What is real, and what is not
- A market order fills at the average price of the live book it walks.
- The fees are Hyperliquid's own, with the Locker fee always counted: the worst case.
- Every position held is charged the hourly funding.
- The account is liquidated like a real cross-margin account, at its marks.
A resting limit order. On paper, a limit must cross the book when it is placed, or nothing happens.
Start in five lines
lpa paper init --budget 1000lpa perps quote --symbol ETH --side long --size 0.03 --leverage 3lpa perps open --symbol ETH --side long --size 0.03 --leverage 3 --paperlpa paper statuslpa perps close --symbol ETH --paper
In a terminal, open and close show the quote and ask before they fill. A script or an assistant adds --yes once you agreed.
A whole session on paper
lpa paper on sends every perps command to the paper account until lpa paper off. Meanwhile, modifying, cancelling, depositing, withdrawing and transferring are refused, so nothing reaches the real account by mistake.
Record the market, replay a strategy
lpa paper record keeps the one-minute to four-hour candles and the funding of the busiest markets in a local tape. lpa paper replay plays a strategy file on that tape and writes a report: signals, fills, the win rate with its 95% lower bound, the costs under three slippage scenarios, and a verdict.
A strategy that has not settled enough trades is not proven, and the report says so in those words.
The pilot on paper
The daily pilot plays on paper by default, with the same code a real day uses. Run it for a week, read each day with lpa pilot day, and go live only when nothing surprises you any more.
Then, for real
The same commands, without --paper, once your phone has approved an agent key and you unlocked the guardian. Use an account that holds only what you are ready to lose.