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Overview(01)

Paper100 is a perpetuals exchange on Solana. You go long or short SOL, BTC and ETH with up to 100x leverage, using USDC as collateral. There is no order book and no outside market maker: every trade is taken by the house, a balance inside the program that belongs to the traders who lost to it.

The house starts at zero and is never seeded. It grows only from traders' losses. Every loss mints paper to the trader who lost: a non-transferable share of the house that earns half of every fee charged and all surplus above the reserve cap. Fold, and you own the house.

When you win and the house has the cash, you are paid at once. When it does not, the part it cannot pay goes into the queue line and is paid in strict order, first in, first out, as new losses arrive. Your margin always comes back immediately. Only profit can wait.

How a trade works

  1. 01You send a request: market, side, margin and leverage. Your margin is locked.
  2. 02The request fills at the RedStone price of the first 10-second grid point at least two seconds after it. Nobody, you included, can choose that price.
  3. 03Anyone can execute the request once that price is published. A keeper run by the protocol does it about two seconds later.
  4. 04You close the same way. A gain goes through an impact haircut and a 2 % fee; a loss goes to the house and mints paper for you.

What is different

  • Losses become ownership. A loss is not simply gone: it becomes your share of the house's future fees.
  • No price you can see in advance. Two-step execution at a fixed grid price removes the latency edge that drains house-backed exchanges.
  • No funding, no spread, no open fee. You pay 2 % of a paid win's profit or 2 % of a loss, plus Solana's own transaction fees.
  • The queue is public. The house can be short. When it is, winners wait in order, and the line is visible on the house page.

Where to go next

Quick start →