Papertrade Glossary for Perpetual Trading Terms

A concise reference for the terms that appear throughout Papertrade trading, protocol accounting, PAPER tokenomics and HyperEVM architecture.

Official Papertrade documentation · Updated November 5, 2026 · Canonical domain: papertrade.finance

Trading terms

BBO: best bid and best offer from Hyperliquid market state. BBO mid: the midpoint used as the documented execution reference. Notional: synthetic position exposure. Margin: isolated capital committed to a position. Bust price: displayed hard-liquidation threshold. Open interest (OI): outstanding active notional exposure.

Protocol terms

Protocol LP: Papertrade's liquidity accounting pool that faces synthetic trader PnL. Payout queue: FIFO accounting for eligible winning profit that cannot be paid immediately. Asymmetric impact: settlement adjustment applied to profitable PnL under the documented model. Martingaler: the zero-seed liquidity mechanism that combines protocol LP growth with deferred payout accounting.

PAPER terms

PAPER: native token minted from eligible realised losses and liquidations. Mint curve: function that determines PAPER issued per unit of eligible loss basis. Staked PAPER: PAPER deposited into staking to participate in qualifying USDC revenue distributions. Reward per share: accounting mechanism used to distribute rewards pro-rata.

Architecture terms

HyperEVM: EVM execution environment hosting Papertrade contracts. HyperCore: Hyperliquid system layer whose market and balance state can be accessed through precompiles. Precompile: system interface exposed to HyperEVM contracts. Session key: delegated key for supported trading actions. CREATE2 deposit proxy: deterministic per-user funding address used in the supported deposit flow.