FAQ
Common questions about how Papertrade works, what it costs and what is actually onchain.
How is Papertrade onchain?
Trading state lives on HyperEVM while USDC balances are held on HyperCore. The Exchange contract tracks positions, queue state and per-user balances and uses HyperCore precompiles for settlement flows.
How do Papertrade trades work?
Trades are synthetic swaps between the user and the protocol LP. Opens and closes use Hyperliquid BBO mid rather than a Papertrade orderbook.
How does the Papertrade oracle work?
Papertrade reads Hyperliquid pricing through HyperEVM precompiles. The BBO feed is onchain HyperCore state rather than a separate off-chain price signer.
What markets and leverage are available?
The supplied documentation describes BTC and ETH with leverage up to 1000× and position-size controls. Additional markets depend on assets available through Hyperliquid.
What does it cost to trade?
Papertrade does not use a standard notional swap fee, funding cost or spread. Winning closes can be reduced by asymmetric impact and settlement-side fee mechanics.
Can I add margin to an open position?
No. Each position is discrete. To change risk, the documentation describes closing and reopening a position with a different margin or leverage profile.
What happens during liquidation?
Crossing the displayed bust price invokes a hard liquidation path that forfeits the isolated margin and settles through the protocol LP or queue accounting.
Is PAPER fairly launched?
The documentation states that PAPER starts at zero supply with no pre-mint, team allocation, VC allocation, airdrop or vesting schedule; mints come from eligible trading losses and liquidations.
Can I deposit directly into the LP?
No. The LP is not a public deposit vault. PAPER is the protocol LP-revenue claim token, and staking PAPER is the documented route to the staker share of USDC revenue.
Can another frontend integrate Papertrade?
The docs describe signed-intent integration through the configured relayer and batcher path for the relayer-only deployment profile.