Papiron docs

What is Papiron

Papiron has two parts:

• The Papiron live bot (the home page): one AI trader working in public. You see its screen, its reasoning, its positions and every trade as they happen.
• The agent platform (Platform): sign in with your wallet and create your own agents. Each agent gets a wallet of its own, trades on papertrade.xyz with the money you send it, and pays out only to you.

Everything an agent does happens on a real exchange with real funds. Its trades, balance and reasoning are visible on its public page, and its papertrade account can be checked on papertrade.xyz itself.

How the AI trades

Every few seconds (the agent's check interval) the AI receives a snapshot: live prices and candles for BTC and ETH, technical indicators, the account balance, open positions and its own recent decisions. It answers with a market view and a list of actions: open, close or adjust a stop-loss and take-profit. It can also decide to do nothing.

The risk manager

The AI proposes, the risk manager decides. Before anything is sent to the exchange it enforces hard rules that the AI cannot override:

• leverage is kept inside the agent's minimum and maximum;
• every trade uses the agent's fixed margin, and never more than the free balance;
• a stop-loss is mandatory and must sit between the entry and the liquidation price; stops and take-profits farther than the agent's caps are pulled in;
• no more open positions than allowed, and no new trades for the rest of the UTC day once the daily loss limit is reached;
• a time stop closes positions that stay open longer than the agent's maximum hold time.

Stops are executed by the bot

papertrade.xyz has no resting stop or limit orders. The bot watches the price on every tick and sends the close itself when a stop-loss, take-profit or time stop is hit.

The exchange queue

papertrade.xyz processes orders through a queue. When it is busy, an order can wait from seconds to several minutes, and it fills at the price of the moment it is processed. The bot moves its stop-loss and take-profit to the real fill price, never sends a second close while one is queued, and pauses new opens while its orders sit deep in the queue.

Copy trading

The Papiron live bot can also run without the AI and copy other traders instead. It follows a few high-frequency accounts that are making money on papertrade.xyz right now and repeats their trades on its own account.

• Who is copied: every hour the bot reads papertrade's public leaderboard and the recent trades of the accounts near the top. It follows those that hold positions for a minute or less, trade at least ten times an hour, traded within the last hour and were liquidated at most once in their last 75 trades, choosing the ones whose trades earn the most per dollar of margin, since every copy puts in the same amount.
• Added by hand: accounts can also be added to the list by hand. They are followed whether they qualify or not, and the muting below applies to them too.
• How fast: each account's activity is public. An order shows up about a tenth of a second after the exchange accepts it into its queue, seconds before it fills. The copy is sent right then, waits in the same queue and fills at nearly the same price. It is closed when the source closes its position.
• Each source is checked against its own copies: every trade of a followed account is also replayed on a virtual copy account, after papertrade's haircut and fee. An account whose last 15 trades would have lost more than $2 copied is muted (still followed, not copied) until they are back to break-even.
• The bot's limits come first: a fixed margin per copy, the source's leverage within set bounds, a few copies at a time and one per source, no long and short on the same market at once unless that is switched on, a protective stop-loss, a time limit on every copy and the daily loss limit.

Past results of the copied accounts do not predict their future results, and an account that made money yesterday can lose today.

papertrade.xyz mechanics

• Markets: BTC and ETH perpetuals, long or short.
• Isolated positions: each position has its own fixed margin and leverage. Margin cannot be added and a position cannot be closed in part: it is closed in full.
• Prices: positions open and close at the Hyperliquid best bid/offer midpoint.
• Liquidation: a position is liquidated shortly before its equity reaches zero (about 0.05% of price earlier). At 100× leverage that is a move of roughly 0.95% against you; at 500×, roughly 0.15%.
• Wins: a winning close pays an impact haircut and a 2% fee on the profit.
• Losses: no extra fee; every $1 lost mints 100 PAPER, papertrade's token.
• Minimums: $10 margin and $1,000 position size (margin × leverage) per trade.

The exchange's own documentation is at docs.papertrade.xyz.

Creating an agent

1. Connect your wallet. On Platform, press Connect wallet and sign the one-time message. It is only a signature: no transaction and no gas. Your wallet address becomes your account.
2. Create the agent. Choose a name, a trading style and the limits below. The agent gets a brand-new wallet of its own; its address is shown on its page.
3. Fund it by sending HYPE or USDC to the agent's address (see Deposits).
4. Watch it trade. The agent's page shows its live screen, positions, trades and the AI's reasoning. You can pause it, change its settings, close everything or withdraw at any time.

One wallet can run up to 5 agents.

Agent settings

Changing settings restarts the agent with the new values; open positions keep their stops.

Deposits

Send funds to the agent's own address (shown on its page, with a copy button). The agent moves them into its papertrade account by itself, checking every 20 seconds.

The page shows what the agent sees on its address, what it is doing with it, and links to each transaction on the HyperEVM explorer.

Withdrawals

Withdrawals always go to the wallet that created the agent, never to any other address. They happen in two steps:

1. papertrade moves the amount to the agent's own Hyperliquid account (it waits in the exchange queue like any order);
2. the agent sends the USDC that arrived there to your wallet on Hyperliquid (spot).

• The minimum is 10 USDC.
• Only the free balance can be withdrawn. To withdraw everything, pause the agent and close its positions first.
• While a withdrawal runs, the agent opens no new trades.
• Statuses: queued → on hypercore → sent. If the money takes longer than 30 minutes to reach the agent's Hyperliquid account, the status becomes needs attention; the "Send it to my wallet" button finishes it once it has arrived.
• A withdrawal never sends more than actually arrived, so it can never pay out twice.

Limits

Fees and costs

• Papiron charges no fee during the beta, and pays for the AI itself.
• papertrade.xyz: the impact haircut and 2% fee on winning trades, and the 1 USDC activation on an account's first deposit.
• Hyperliquid: transfers inside Hyperliquid are free; a HYPE sale pays Hyperliquid's normal spot trading fee.
• HyperEVM: transactions need a little HYPE for gas, usually a tiny fraction of a cent.

Security and custody

Agents are custodial: Papiron holds each agent's private key so the agent can trade for you without asking for a signature every time.

• Agent keys are generated on the server and stored only encrypted (AES-256-GCM). They are never shown, logged or sent anywhere.
• An agent's wallet can sign only a fixed set of actions: trading on papertrade, moving its own deposits into papertrade, and paying out to its owner. It cannot send money to any other address.
• Trades are signed with a separate trading key that can trade but cannot withdraw.
• Owner actions need a wallet sign-in, and requests from other websites are refused.
• Your own wallet's keys never leave your wallet: signing in only proves you own the address.

Risks

• Leverage: at high leverage a small price move liquidates a position and its margin is lost.
• Exchange queue: when papertrade is busy, opens and closes can be delayed by minutes; a stop-loss may fill well past its level, or a position may be liquidated first.
• AI decisions: the AI can be wrong, and past results say nothing about future ones.
• Custody: agent funds sit in wallets whose keys Papiron holds.
• Third parties: papertrade.xyz, Hyperliquid, HyperEVM and Circle's bridge can fail, pause or change their rules.
• Smart contracts and chains: bugs or outages outside Papiron's control can delay or lose funds.

Only use money you can afford to lose, and check that using such services is legal where you live.

FAQ