Welcome to
Paper

At the RedStone price of the first 10-second grid point at least two seconds after your request, usually within 12 seconds. There is exactly one valid price per request, so nobody can pick a better or a worse one, you included.

A share of the house, minted to you when you lose: 100 paper per $1 of loss while the house holds less than $25,000 of net equity. It cannot be transferred. It earns 50 % of every fee charged and all surplus swept above the $75,000 reserve cap.

The other side of every trade: a balance inside the program that starts at zero and grows only from traders' losses and donations. The traders who lost to it own it, through paper.

The house pays winners only from cash it holds. If it is short, or other winners are already waiting, the part it cannot pay becomes a claim in the queue line, paid in strict order as new losses arrive. Your margin is never queued, only profit.

Every winning close gets its margin back at once and queues its net profit. Each new loss pays the front of the queue before anything else, and no fees are charged while the queue is open, so every dollar lost goes to the winners who are waiting.

Yes. Claims are paid only from future losses and donations. If those stop, the queue stops moving, and a claim may never be paid in full.

The price at which your position is liquidated and you lose its margin: `entry × (1 − d)` for a long and `entry × (1 + d)` for a short, with `d = 1/leverage − 0.0005`. At 100x it sits 0.95 % from your entry; at 10x, 9.95 %.

No. Every position is isolated: the most you can lose on it is its own margin. Your available balance and your other positions are not touched.

Three things reduce a gain: a deadband of 0.2 basis points, the impact curve, and the 2 % win fee. On BTC a 1 % move keeps 88.3 % of the gain before the fee, and a 0.1 % move keeps 75.7 %.

Each fee adds its paper share to a running total per unit of paper, and your share is read from that total. `claim_rewards` moves what you have earned into your available balance, from which you can withdraw.

Half to paper holders and half to the treasury. Fees are 2 % of a paid win's profit and 2 % of a loss while the queue is empty. There is no open fee, no spread and no funding.

Open and close positions and cancel requests for your account, from this browser, for up to 30 days. It cannot withdraw, collect, claim, donate or change sessions, and your wallet can revoke it at any time.

Yes. Execution is permissionless. The trade page fetches the signed packages for your request's grid point from RedStone and executes it at the same price the keeper would have used.

Each market's caps and impact parameters, within hard bounds (leverage at most 100, base rate at most 20 %, fees at most 5 %), pausing new opens, retiring a market, the oracle signer set (threshold at least 3), the treasury, the keeper and the token settings. The admin cannot touch balances, the house, claims or paper.