Trades and pricing

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.