Interpret LP Liquidity, Open Interest and PAPER Metrics

Papertrade exposes several protocol and account metrics. This guide explains what each number represents and which values should not be treated as forecasts.

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

House metrics

LP liquidity describes protocol-side settlement capacity at a point in time. Long and short OI describe outstanding directional notional exposure. Payout queue represents deferred eligible winning profit. These values should be read together because none alone describes every future liability.

Portfolio metrics

Account equity is wallet-level account value. Available balance excludes value already committed as margin. Unrealized PnL changes with open positions; realized PnL is produced when a position settles.

PAPER and staking metrics

Total PAPER supply grows through eligible emissions. Staked PAPER is the amount participating in staking. Stake ratio compares staked PAPER with total supply. USDC rewards are actual protocol distributions; a historical annualized rate is an observation, not a promised yield.

Leaderboard metrics

PnL, margin, leverage and notional should be compared together. A high percentage return can reflect a small margin base and extreme leverage rather than lower risk. Public rankings are descriptive and should not be interpreted as trading recommendations.