One-click long or short from your own wallet. Up to 1000x leverage, no order book, no spread, no funding. Read the how it works notes and the risk disclosure before you trade.
Enabling trading signs one message that creates a 30-day trading key in this browser, so opens and closes need no wallet pop-up. The key cannot withdraw funds.
| Market | Side | Lev. | Size | Entry | Liq. | Est. PnL |
|---|
Est. PnL uses the live mid price before closing fees.
From Hyperliquid: send spot USDC to this address. Minimum 10 USDC; the first deposit pays a one-time 1 USDC activation fee.
Minimum 10 USDC. Funds land in your Hyperliquid (HyperCore) spot balance.
PAPER is minted from realised trading losses and cannot be transferred. Staked PAPER earns USDC.
Claiming is an on-chain transaction and needs a little HYPE for gas.
Papertrade is a fully on-chain perpetuals exchange on Hyperliquid's HyperEVM. Every trade is a synthetic swap against the protocol's liquidity pool at Hyperliquid's mid price, so there is no order book, no spread, no slippage and no funding payment. This page is an independent interface to the same contracts; your funds stay in the Papertrade exchange contract, not with TradeMarkets.pro.
There is no fee on position size. Losing closes pay only the loss; winning closes pay fees on the gain as set by the protocol — see the Papertrade documentation. If price reaches your liquidation price the full margin is lost, so high leverage leaves very little room. Read our leverage risk management guide before using large leverage.
Papertrade is young, experimental software. When the pool cannot cover a winning close, the payout joins a queue and is paid from later losses, so withdrawals of profits can be delayed. Smart-contract risk applies. Only trade money you can afford to lose, and check that derivatives trading is legal where you live.