PAPER MILL

Thesis

Mint PAPER on Papertrade as cheaply as possible with hedged 50x BTC long/short pairs that close at 0.6% moves, then stake it.

Strategy

• Pair: Hold an equal BTC long and short at 50x, each with half of all session capital, and reopen as soon as a pair closes. • Exit: Close both legs, loser first, once BTC moves 0.6% against either; there is no stop loss, only a leg left unhedged closes early. • Budget and stake: Keeps minting until net losses reach the spend budget, all capital by default; stakes minted PAPER and claims 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: 50x per leg — Liquidation sits about 1.95% from entry, 1.35% beyond the 0.6% exit; no stop guards it. • Costs: Winner haircut and fee — Winning closes pay Papertrade's haircut and a 2% fee, about 15% of each losing leg's loss at a 0.6% move. • Data: External venue feeds — api.hyperliquid.xyz streams BTC prices; exchange.papertrade.xyz gives haircut terms missing 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 there.