A Papertrade account owned by its depositors.

Deposit USDC. The vault mines PAPER with hedged pairs, stakes what it mints, and splits it by share.

The operator trades the account through a session key. It cannot withdraw from it. Only depositors move USDC out, and only to themselves.

Join the waitlist

Signing is free and moves no funds. Reserved wallets get the first $50,000 of capacity in signing order.

One cycle · ETH · $1,000 a leg at 69x

Long and short open: same mid
ETH moves: 0.80%
Losing leg: −$552.00
Winning leg, after impact: +$481.87
Net cost: −$70.13
PAPER minted: 54,096
PAPER per dollar: 771

Model figures. PAPER mints on the losing leg's loss (100 per $1, less a 2% fee) while the winner keeps most of its gain. The impact parameters are not public yet; the vault reports measured numbers once it runs.

How it mines

Lose on one leg, keep most of it on the other.

Open a long and a short of the same size in one batch, so both enter at one BBO mid.
Hold until the price moves about 0.8%. Papertrade trims a winning close by a haircut that shrinks as the move grows. Around 0.8% the winner keeps close to 88% of its gain.
Close both. The losing leg mints PAPER on its whole loss. The pair as a whole is down only the haircut.
Stake the PAPER and repeat. Leverage and hold time follow the last day's volatility, so the bust price stays far from any one-minute candle.

Who can do what

The contract is the account.

The vault is registered on Papertrade as a contract user. It signs one kind of message for the operator: the registration of a trading session key, built inside the contract.

	Depositors	Operator	Anyone, after 24 h idle
Deposit, request a withdrawal	yes	—	—
Trade the account	no	yes, session key	no
Move USDC out	to themselves	no	no
Settle the epoch	—	yes	yes
Revoke the session key	—	yes	yes

Deposits and withdrawals settle between cycles, when no position is open, so every share price is struck on realised balances. A cycle lasts up to 12 hours.

What you own

USDC shares, plus the PAPER they earned.

Your shares are a claim on the vault's USDC. Every PAPER minted while you held shares is credited to your address, and staking yield follows that PAPER. Withdraw all your USDC and you keep both.

PAPER is non-transferable at launch, so it stays staked in the vault and earns until Papertrade enables transfers. Then you claim it. The vault issues no token of its own.

Fees

1%of PAPER minted

10%of staking yield

0to deposit or withdraw

Risks

Mining spends USDC by design. Each cycle costs roughly 2% of the capital in it. Your USDC balance falls as your PAPER grows.
PAPER has no market at launch. What it is worth depends on Papertrade's volume and on when transfers open.
The contract is new. It launches with a $50,000 cap and $10,000 per address until it has an external review.
A price gap during a chain halt can liquidate a leg. The vault sizes leverage so that would take a move four times the largest one-minute candle of the last day.

Live

The operator's own capital, mining from day one.

These two accounts run the same strategy with the operator's money from launch. Their results are what the vault will be judged on.

Long0x655aaA7c60a8ae3fdE6058FC1D20d93192DF8fA6—

Short0x3B6C8Bba4ea07Dc5713fe1aD60F334e05c0914fD—

USDC on Hyperliquid, read live