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Guide

How to paper trade crypto perps

Add the Paper trading widget, switch it to Perp and open a simulated long or short on one of the 50 most active Hyperliquid perps, ranked by 24h volume. Positions are marked against Hyperliquid's mark price and the PnL stays on your device.

Step by step

  1. 1

    Add Paper trading

    Hit Ctrl K, type paper and run Add paper trading terminal. Two keys and a word beat scrolling the Add panel for it.

  2. 2

    Switch to Perp

    The widget opens on Stock. Click Perp and pick a market from the list. BTC is selected first.

  3. 3

    Set side, size and leverage

    Choose Long or Short and type the size in dollars (it starts at $1,000). Leverage starts at 5x and takes any whole number up to the most Hyperliquid allows on that market, 50x at most. The preview under the controls shows the quantity, the margin and the cash left after the trade.

  4. 4

    Open the position

    Press the button. It names the order, such as Open long BTC. If the margin is more than your cash, the button greys out and the line under it gives the margin needed and the cash available.

  5. 5

    Watch the account

    Four tiles sit at the top: Equity, Cash, Unrealized PnL and Realized PnL. A new widget starts with $100,000 of paper money, and a reset lets you start again with $10,000, $100,000 or $1,000,000.

  6. 6

    Close from the row

    The X at the end of a position closes it at the current mark and moves the result into Realized PnL.

Tips

  • Nothing gets liquidated here. A 20x long that drops 5 percent has lost its whole margin, and a real venue would have closed it before that. The widget just shows a red number.
  • The percent on a perp row is ROE, the PnL over the margin you put up. At 10x, a 1 percent move in price shows as about 10 percent.
  • Share links leave paper positions out, so you can post the board without posting your trades.

Widgets used

Terms in this guide

Frequently asked questions

Is Cashboard paper trading connected to Hyperliquid?

Only for prices. It reads Hyperliquid's public marks, but it never connects to an account and never sends an order. The positions exist in the widget on your device and nowhere else.

Why might paper results look better than real trading?

The simulation charges no fees and no funding, fills at the mark with no slippage and never liquidates. A real account pays for all of that. So treat paper PnL as a rough guide, and remember a losing leveraged trade can show a bigger loss than a real venue would ever let you carry. Keep a Funding rates widget beside it to see what the same position would pay each hour.

Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.