Papertrade Quick Start — Deposit USDC & Trade Perps
A short path from wallet connection to a funded Papertrade trading balance and your first position.
What you need
Use an EVM-compatible wallet and USDC that can reach your Papertrade deposit address through the supported Hyperliquid or bridging flow.
1. Connect
Connect your wallet and register the scoped session key used by the trading interface. The session key reduces repeated wallet popups for normal trading actions.
2. Deposit USDC
Papertrade derives a unique deposit address for your wallet. Supported deposit routes end with USDC arriving at the deterministic account the protocol monitors and credits.
3. Trade
Choose a market, long or short direction, margin and leverage. Papertrade reads the current Hyperliquid BBO mid and settles position PnL against the LP.
Next
Continue with Wins and losses for settlement economics, The LP and the payout queue for solvency mechanics, and Paper Emissions for PAPER minting.
Related Papertrade Guides
Frequently Asked Questions
What do I need before opening a Papertrade trade?
A compatible wallet, available USDC trading balance and an understanding of margin, leverage and the displayed bust price.
Can I choose long or short?
Yes. The trading flow supports long and short direction on supported markets.
Should I review liquidation before using high leverage?
Yes. Higher leverage reduces the distance to the hard-liquidation threshold.