No CEX on the first date; @perpdexlist founder
Joined October 2021
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can't believe i'm dropping this now. bloomberg terminal for basis and funding arbitrage
a lot of time and effort went into this, and here's what you get:
- scanner for arb setups across 35 cexes and perp dexes
- realtime parsing of 9300 unique pairs
- bid and ask of both legs are accounted for, not just last or mark price
- you can see real returns over 24h, 7d, 30d based on historically paid funding (not just converting current funding into APR)
- ability to filter pairs by volume and open interest
and most importantly for every pair you can open a detailed chart section that includes:
- price chart (including bid ask)
- historical in/out spread chart (based on real bid ask)
paid funding chart
- funding change chart (yes, it's always different and not always equal to funding paid)
and yes, all of this is completely free
link: perpdexlist.com/arbitrage
not the post you wanna see on your tl
been a couple days now: caught a stomach bug, shitting my guts out, fever, motivation at zero, feels like i’m missing out on everything
gonna take it as a sign it’s the perfect time to rethink my life goals
kinda recovered from the post-event dopamine crash and wanna ask you: do you need an api/mcp from perpdexlist?
tldr what i'm planning: live + historical data on funding, settlements, bbo, oi, volume and more across 50 perp dexs and cexs
what else?
the curse of perp dexs
i interact with perp dexs a lot, like a lot of them, so here are their main problems:
1. bad apis
way behind cexs on this. incomplete, not always working. many ppl don't get why this matters: market makers, arbers and hft all run on apis and generate a ton of volume. apis are also key for network effects through integrations with analytics sites like mine
2. bad ref program design
on a cex you bring a user, you see everything about them, and usually you earn ~30-50% of their fees. on perp dexs that's not a thing, so there's zero incentive to shill anything. at best you get a % of your ref's points, then the perp dex shuts down and the founder buys a new ferrari with the fees
3. airdrops
95% of volume on tokenless perp dexs is pure farming. that's what made perp dexs great, and that's what killed them
4. copying each other
why would i trade on perp dex #49 if i can trade on perp dex #48 and everything's identical? same liquidity, same pairs. that's why it's important to look at projects that are actually unique
5. limited audience
cexs are basically all identical too, but many still do well bc the audience is huge: different countries, different communities etc. perp dexs have the same audience everywhere, roughly 30-50k users hopping from one project to the next. housewives aren't blowing their child support on perp dexs, they do that on coinbase or robinhood
but none of this changes the fact that perp dexs are great!
the wealth of my future generations now depends on how much other ppl lose in a 1000x casino
am i financially literate yet?
considering that there were almost no papertrade forks at all, not even any rugs
can papertrade itself be considered successful?
someone pls tell this guy that’s literally why we’re in this project
okay not trying to fud but…
@papertrade_xyz doesn’t actually execute trades on hyperliquid. it just uses hyperliquid prices to settle synthetic positions against its own LPs, with 1000x leverage and some questionable payout asymmetry when prices gap.
my concern is what happens when enough people figure this out. or someone big decides to trigger a volatility event that could drain the LP, and leave everyone queuing for withdrawals.
using hyperliquid prices and trading on hyperliquid are two very different things. not sure if most trading on paper actually understand the difference.
proposing we rename papertrade to cuckoldtrade
you literally wait in queue forever just to get into a trade, then get liquidated and lose your whole balance, and you're ultra happy about it
trying my absolute hardest to get rekt on papertrade but somehow already 3x’d my starting balance
what’s wrong with me??? :(((
.@papertrade_xyz live on perpdexlist
you can find and analyze delta-neutral setups for eth and btc, and check the funding paid out across 50 perp dexs and cexs
perpdexlist.com/papertrade_l…
don’t worry guys, i’ll integrate @papertrade_xyz into perpdexlist.com from day 1
you’ll be able to find delta neutral opportunities across different exchanges and profit from price and funding arbitrage
literally less than an hour until paper trade goes live, but i see some people still don’t get how it works
tldr: to farm points, you need to lose money
the bigger the project’s LP (basically it’s the delta: user funds lost minus payouts to winners), the less $PAPER you farm
the best rate is at LP from $0 to $2m: 100 $PAPER per $1 lost
after $2m LP, farming gets more expensive. very roughly speaking (and i stress, very roughly), it drops fast up to $120m LP, then slower after that
the rate depends not on the current LP, but on the LP's all-time high. it can only get worse, never better
and most importantly: this doesn’t mean LP will grow ultra fast. maybe everyone will win often and LP simply won’t get topped up
one strategy i see is just going DN with other perp dexes/cexes, and you might especially want to look at the ones offering x500-1000 leverage. off the top of my head: mexc, avantis, gains, aster
gl
papertrade launch timing and details
papertrade is expected to launch at 14:00 UTC on 10.10.2026, following the scheduled hyperevm network upgrade.
at this time trading through the frontend will be enabled.
deposits will pause for a short period of time at 13:45 UTC, fifteen minutes before, to ensure that trading has the utmost priority during launch. if you wish to participate in the launch you must predeposit.
