PAPER MILL

Thesis

Earn PAPER on Papertrade with hedged 100x ETH long/short pairs that close at 0.3% moves, then stake the PAPER.

Strategy

• Pair: Hold an equal ETH long and short at 100x, each with half of session capital, and reopen as soon as a pair closes. • Exit: Close both legs on Hyperliquid's live price once ETH 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 the spend budget, 20% of capital by default; stake minted PAPER and claim staking rewards every 30 minutes.

Exposure

• Holds: ETH pair and PAPER — Two opposite 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: 100x per leg — Liquidation sits about 0.95% from entry; a leg within 0.3% of it closes at once, so only a sudden jump could liquidate one. • 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 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.