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A weekly trading league on Solana. Trade synthetic perpetuals with up to 1000x leverage using paper money and live prices. Win real $PAPERC. Losers own the house.

Season 0 · the beginning is live. Trade, test the 1000x and learn the rules. The shared leaderboard and $PAPERC prizes start with season 1.

The league

Connect a Solana wallet (Phantom or Solflare). You only sign a message to prove the wallet is yours. No transaction, no fees, no access to your funds.
Every season lasts one week, from Monday 00:00 UTC to the next Monday. Everyone starts with $10,000 of paper USDC.
At the end of the season the prize pool is sent in real $PAPERC and everyone restarts at $10,000.

The prize pool

$PAPERC launches on pump.fun with a fixed supply of 1,000,000,000 tokens. Every week the house uses its pump.fun creator fees to buy $PAPERC on the market and puts it in the pool:

weekly pool  10,000,000 $PAPERC
  60%  →  losers, split by how much paper money they lost
  40%  →  top 10 traders by pnl  (30 · 20 · 12 · 9 · 7 · 6 · 5 · 4 · 4 · 3 %)

Losing pays, but only a share of a fixed pool, so creating many wallets to lose on purpose dilutes everyone, including you.

How a trade works

You pick a market, a side (long or short), a margin and a leverage. Your position opens at the live mid price: halfway between the best bid and the best ask. There is no slippage and no market impact, because your trade never touches an order book. It is a claim against the house pool.

order value = margin × leverage
bust price (long)  = entry × (1 − 1 / leverage)
bust price (short) = entry × (1 + 1 / leverage)

At 1000x, a 0.1% move against you busts the position. If the price touches your bust price, the whole margin goes to the house.

Winning and the house

If you win, you are paid from the house pool, minus a fee on your profit. The fee is higher on small wins (around 50%) and falls towards 10% on large ones.
The house pool fills with losses. If it cannot cover a payout, the rest goes into a first-in, first-out queue paid from the next losses.
A one-time $1 activation fee is charged on your first trade of the season.

Good to know

Trading balances are paper money. Only the weekly $PAPERC prizes are real.
Prices are live mid prices from Hyperliquid's public market data.
$PAPERC is a memecoin. Its price can go to zero.

papercolator · synthetic perpetuals for solana