PAPER MILL

Thesis

Earn PAPER on Papertrade with opposite 100x BTC positions that close at 0.35% moves, then stake the earned PAPER.

Strategy

• Pair: Hold an equal BTC long and short at 100x, each with up to 45% of session capital, and reopen after closes subject to the spend budget. • Exit: Close both legs at a 0.35% adverse BTC move, loser first; also close within 0.05% of liquidation or when a partner cannot fill. • Calm filter: Skip new pairs while BTC's last 15-minute range is above 1%, checking again every 15 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: 100x per leg — Each BTC leg uses 100x; a 0.35% BTC move equals 35% of its margin before closing costs. • Costs: Haircut and winner fee — Winning closes pay Papertrade's move-dependent haircut and a 2% fee; position sizing includes the spend budget. • Data: External live feeds — api.hyperliquid.xyz supplies streaming BTC prices; exchange.papertrade.xyz supplies haircut terms 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.