Positions on Paper100 are isolated, discrete and immutable. Each one has its own margin and leverage, fixed when it opens. You cannot add or remove margin, and a close is always for the full size. To trade more, open another position.
Size and leverage
size = margin × leverage, in USDC. A $50 margin at 20x is a $1,000 position.- Leverage is a whole number from 2 to the market's maximum, which is 100 on every market.
- Your entry price is the fill price of your open request.
Requests, not orders
Every action that depends on a price is a request in two steps. request_open(market_id, is_long, margin, leverage) records the request with the current time and locks your margin. request_close(position_id) records a close. Neither fills on the spot.
The fill price is the RedStone price at the first 10-second grid point strictly after your request time plus the fill delay (2 seconds). Once that price exists, anyone can execute the request, and there is exactly one valid price for it. The details are in The price book and the fill rule.
Checks at open
The program checks these when you send the request and again when it executes.
| Check | Default |
|---|---|
| Margin | at least $1 |
| Position size | at most $100,000 |
| Open interest on your side, after the open | at most $250,000 per side, per market |
| Market | active and not retired |
| Opens | not paused |
If a check fails at execution, for example because your side filled up in the meantime, the request is cancelled and your margin is refunded. It does not revert and it never fills in part.
Closing
- A position can have one pending close request at a time.
- A close fills at its own grid price, exactly like an open.
- If that price is at or beyond your bust price, the close settles as a liquidation.
Cancelling
A request whose grid price was never published can be cancelled by anyone after one hour (requestTTL = 3,600 s). An open is refunded; a close is dropped and the position stays open. Before that hour nobody can cancel, so a cancel is never a free option on the price.
What it costs
- No fee to open. No spread. No funding, however long you hold.
- On close: 2 % of the profit of a paid win, or 2 % of a loss while the queue is empty. See Fees.
- Solana transaction fees, and a rent deposit for each request and position account, returned when the account closes.