How PaperLaunch works

Three things happen to every coin, automatically and forever:

1. Fees fund a bet. 70% of the coin's pump.fun creator fee is turned into BTC or ETH positions at 200x, 500x or 1000x on Papertrade.
2. Wins go to holders. When a position hits take-profit, its margin and profit are airdropped to the coin's holders in SOL.
3. Losses pay too. Liquidations mint PAPER, which is staked. Its USDC yield is pooled across every coin and airdropped in SOL to $MAIN holders.

To back a bet: open Coins, pick one by its bet (for example “Long BTC 1000x”), connect a Solana wallet and buy. Holding is all it takes to receive airdrops; you claim them on the coin page.

To launch: go to Launch, set a name, ticker and image, choose one or two legs, optionally a creator cut, and sign. The bet can never be changed afterwards.

For the PAPER yield: hold $MAIN. See the $MAIN page for each epoch's payout.

Each coin has one or two legs. A leg is a market (BTC or ETH), a side (long or short) and a leverage (200x, 500x or 1000x). Two legs split the position fees between them anywhere from 10/90 to 90/10, for example long BTC 1000x at 70% plus short ETH 200x at 30%.

Everything about the bet is fixed at launch and stored on-chain. There is no admin switch to change it.

Every coin launches on pump.fun. The launch transaction creates the coin on pump.fun with the coin's own fee address (a program-owned PDA) as its creator, registers its bet with PaperLaunch, and makes your optional first buy. With a lookup table configured, all of that is one transaction, so nobody can buy in between. Coins are Token-2022 with 6 decimals and no mint or freeze authority.

Total supply

1,000M

Sold on pump.fun's curve

793.1M

Starting virtual reserves

30 SOL / 1,073M

After the curve sells out

PumpSwap pool

You can trade on this site (it sends the trade straight to pump.fun's curve, or PumpSwap after graduation), on pump.fun itself, or on any app that routes to them, such as Axiom. The PaperLaunch pause only stops new launches; trading is never paused by us.

pump.fun charges its own trading fees. Part of each fee is the creator fee, and for our coins it goes to the coin's fee PDA. Anyone can crank it into the coin's vaults, where it's split like this:

Creator fee, under ~420 SOL market cap

0.30%

Creator fee, 420–1,470 SOL

0.95%

Creator fee, above 1,470 SOL

lower (pump.fun tiers)

pump.fun's own fee

kept by pump.fun, not split

A creator can take an optional creator cut of 0–10%, set at launch. It comes out of the positions' 70% and only ever from fees, never from position profit. The creator claims it from a vault. The trade panel shows the exact fees for the coin's current tier before you sign.

Positions run on Papertrade, a synthetic perpetuals exchange on Hyperliquid that prices trades at Hyperliquid's mid price. Each coin has its own Papertrade wallet, so its positions and PnL are public and separate from every other coin.

The keeper sweeps a coin's position vault, bridges the SOL to USDC on Hyperliquid and opens one position per leg. Papertrade can't add margin to an open position, so each sweep opens a new one. Only new fees ever fund positions; nothing is re-bet.

Minimum margin

$10

Minimum notional

$1,000

Leverage

200x · 500x · 1000x

Price source

Hyperliquid mid price

A new coin's fees accumulate until a leg reaches the minimums, so small coins may wait a while for their first position.

When closing a position would pay at least +25% of its margin, after Papertrade's price-impact haircut and 2% win fee, the keeper closes the whole position. There is no cooldown.

The position's margin and profit both go to holders as a SOL airdrop. If Papertrade's LP is short, the payout waits in its queue and shows as “queued at Papertrade” until it's paid.

Papertrade liquidates about 5 bps before the bust price, so it takes a very small move against a position to wipe it out:

1000x

~0.05% move · ~88% liquidated within an hour

500x

~0.15% move · ~66% within an hour

200x

~0.45% move · ~25% within an hour

Hour figures come from our simulation on a year of real BTC/ETH prices. They describe the past, not a forecast.

A liquidated position costs holders nothing beyond the fees already in it. It also mints PAPER to the coin's wallet, which feeds the $MAIN yield.

A coin's holders receive, in SOL:

• 10% of the coin's creator fee
• the margin and profit of every position that hits take-profit

Airdrops run in epochs. Your share uses your time-weighted balance across the epoch, so buying just before a payout doesn't capture it. The curve, program accounts, pools and our own wallets are excluded. Very small shares carry over to the next epoch instead of being lost to fees.

Each epoch is published as a claim list. You claim your share from the coin page with one transaction.

When a position is liquidated, Papertrade mints PAPER to that coin's wallet. PAPER can't be transferred, only staked, so it never leaves the wallet. The keeper stakes it, claims the USDC it earns, pools the USDC from every coin and airdrops it in SOL to $MAIN holders each epoch.

Who receives it

$MAIN holders, not coin holders

Mint rate (Oct 2026)

~12 PAPER per $1 lost, and it decays as Papertrade's LP grows

Minimum to stake

1,000 PAPER per wallet

Paid as

SOL, by epoch claim

Holders can vote to close all of a coin's legs. The coin keeps trading either way.

To open a vote

lock ≥0.5% of circulating supply + a 0.5 SOL bond

Bond

refunded if it passes, paid to holders if it fails

Voting

lock tokens YES or NO until the round ends

Duration

24 hours, one round at a time

Decision

simple majority of locked tokens, no quorum

After a failed vote

24h cooldown

After a passed vote

6h before new positions open

The keeper is the off-chain service that moves fees to Papertrade and payouts back. It runs on a schedule and every step is recorded, so each coin's ledger can be reconciled: fees in, bridged, positions opened and closed, airdrops out.

Its keys are split by role (sweeping, distributing, trading) and capped per coin and per period on-chain. If the keeper stops for 30 days, anyone can route an idle coin's vaults to its holders.

• Admin and upgrade authority sit with a multisig, and every economic or role change waits behind a 48h timelock.
• Each coin snapshots its fee split at launch, so later fee changes only apply to new coins.
• Trading happens on pump.fun and PumpSwap; our pause only blocks new launches.
• Votes lock tokens, so borrowed or flash-bought tokens can't swing a round.
• Uploads are re-encoded, and names and links are sanitized before they're shown.

Our transactions only call the PaperLaunch program, plus compute-budget and token-account setup. We never ask you to sign a message or approve token spending. If a prompt asks for either, it isn't us.

Program id

HWG1zEVrj7nemFVazKvMXHLDAKubwEprUJwbBDVyhnmB

• A coin is a memecoin. Its price depends on other buyers and sellers, not on the positions.
• At 1000x a ~0.05% move, about one ordinary BTC minute, liquidates a position.
• Papertrade is a third-party venue. Its availability, rules and the PAPER mint rate are outside our control.
• Bridging and swaps can be delayed. Funds in transit show as pending.
• Nothing here is financial advice, and nothing promises a return.

Leg

One permanent bet: market (BTC or ETH), side (long or short) and leverage (200x, 500x or 1000x). A coin has one or two.

Funding

One Papertrade position, opened by the keeper from a sweep of a leg's fees.

Bust price

The price at which a position's margin is gone. Papertrade liquidates about 5 bps before it.

Take-profit

Closing a whole position once it would pay at least +25% of its margin, net of fees.

Queued

Profit Papertrade owes but hasn't paid out yet, because its LP is short. Airdropped once paid.

PAPER

Papertrade's token, minted to traders on losses. It can't be transferred, only staked for USDC.

Epoch

One airdrop round. Shares use your time-weighted balance across the round, not a single snapshot.

Graduation

pump.fun's curve has sold out and the coin moves to a PumpSwap pool, where trading continues.

Creator fee

pump.fun's fee to a coin's creator. For our coins the creator is the coin's fee PDA, so this is the fee we split 70/10/20.

$MAIN

The platform token, launched on pump.fun. Its holders receive the pooled PAPER yield.

PaperLaunch is an independent project and is not affiliated with, endorsed by, or made by Papertrade.