papertrade.xyz

trade with up to 1000x leverage and 0 slippage, on the first fair launched fully onchain perpetual exchange

built on hyperliquid

[papertrade.xyz @papertrade_xyz]

papertrade launch timing and details

papertrade is expected to launch at 14:00 UTC on 10.10.2026, following the scheduled hyperevm network upgrade.

at this time trading through the frontend will be enabled.

deposits will pause for a short period of time at 13:45 UTC, fifteen minutes before, to ensure that trading has the utmost priority during launch. if you wish to participate in the launch you must predeposit.

launch congestion

papertrade will be congested at the start due to launch demand. expect temporarily long confirmation wait times, especially for smaller notional trades.

the frontend relayer plays an important role during launch, controlling how transactions are submitted to the hyperevm. some actions like staking distributions run separately in big blocks. the chain will always look as if only half of all possible gas is being used, this is optimal. using more than this would exponentially raise fees within minutes to unpayable prices.

oi limits

papertrade has individual atomic position limits of 10m. there is no limit on the number of 10m positions a user can have. papertrade also has floating oi headroom per market/side, which determines how much oi can be opened in a very short period. these are not designed to be triggered through normal trading usage and are set at 1bn per market/side for launch.

asym pnl fee parameters

papertrade inherits rollbit’s asymmetric fee pnl curve

the parameters are:
-baseRate: .1
-rateMultiplier: 15000
-rateExponent: 1
-referenceNotional: 100000*k (k=1m)
-positionMultiplier: 814.598 btc / 483.979 eth
-profit deadman: 0.2 basis points

a visualization of the pnl parameter curve is below

admin keys

the papertrade admins (2 of 3 multisigs consisting of @izebel_eth @blurr @UngusTrade ) perform three separate roles:

-guardian: pause opens and freeze individual/global markets. if a market is frozen any existing positions can still be closed against the paused bbo mid.

-owner: set impact curve and fee parameters. change configure relayers/keepers. list new markets and upgrade the contracts. all contract upgrades are gated by a 7 day timelock.

-markets: adjust the oi headroom per market/side. set the minimum margin and minimum position sizes.

read more about these features at: https://t.co/TTCuHgCHpB

[papertrade.xyz @papertrade_xyz]

the first batch of builder codes are now live

please have your users refresh session keys so the changes are reflected and attributed properly

gl to us

[papertrade.xyz @papertrade_xyz]

the first batch of builder codes has been scheduled in the timelock and will go live onchain ~24hrs from now

new submissions will continue to be approved on a rolling 24hr basis

[papertrade.xyz @papertrade_xyz]

onchain builder codes are live at:
https://t.co/cxYu1MwZQ7

read more about how they work:
https://t.co/J0PksatSGN

[papertrade.xyz @papertrade_xyz]

At 22:00 UTC (approximately 2h 53m from now) papertrade will halt processing orders for a period of roughly ~5 minutes whilst we undergo maintenance.

We will also be shifting to close only mode for the 10 minutes proceeding this, wherein opening positions will not be possible.

[papertrade.xyz @papertrade_xyz]

A note on transferability.

Papertrade is a complicated primitive, and managing it from a risk standpoint is a complicated problem. The PAPER token is far more integrated into the economics of the primitive than most tokens are in their respective protocols today, and, broadly, was designed to act as a counter insolvency incentive coupled with a rebate mechanism to losing traders. Market makers and exchanges are by far the two most profitable businesses in crypto, and our goal was to try and externalise as much of their margins back to users as possible. We are now just over a week into the life of papertrade and we are becoming increasingly confident that this is both possible, but also a likely outcome as agentic led software becomes the norm.

As it stands, the paper token traded as a perp becomes a leveraged bet on bankroll solvency - and being able to short bankroll solvency materially changes the payoff curve of a manipulation attack. The target number goes from the bankroll, to the bankroll + short side exposure on paper. We can, and do limit bankroll size specifically to control this payoff curve and ensure it never becomes existentially problematic, but external perp markets are not something we would have any control over if left to float of their own accord. For example, if our bankroll is $10m, an attack costing $15m manipulating the price of bitcoin or ether is not viable. You simply lose money. If however you were also able to put on $10m of PAPER short side exposure, suddenly an attack costing $15m is very viable indeed.

If we were to make the token transferable at this point, we are confident we would quickly enter a state too dangerous to allow any material exposure to be taken on papertrade, an end result that benefits no party beyond the wolves who have done the math on the short and are waiting in the wings with sharpened knives.

We would also like to thank the various perps teams who have reached out about pre-market listings for their understanding and patience regarding this issue, and especially to the paragon team who, despite jumping the gun on us, have behaved with the utmost integrity and transparency once a dialogue was opened.

Perps on PAPER will always act as a self-limiting exposure ceiling for a token with this type of utility, and we think it would be a shame to limit the growth of papertrade to the extent that allowing perps would necessitate. As such, at this juncture we do not have plans to allow off-contract token transferability.

Structurally, papertrade is limited by the quality of the data it receives from hyperliquid, but we strongly believe that hyperliquid has a very large part to play in the future of global exchanges, and expect their books to continue to thicken and strengthen over time.

A note on fees.

