Papertrade Perpetual Trading, BBO Pricing & Margin
What a Papertrade trade looks like from the trader side, and where the execution price comes from.
Opening and closing trades
Choose a market, direction, margin and leverage. The position opens at Hyperliquid order-book mid and closes against a later BBO-mid read.
Who you trade against
The counterparty is the protocol LP. Papertrade does not run its own orderbook or match one trader directly against another.
Where the price comes from
The smart contract reads Hyperliquid best bid and ask state onchain and uses their midpoint as the execution reference.
Fees, funding and slippage
The supplied docs describe no funding cost, no spread and no user-paid gas for the normal relayed trading flow. Profitable closes are subject to asymmetric impact and protocol settlement economics.
Margin and markets
Each position keeps the margin committed at open; positions are not topped up or partially resized. The documentation describes BTC and ETH with leverage up to 1000× and a per-user position cap.
Related Papertrade Guides
Frequently Asked Questions
What price does Papertrade use?
The documentation describes Hyperliquid BBO-mid as the execution reference for opening and closing positions.
Does trade size create conventional slippage?
The documented model describes no trade-size slippage in the normal synthetic-swap execution path, subject to protocol controls.
What determines position notional?
Notional exposure is driven by committed margin and selected leverage.