A LITTLE PRACTICE BEFORE TAKEOFF

Find your flight plan

Practice mode

Practice only · No real orders or redeemable PAPER

Available USDC—Virtual cash outside open trades

Practice PAPER—Minted by completed losing trades

Net USDC spent—Realized results across both sides

USDC per 1k PAPER—Acquisition cost, excluding open PnL

Experiment LPSet the conditions for your next run—Loading experimentLP setup

CHANGE THE CONDITIONS

Set your starting LP

Compare launch liquidity with a larger pool. These controls apply to a new experiment.

Current experiment LP—Started at — USDC

Starting LP USDC

Then let LP

100.00PAPER per $1 of eligible loss basis at the start

Starts with 10,000 virtual USDC and saves your current results in Paper Trail

Your trades also move LP. Above $2M, starting tail progress is set to LP minus $2M. Existing experiments keep their original settings.

A DIFFERENT POINT OF VIEWTake the scenic route

Follow your position through City Run or look around in a no-trade preview

Waiting for priceWaiting for fresh data

Listening to the market

The chart fills with observed prices as the background watcher runs

Hyperliquid BBO midpoint · Last hour · L/S marks open entriesStreaming prices · Gaps stay visible

Open PnL —Margin locked —Queued receipts —

Your next move

BTC

Margin VIRTUAL USDC

USDC

Leverage20×

1×500×1,000×

Modeled liquidation distance: 4.950% against a leg

Total margin: 100.00 USDC
Total notional: 2,000.00 USDC
Available collateral: — USDC

Observed midpoint entry · No real orders

Your runway is clear

Pick BTC or ETH, choose a direction and open your first practice trade

Background observer delayed · Sampled liquidations can miss moves between ticks

Model assumptions Research +

These are research scenarios, not verified Papertrade execution. Zero conventional fees; hypothetical winner impact c = 2bp, beta = 2%, subtractive deadband = 0.2bp. Loss mint basis is 98%, or 100% for liquidation and underwater LP.

Both sides fill at one observed midpoint with no latency, spread or slippage. Actual entry/exit access, queues, liquidation paths and contract constants may differ. PAPER is assigned zero cash value.

Current scenario: —
Scenario LP: — USDC
Modeled cumulative tail H: — USDC
Current mint rate: — / loss basis

Starting LP is fixed for each experiment. Growing adds 50k per minute. Stress oscillates ±500k around the starting LP over ~31 minutes. Your settlements also move scenario LP. Tail progress tracks positive growth above 2m separately; the tail rate is 100 × (120m / (120m + H))². Queued profit can fund margin but is not cash; available receipts are paid FIFO as scenario liquidity returns. This is a simplified queue model.

Your experiments 0 saved +

Start fresh with 10,000 virtual USDC. Previous results stay saved below. Close your current positions first. Clearing this browser’s session cookie loses access; anonymous sessions expire after 30 days.

Open your Paper Trail

THREE STEPS TO A BETTER QUESTION

01 / CHOOSE

Pick a direction

Try a long, a short, or a matched pair on BTC and ETH. Every experiment begins with virtual funds.

02 / OBSERVE

Let the move develop

Compare the price move with the modeled return. Leverage changes exposure; small winning moves face more impact.

03 / COMPARE

Count the cost

Close a trade to realize its result. Losses mint Practice PAPER. Compare tokens acquired with net USDC spent.