependent haircut and a 2% fee; losing legs lose their price move or their whole margin. • Data: External venue feeds — api.hyperliquid.xyz streams BTC 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.