launch congestion
papertrade will be congested at the start due to launch demand. expect temporarily long confirmation wait times, especially for smaller notional trades.
the frontend relayer plays an important role during launch, controlling how transactions are submitted to the hyperevm. some actions like staking distributions run separately in big blocks. the chain will always look as if only half of all possible gas is being used, this is optimal. using more than this would exponentially raise fees within minutes to unpayable prices.
oi limits
papertrade has individual atomic position limits of 10m. there is no limit on the number of 10m positions a user can have. papertrade also has floating oi headroom per market/side, which determines how much oi can be opened in a very short period. these are not designed to be triggered through normal trading usage and are set at 1bn per market/side for launch.
asym pnl fee parameters
papertrade inherits rollbit’s asymmetric fee pnl curve
the parameters are:
-baseRate: .1
-rateMultiplier: 15000
-rateExponent: 1
-referenceNotional: 100000*k (k=1m)
-positionMultiplier: 814.598 btc / 483.979 eth
-profit deadman: 0.2 basis points
a visualization of the pnl parameter curve is below
admin keys
the papertrade admins (2 of 3 multisigs consisting of @izebel_eth @blurr @UngusTrade ) perform three separate roles:
-guardian: pause opens and freeze individual/global markets. if a market is frozen any existing positions can still be closed against the paused bbo mid.
-owner: set impact curve and fee parameters. change configure relayers/keepers. list new markets and upgrade the contracts. all contract upgrades are gated by a 7 day timelock.
-markets: adjust the oi headroom per market/side. set the minimum margin and minimum position sizes.
read more about these features at: docs.papertrade.xyz
am i fucking midcurving, or is it a bit weird to sell pants for $2,000 before the official launch?
by the way, here’s the address where all the money goes:
0x8de06c06ab675bb0bc45644d41768b76869dd376
there are literally just a few dozen pants left
any TA experts here? is this chart bullish enough?
can't believe i'm dropping this now. bloomberg terminal for basis and funding arbitrage
a lot of time and effort went into this, and here's what you get:
- scanner for arb setups across 35 cexes and perp dexes
- realtime parsing of 9300 unique pairs
- bid and ask of both legs are accounted for, not just last or mark price
- you can see real returns over 24h, 7d, 30d based on historically paid funding (not just converting current funding into APR)
- ability to filter pairs by volume and open interest
and most importantly for every pair you can open a detailed chart section that includes:
- price chart (including bid ask)
- historical in/out spread chart (based on real bid ask)
paid funding chart
- funding change chart (yes, it's always different and not always equal to funding paid)
and yes, all of this is completely free
link: perpdexlist.com/arbitrage
tbh, this is the worst possible time for a launch
a lot of the hyperliquid maxis and everyone involved are either still in singapore or already back home but dealing with brutal jet lag after a 15-hour flight
i'm writing this post literally right after 12 hours of sleep, and i have zero clue what's going on, what to click, or anything else
papertrade launch timing and details
papertrade is expected to launch at 14:00 UTC on 10.10.2026, following the scheduled hyperevm network upgrade.
at this time trading through the frontend will be enabled.
deposits will pause for a short period of time at 13:45 UTC, fifteen minutes before, to ensure that trading has the utmost priority during launch. if you wish to participate in the launch you must predeposit.
launch congestion
papertrade will be congested at the start due to launch demand. expect temporarily long confirmation wait times, especially for smaller notional trades.
the frontend relayer plays an important role during launch, controlling how transactions are submitted to the hyperevm. some actions like staking distributions run separately in big blocks. the chain will always look as if only half of all possible gas is being used, this is optimal. using more than this would exponentially raise fees within minutes to unpayable prices.
oi limits
papertrade has individual atomic position limits of 10m. there is no limit on the number of 10m positions a user can have. papertrade also has floating oi headroom per market/side, which determines how much oi can be opened in a very short period. these are not designed to be triggered through normal trading usage and are set at 1bn per market/side for launch.
asym pnl fee parameters
papertrade inherits rollbit’s asymmetric fee pnl curve
the parameters are:
-baseRate: .1
-rateMultiplier: 15000
-rateExponent: 1
-referenceNotional: 100000*k (k=1m)
-positionMultiplier: 814.598 btc / 483.979 eth
-profit deadman: 0.2 basis points
a visualization of the pnl parameter curve is below
admin keys
the papertrade admins (2 of 3 multisigs consisting of @izebel_eth @blurr @UngusTrade ) perform three separate roles:
-guardian: pause opens and freeze individual/global markets. if a market is frozen any existing positions can still be closed against the paused bbo mid.
-owner: set impact curve and fee parameters. change configure relayers/keepers. list new markets and upgrade the contracts. all contract upgrades are gated by a 7 day timelock.
-markets: adjust the oi headroom per market/side. set the minimum margin and minimum position sizes.
read more about these features at: docs.papertrade.xyz
AHAHAHAHAHAH
i'm bringing them so much trading volume and fees that i've literally hit their per-user cap over N period of time
let's say i'm supposed to get $30k in referral payouts, but the cap is $15k over N days, and anything above that simply doesn't get paid to me
such a terrible referral program design