Asymmetric impact PnL

How Papertrade settles profitable closes and funds LP economics without a conventional notional trading fee.

How winning PnL is adjusted

Papertrade applies an asymmetric-impact scale factor to raw winning PnL. It is not a spread and is not a fee calculated directly from trade notional.

Key properties

Only profitable closes are impact-scaled. The percentage depends on the price move rather than the individual trade notional size, using market-level parameters.

Small winning moves are scaled more aggressively; larger moves retain a greater share of raw PnL.

Why this model exists

At very high leverage, the project documentation argues that ordinary notional fees or spreads do not fit the desired execution model. The cost is therefore tied to realised winning outcome.

Risk context

Asymmetric impact also adds friction to very small profitable moves, but the docs do not present it as a complete manipulation breaker.