How to Use Papertrade at 1000x Leverage
BTC and ETH fill at the Hyperliquid midpoint. At 1000x a tenth of a percent against the position is the margin, and a winning close is haircut before it is paid.
How do you open a trade on Papertrade?
Fund the account, choose BTC or ETH, set a margin and a leverage up to 1000x, and sign the intent. Phase one submits that intent through a whitelisted relayer. The fill price is Hyperliquid’s best-bid-and-offer midpoint, read again when you close.
What does 1000x leverage mean in price terms?
Notional equals 1000 times the margin. A 0.10% move against the position is a 100% move on that margin. Sumcap’s published simulation treated a position as liquidated once the adverse move reached 0.05%.
What does a winning Papertrade close actually keep?
The contract first moves the exit 0.2 bps against the trader. A smaller gain becomes zero. The rest is scaled by an impact curve, then a 2% win fee. Papertrade’s launch example kept about 74% of raw profit on a 0.1% BTC move, and about 88% on a 1% move, before that win fee.
What if the pool cannot pay the profit?
The margin is returned. The unpaid profit waits in a first-in queue until later losses refill the pool. A queued win is a claim, not spendable USDC.
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