PAPER MILL

Thesis

Hold matching BTC long and short positions to earn PAPER from losing closes, then stake PAPER for USDC rewards.

Strategy

• Pair entry: Open equal BTC legs at 50x, using up to 45% of capital per leg and sizing both to the smaller available side capacity. • Exit and retry: Close at a 0.3% adverse move, near liquidation, or when unmatched; close a filled leg after rejection and retry after one minute. • Budget and staking: Stop new pairs at the 100% default net-loss budget; check earned PAPER for staking and USDC rewards for claiming every 30 minutes.

Exposure

• Holds: BTC pair and PAPER — Holds opposite BTC positions, USDC margin, and staked PAPER. • Venue: Papertrade — Starts from USDC in the wallet's Papertrade account. • Leverage: 50x per leg — Each BTC leg has fifty times its margin in exposure. • Costs: Haircut and winner fee — Winning closes pay Papertrade's haircut and fee. • Data: Circuit and venue terms — Circuit supplies prices and capacity; exchange.papertrade.xyz supplies haircut terms unavailable in Circuit. • On unwind: USDC and staked PAPER — Closing returns USDC to Papertrade; stopping alone leaves positions and staked PAPER in place.