PAPER MILL Low Budget

Thesis

Pairs BTC long and short from 75 USDC to seek PAPER rewards; high leverage, payout costs and liquidation can outweigh rewards.

Strategy

• Entry: Sizes each BTC side at one third of current session USDC; uses the least leverage reaching 10,000 USDC notional, up to 400x. • Exit: Checks every five seconds; closes at 40% of liquidation distance or if a leg disappears; volatility pauses entries; 20% reference-capital loss stops trading. • Rewards: Stakes at least 1,000 PAPER minted by this session's recorded closes and waits when queued winnings are high.

Exposure

• Holds: BTC long and short — Two isolated synthetic perpetual positions may be open; an unpaired leg is closed promptly. • Venue: Papertrade — Trades BTC synthetic perpetuals using the session wallet's Papertrade USDC. • Leverage: Up to 400x per leg — At the 75 USDC minimum each leg uses 25 USDC at 400x; liquidation can consume its full margin before an exit runs. • Costs: Win haircut and fee — Profitable closes incur Papertrade's asymmetric impact haircut and 2% win fee. • Data: Circuit — Reads Papertrade account and operation history, plus Hyperliquid BTC midpoints and candles. • On unwind: Closes positions — Exit rules submit closes; stopping the Circuit session alone leaves positions open.