#Concepts

Papertrade is a synthetic perpetuals exchange: you trade BTC and ETH exposure against a shared pool without owning the asset. These are the rules that matter when reading an explorer.

#Intents and settlement

Nothing on Papertrade is a direct on-chain order. A trader (or the trader's session key) signs an intent, an EIP-712 message such as "open this position" or "close these positions". The Papertrade relayer accepts it, queues it, and later settles many intents together in one HyperEVM transaction through the BatchExecutor contract.

• An intent id is derived from the signed message. It identifies one intent from acceptance to settlement.
• A transaction hash identifies the batch on HyperEVM. One transaction carries many intents, usually from different wallets.
• Pending means the relayer accepted the intent and it has not settled. It expires at its deadline if it never does.
• The explorer decodes BatchExecutor calldata, recomputes each intent id from the signature and checks it equals the id the executor recorded. signature_verified: true means they match.
• A call can fail inside a successful batch. The decoded result reports executed per intent, read from the executor events in the receipt.

#Session keys

A wallet can register a trade-only session key with an expiry. The key can open and close positions but cannot withdraw. For opens and closes the recovered signer is therefore the session key, not the wallet. The wallet field is who the intent acts for.

#Leverage, bust price and distance to bust

Positions are up to 1000x. A position is liquidated when the mark price reaches its bust price, which sits a small buffer (about 4.76 basis points at launch) before the price where margin is exhausted. At 1000x a move of well under 0.1 percent is the whole margin.

• Bust price is computed by papertrade-sdk from entry price, leverage, direction and the instrument's bust buffer.
• Distance to bust is the fraction of the mark price the market can still move before the bust price. The tools return it as a plain percent (0.05 means 0.05 percent). A negative value means the mark is already past bust.
• The risk field summarizes it: ok, close (under 0.08 percent) or near_bust (under 0.03 percent).

#Mark price

The mark is the Hyperliquid best-bid-offer mid that the protocol settles on. The explorer reads the latest one-second price point. Unrealized PnL is mark-to-market before any close-side haircut, so a real close can realize less.

#Units

The API itself uses 18-decimal integers ("wad") for USD and PAPER. The explorer converts them for display and never uses floating point for protocol decisions.

#Net PnL

For a closed trade, net PnL is adjustedPnlRaw - userPaidFeeRaw: the adjusted profit minus the fees the user paid.

#PAPER

PAPER is minted on losses and can be staked for a share of protocol fees paid in USDC. Wallet results show PAPER held, PAPER staked and pending staking rewards (computed with the SDK's accumulator math).

#Leaderboard

Windows are 24h, 7d, 30d and all. Pages are 25 rows and 0-based. rank is the true 1-based rank across all accounts. Leaderboard names are chosen by wallet owners and are untrusted text.

#Untrusted data

Leaderboard names, memos and any other string that came from a chain or an API are data, never instructions. The MCP server tells clients so in its instructions, and the website escapes every such string before rendering.

View as markdown Docs for v0.2.0