papertrade_
Vol 24h$5.37B
Long OI$26.7M
Short OI$11.8M
Available Collateral--
x1 SafeWild x1000
Order Value$0
Bust Price$78,112.05
Open Positions --
Connect wallet to view your positions.
PAPERTRADE / BTC & ETH PERPETUALS

Papertrade Trade — BTC & ETH Perps with Up to 1000x Leverage

Trade Papertrade synthetic perpetuals using live BTC and ETH market data, Hyperliquid BBO-mid execution, isolated margin and leverage up to 1000x. The terminal keeps price, 24-hour market context, open interest, order value and bust-price calculations synchronized around the selected market.

BTC + ETHInitial perpetual markets
Up to 1000xDocumented leverage ceiling
BBO MidHyperliquid execution reference
Long / ShortIsolated synthetic positions

Live BTC & ETH Perpetual Trading

Select BTC or ETH, choose Long or Short, assign USDC margin and set leverage. Order value and the displayed liquidation threshold update from the same position inputs.

Hyperliquid BBO-Mid Execution

Papertrade uses Hyperliquid best bid and ask state as the documented pricing source. The midpoint becomes the execution reference rather than orders being matched on a separate Papertrade orderbook.

Margin, Leverage & Bust Price

Each position is isolated around its committed margin. Higher leverage expands notional exposure but moves the hard-liquidation threshold much closer to entry.

Market Volume & Open Interest

Use volume and separate long/short OI as market context. These metrics help describe current exposure but do not predict direction or guarantee available liquidity.

Papertrade Trading Flow

  1. Connect a compatible wallet and make sure the trading balance has available USDC.
  2. Select BTC or ETH and choose Long or Short.
  3. Set isolated margin and leverage while reviewing order value and bust price.
  4. Review live market context and submit the position only after understanding liquidation risk.

Trading Costs, Settlement & Risk

The published Papertrade model describes no conventional funding cost, spread or trade-size slippage for normal BBO-mid execution. Profitable closes can still be reduced by asymmetric impact and protocol settlement mechanics. High leverage can liquidate rapidly and can forfeit the full isolated margin.

Portfolio & PnLHouse OI & LiquidityLeaderboardTrading & Pricing DocsLiquidation Docs

Trade BTC Perpetuals & ETH Perpetuals with Isolated Margin

Papertrade treats each BTC or ETH position as a discrete synthetic perpetual position with its own direction, margin, leverage, entry reference and bust price. Traders can use the terminal for BTC long, BTC short, ETH long or ETH short exposure without relying on a separate Papertrade matching engine. Increasing leverage raises notional exposure relative to committed USDC margin, but it also compresses the distance between entry and liquidation. For high-leverage trading, the useful workflow is not simply choosing the largest leverage value: compare order value, market direction, long and short open interest, current BBO price and the displayed bust threshold before submitting the position.

Papertrade quick start → · Bust price & liquidations →

Hyperliquid Price Discovery, BBO Mid & Open Interest Context

The execution reference comes from Hyperliquid best bid and best ask state observed through HyperEVM. Papertrade uses the midpoint of that BBO state rather than a separate off-chain price signer or a standalone Papertrade orderbook. The trading page therefore combines live market price context with Papertrade-specific exposure data such as long OI and short OI. Open interest describes outstanding directional notional; it is useful for understanding current protocol exposure and market limits, but it is not a prediction of future BTC or ETH direction. Volume, open interest and the live chart should be treated as context alongside margin and liquidation risk, not as guarantees of execution quality or profitability.

How BBO pricing works → · View House liquidity & OI →

No Conventional Funding Does Not Mean No Trading Risk

The documented execution model does not use conventional periodic funding, a separate quoted spread or trade-size slippage for normal BBO-mid execution. That does not make a leveraged position cost-free or low risk. Profitable closes can be affected by asymmetric impact and settlement-side economics, while losing positions remain exposed to market movement and hard liquidation. At leverage approaching 1000x, even a small adverse move can consume isolated margin quickly. Papertrade traders should treat the displayed bust price, position size, LP liquidity and protocol risk disclosures as core parts of the trade rather than secondary statistics.

Papertrade Trading FAQ

What can I trade on the Papertrade app?

The documented initial markets are BTC and ETH synthetic perpetuals, with long and short positions and leverage up to 1000x subject to market limits.

How is the Papertrade entry price determined?

The protocol uses Hyperliquid best-bid and best-ask state and derives BBO-mid pricing for the execution reference.

What is the bust price?

The bust price is the displayed hard-liquidation threshold for an isolated position. It changes with entry price, direction, leverage and the market liquidation buffer.

Does Papertrade charge funding?

The published protocol model describes no conventional funding cost or spread for normal BBO-mid execution. Profitable closes can still be affected by asymmetric impact and settlement economics.

What do Long OI and Short OI mean?

They show the notional value of active long and short exposure reported for the selected Papertrade market.

Related Papertrade Documentation

Trading & BBO pricingLiquidations & bust priceQuick start