These terms govern your use of the Paper100 website and app (the "interface"), run by the operators of Paper100 ("we"). By using the interface you accept them. If you do not accept them, do not use it.
What Paper100 is
The interface lets you use a program deployed on Solana to trade synthetic perpetual contracts on SOL, BTC and ETH against a house balance, with USDC as collateral. You interact with the program directly from your own wallet. We do not hold your funds, cannot move them and cannot reverse a transaction.
Eligibility
- You are at least 18 and have the legal capacity to accept these terms.
- Using leveraged derivatives is lawful for you where you live and where you are.
- You are not a restricted person as described below.
Restricted jurisdictions and sanctions
You may not use the interface if you are a resident of, located in, or organised in the United States, or in any country or region subject to comprehensive sanctions, including Cuba, Iran, North Korea, Syria and the Crimea, Donetsk and Luhansk regions. You may not use it if you, or anyone you act for, appear on a sanctions list of the United Nations, the United States (OFAC), the European Union or the United Kingdom. You may not use tools to hide where you are in order to get around these restrictions. We may block access from any place or address.
No advice
Nothing on the interface or in the documentation is investment, financial, legal or tax advice. Prices, figures and examples describe the program's state and rules; they are not recommendations.
How the house works
- Your counterparty is the house, a balance inside the program that grows only from traders' losses and donations.
- A winning trade is paid from the house's cash. If the house cannot pay, the unpaid profit is queued and paid in order as new losses arrive. A queued amount may be paid late, in part, or never.
- Gains are reduced by the impact curve, capped at 10 times the margin, and charged a win fee when paid at once.
- Losses mint paper, a non-transferable entry in the program that earns a share of fees and surplus under the program's rules. Paper gives no other right and has no guaranteed value.
- The full rules are in the documentation. Where the documentation and the program differ, the program's behaviour prevails.
Fees
The program charges 2 % of the profit of a winning trade paid at once and 2 % of a loss while the queue is empty, split between paper holders and the treasury. There is no open fee, no spread and no funding. Rates can be changed by the program's admin, never above 5 %. You also pay Solana's network fees and refundable account rent. See Fees.
Risks you accept
- Leverage: you can lose your whole margin within minutes, and a liquidation is final.
- The queue: winnings may wait for a long time or never be paid in full.
- The oracle: prices come from third-party signers and a reference feed, and can be wrong, late or unavailable.
- The program: it can contain bugs, it cannot be upgraded, and funds in it could be locked or lost.
- The network: Solana can halt or be congested, and USDC can be frozen by its issuer.
- Your keys: anyone with your wallet or your session key can act in your account within that key's powers.
The full list is on the risks page. Use only money you can afford to lose.
Your responsibilities
- Keep your wallet, recovery phrase and browser secure.
- Check every transaction before you sign it.
- Report and pay any taxes that apply to you.
- Do not attack, overload or misuse the interface or the program, and do not use them to break any law.
Availability
We may change, suspend or stop the interface, or block access to it, at any time and without notice. The program runs independently of the interface, so while Solana runs you can always interact with it directly, for example to withdraw your available balance.
Third-party marks
The marks of Solana, USDC and Circle, Bitcoin, Ethereum, RedStone, Pyth, Phantom, Solflare and Backpack belong to their owners. They appear only to identify the networks, assets, oracles and wallets the interface works with, and imply no endorsement.
No warranty
The interface and the program are provided as is and as available, without any warranty, express or implied, including of merchantability, fitness for a purpose, accuracy or uninterrupted operation.
Limitation of liability
To the fullest extent the law allows, the operators of Paper100 are not liable for any indirect, incidental or consequential loss, or for losses from trading, liquidation, queued amounts that are not paid, oracle errors, program bugs, network failures, frozen assets, or lost or stolen keys. Where liability cannot be excluded, it is limited to one hundred US dollars.
Changes
We may update these terms. The date on this page shows the last change. Using the interface after a change means you accept the new terms.
Disputes
If a dispute arises, contact us first through x.com/paper100trade so we can try to settle it informally. If it is not settled within 30 days, either side may pursue the remedies available under applicable law. If a court finds part of these terms unenforceable, the rest still applies.
Contact
Our X account at x.com/paper100trade.