Traders who are tired of paying twice
You want leverage and speed, not slippage, spreads and funding that eat the edge you worked for. Here there is no order book to slip through; the docs explain exactly how fills and fees are computed.
WHY WE BUILT IT
Perps are the most traded product in crypto, and the hardest place to be small.
Every time you open a big position you push the price against yourself. You pay a spread to get in and a spread to get out. Funding bleeds you while you wait. The matching engine is a black box, and your money sits in someone else's account while it happens.
We asked a simple question: what if the trade never touched the market at all? So Paperps prices every position from the median of several exchanges and settles it on-chain against a pool that belongs to the protocol. Your order is not in an order book, so it does not move that price; large wins pay a size-based haircut instead, and fills happen at the first oracle push after you place the order. It is a promise between you and the contract.
THE WHOLE EXCHANGE, ON ONE SCREEN
HOW IT WORKS
Three steps. No order book. No popups.
- Sign in and deposit.Connect a wallet, put in USDC. Your account is yours: the contract holds the balance, not us.
- Trade with a session key.Approve once and trade at up to 1000x on BTC and ETH with no wallet popup per order and no gas to hold. The key can open and close. It can never withdraw.
- Settle against the pool.The pool starts at zero and grows from trader losses. Wins are paid from it, with no funding rate and a 2% fee on the gain (large wins also pay a size-based haircut). Losses mint FeeShare, and staked FeeShare earns the fees.
WHO IT IS FOR
People who want size without the tax, and a record that means something.
Competitors
You would rather prove it than say it. Every position is on-chain, so your class, your level and your rating come from what you actually did, and nobody can buy them.
Capital owners and the traders they are looking for
Good traders cannot find capital. Capital cannot find good traders. A legion puts both on one page: the commander funds an isolated account, the soldier trades it with a key that cannot withdraw, and the split is settled by a contract.
THE ARENA
Trading is the engine. The Arena is the game.
You never pick a class. We read your closed positions and tell you who you are: how fast you trade, how much leverage you carry, how long you hold, how often you survive. Then you put it to the test.
RogueMany fast trades.
BerserkerHigh leverage, big swings.
SageLong holds, patient.
TankLow leverage, steady hands.
RangerA balanced mix.
RecruitStill finding your style.
Seasons
Fourteen days, one board, ranked by return on the capital you actually held. Close your positions before the bell: whatever is still open at the end counts as lost margin.
1v1 duels
Same capital cap, same leverage cap, same clock, your own money. Win and your rating moves like it does in chess. Sit out and you forfeit, so doing nothing never wins.
Legions
Recruit soldiers, give each a limited key and a stop-loss, and share the profit above their carried losses. Everything settles on-chain, and anyone can settle it if you disappear.
WHY NOW, WHY EARLY
The board is empty. That is the opportunity.
Season 1 is running right now. Your record starts with your first closed position, ratings start at 1000 for everybody, and the top three of every season go into the Hall of Fame for good. The earliest seasons will have the thinnest fields you will ever see.
The pool starts at zero and grows in public, one trade at a time. The rules are fixed in contracts anyone can read. If you want to say you were here before it was crowded, this is the window.