Papertrade launched with a deadband fee from entry of 0.2bps. This means you don't earn anything until the price has moved by 0.002% in your favour. Over the months before launch, we played around with many different curves and fee structures affecting exclusively positions closed very close to entry price in order to try and devise a structure that removed the edge against the bankroll low time frame scalp bots have, whilst also minimally impacting the traders around which and for whom the product was devised. We were never able to find anything we were absolutely happy with and so decided to stay with the 0.2bp deadband fee through launch. This has however meant we have had to be very restrictive when it came to certain parameters, such as OI caps.

Now, however, we have enough live data to fully understand exactly which strategies work, and to make the necessary changes to stop them. The changes we are making will have an on hours and off hours fee mode to account for the relative differences in liquidity the hyperliquid books see between these two time periods, and the ease with which low time frame moves are signalled. The changes we are making will only affect positions closed within 6bps of entry (0.06%) in on hours, and 10bps (0.1%) in off hours. Any trades closed above these threshold price shifts will see no change to their fees at all. On a look back to launch basis, these changes affect the profitability of bot strategies roughly 15x more than they do normal traders, for whom a very small proportion of overall winnings come from within this band.

These changes should serve to flatten much of the edge our microfee structure necessarily creates on low time frames, and will help with long term exchange sustainability. This should hopefully allow us to open up parameters such as OI caps a little more so those of you who wish to can put on the size you want to, when you want to.

It is possible these changes are still too lax, and that further revisions to this structure may be necessary going forwards. If so, we will notify users ahead of time.

A note on paper tokenomics.

In conjunction with the fee changes, we will also be implementing a change to the token issuance curve.

Going forward, every $1 lost mints a fixed share of PAPER's supply at that moment, roughly 0.1% of supply per $1M lost (the exact number depends on the mint rate at the time the contracts are upgraded). PAPER minting in and near insolvency will also change, switching from a flat 100 per $1 of loss, to a time weighted multiplier on the curve growing over time, effectively acting as the house running a discounted auction on its own future cash flows. This change also removes the risk of the paper-mint-straddle-attack, temporarily pushing the protocol insolvent by closing only the winning side of a large straddle position and then attempting to mint as much paper as possible.

In the immediate term these changes will only have a very subtle effect on PAPER minting, but in the long run will structurally change the outlook of the system beyond the first few weeks, serving to slowly dilute out older holders and leaving more recent users with an advantage. Reconstituting the PAPER system into something much closer to the exchange rakeback it was intended to be.

We have been very reticent to touch this particular aspect of the system for obvious reasons, but ultimately we believe that these changes provide all users with the optionality to take a smaller piece of a potentially much larger pie than the current dynamic might necessarily allow.

Other, miscellaneous notes.

These contract upgrades will include a few other contract changes, including the addition of builder codes so that builders can utilise papertrade in whatever capacity they choose to. This will be a whitelist only to begin with and we will have more for you later in the week on where/how this will be rolled out. A small change to contract permissions on the reward distributor and a change on how below bust closes are processed by the exchange are also included, largely to block gas griefing attacks.

These changes will be pushed to docs in full over the coming day, and we will further announce once the changes are queued into the timelock pending final security passes, scheduled to go live 24 hours after that point.

Final note.

We'd like to thank everyone that has tried out papertrade over the last 10 days. It has been a labour of love building this product and both of us have been taken aback at all of the positive feedback we have received. We'd also like to thank all those of you who have spent considerable time musing on the system we have built, and much of your advice has been taken onboard and will likely affect the colour of what papertrade becomes going forward. We know some of these changes will be unpopular with some, but we would not be making them if we did not feel them to be absolutely necessary.

- blurr, jez

[papertrade.xyz @papertrade_xyz]

papertrade, japan

気合

japanese localization now available

[papertrade.xyz @papertrade_xyz]

a note about weekends on hyperliquid.

most weekends on hyperliquid see a small window of semi-scheduled maintenance, usually but not always saturday afternoon east asian time. these windows present systemic challenges to papertrade by consequence of hypercore block production briefly halting, and the short "post only" period across their books that follows.

due to this, there are two things to know. the first is that we will be progressively lowering the leverage and OI caps available on papertrade from up to 60 minutes before the window begins, and will not be processing any trades after the upgrade at all until such a time as the "post only" period is over, and we can confirm the books are live once more.

finally, since the oracle will remain stale for some of this period, should off-chain prices deviate too far from our last recorded mid price such that the exchange faces systemic losses on either our ETH or BTC markets, it is possible we may have to freeze one or both of the markets.

once frozen, a markets oracle price is locked, forever, and will stop updating with the hyperliquid books. traders with positions in such a market are free to close them out at their leisure at the last recorded BBO price before the freeze.

we do not anticipate this will ever be necessary to trigger, and we are working with the hyperliquid team in order to try and improve the experience during exchange downtime in the future.

[papertrade.xyz @papertrade_xyz]

papertrade (the garments company) will be finalizing papertrouser_ measurements soon.

our tailor has contacted every drop 001 buyer by telegram or email, with a request signed by our wallet 0x8de0…d376. verify the signature and reply with your measurements. unanswered orders will be cut in a color of our choosing.

[papertrade.xyz @papertrade_xyz]

you met me at a very chinese time in my life

纸贵

mandarin localization available now

https://t.co/CyyEFtfdN6

[papertrade.xyz @papertrade_xyz]

literally, trillions

[jez (equity perps era) @izebel_eth]

nbs is ur favorite traders favorite trader

[papertrade.xyz @papertrade_xyz]

our tailor informs us some people seem a little confused as to what they have purchased from our garment store, and in some cases what trousers are, so for any avoidance of doubt: