Paper trading

With paper trading, you practice trades at real live prices, without real money. There is no connection to an exchange: every order is a simulation, as the bottom of the widget says: “Simulation · no real orders”.

At the top of the widget, you switch between Paper and Hyperliquid. Under Hyperliquid, the widget shows your real Hyperliquid account, read-only; how that works is explained under Connect Hyperliquid. Everything else on this page applies to Paper.

Getting started

1. Add the Paper trading widget via Widgets in the top bar.
2. In the chart, open the symbol you want to trade. The widget always trades the chart symbol.
3. In the Order tab, you put the order together and submit it.

Your account starts with $10,000. Three numbers are shown at the top of the widget:

• Equity: balance plus open profit or loss
• Open PnL: profit or loss of the open positions, before fees
• Available: what's left after the margin for open positions and limit orders

Placing an order

In the Order tab:

1. Choose Long or Short.
2. Choose Market or Limit. The symbol's current price is shown to the right.
3. For Limit, enter the Limit price. Current takes the current price.
4. Size in $: the position value. The 10%, 25%, 50% and 100% buttons calculate it from your available balance and the leverage.
5. Leverage: 1×, 2×, 5×, 10×, 20× or 50×.
6. Optionally, Take profit and Stop loss as prices.
7. Check the summary and click the large button, such as Long at market price · 5× or Short as limit · 10×.

The summary shows Quantity (in the cryptocurrency or in units), Margin, Approx. liq. price and Fee (0.05%). If something isn't right, the reason appears above the button, for example “Not enough balance: margin $2,000, available $1,500.” or “Stop loss must be below the entry.”

After you submit, the widget jumps to the Positions tab (market order) or the Orders tab (limit order). What you've entered in the form stays there, even if you move the widget.

Limit orders

A limit order waits until the market reaches its price and is then filled at exactly that price. While it waits, its margin is reserved.

Marketable limits are filled immediately. If your limit is at or above the current price on a buy, or at or below it on a sell, a real exchange would fill the order immediately as a taker. The terminal does the same: the order is filled immediately at the current price, not at your limit. Before you submit, the text above the button then says “Limit above the market price: fills immediately at market.” (for short: “below the market price”). That way, a typo in the limit price costs you no more than a market order.

You see waiting orders in the Orders tab, for example “Limit buy” with price, size, leverage and TP/SL. Cancel deletes an order.

Positions

The Positions tab lists each open position with:

• symbol and direction with leverage, such as LONG 5×,
• the open PnL in dollars and as a percentage of margin,
• Entry, Mark (current price) and Liq. (liquidation price),
• size and TP/SL.

Close closes a position at the current price, and Close all closes all of them at once. Clicking the symbol opens it in the chart.

A position closes on its own when the price reaches its take profit, stop loss or liquidation price, at exactly that price. If the price jumps past several levels at once, the liquidation applies first, then the stop loss, then the take profit.

On the chart

Positions and orders of the chart symbol appear as lines on the chart, each with its price on the price axis:

• Entry dashed, labeled with direction, leverage and open PnL, such as “Long 5× · +$12.34”
• TP in the rising color, SL in the falling color
• Liq. dotted in pale red
• Limit orders in yellow, such as “Limit buy · $1,000”

The lines can't be moved on the chart. You set take profit and stop loss when you place the order.

How it's calculated

Each position has its own margin (isolated). The result of a closed trade includes both fees, just as in the journal.

History and journal

The History tab shows the most recently closed trades with the reason (Manual, Take profit, Stop loss, Liquidated), entry → exit, time and result. Clicking a trade or View in journal opens the trading journal at that trade. Every closed trade lands there automatically with the setup “Paper”.

Resetting the account

Reset account at the bottom of the widget resets the account to $10,000 without asking: all positions, orders and the history are gone. The message “Account reset to $10,000” has Undo, which brings back the previous state. The trades in the journal are kept in any case.

Even when the widget is closed

Paper trading runs as long as the terminal is open, even without the widget: limit orders are filled and positions closed as soon as the price reaches their level. A message tells you when that happens.

If no terminal was open, the paper account catches up on that time the next time you open it, using 1-minute candles, for the last 7 days at most. Within a candle, the order of high and low is unknown; the terminal then calculates cautiously and takes the side less favorable to you first.

Where your account is stored

• Signed in, your paper account is stored in your account and is the same on all devices. If you trade on two devices at once, the terminal tells you when a change was no longer possible, such as canceling an order the other device has already filled.
• Not signed in, the account stays in this browser. The bottom then reads “Simulation · no real orders · local only”, and the tooltip says why.