Built on papertrade · HyperEVM

Fold paperinto yield.

Papertrade quotes every trade at Hyperliquid's mid with no funding, no slippage and no spread, and it mints PAPER to whoever loses. Origami is a vault layer that hedges those trades on Hyperliquid itself, harvests the gaps, and turns non‑transferable PAPER into a liquid token.

See the four folds Launch app Test USDC
Move to relight the fold
BTC BBO mid—
Papertrade leg—
HL hedge—
Net—
The primitive

Papertrade prices a perp with none of a perp's frictions.

Its contract reads Hyperliquid's BBO mid through a precompile and settles PnL straight against a self‑bootstrapping LP. Every one of those design choices opens a gap against the real Hyperliquid book. Origami lives in those gaps.

Funding0 bps / hr

No perp actually changes hands, so there is nothing to pay funding on.

Short the real HL perp, long the synthetic, and collect HL funding without directional risk.

ExecutionMid, any size

Entry and exit lock at the BBO mid. No spread, no slippage, up to per‑market OI caps.

The synthetic leg costs nothing to enter, so the hedge is the only leg that pays spread.

FeesHaircut on wins

No notional fee. The protocol only takes an impact haircut from profitable closes.

Cost is paid on half the outcomes. Hedged books can model it as a fixed tax on volatility.

Emissions100 PAPER / $1

Realised losses mint PAPER at a flat rate while tracked LP sits below $2M.

A hedged loss is not a loss. The emissions are the yield.

TokenStake‑only

At launch PAPER cannot move between wallets. It can only be staked for USDC.

Whoever mints inside a vault can issue the first liquid claim on it.

SolvencyDebt queue

When the LP is underwater, winners get a place in a queue paid by future losses.

Queue positions are bonds with an unknown maturity. Someone should price them.

The terminal

Pick a fold, deposit USDC, hold the receipt.

Depositors never touch either leg. The vault trades, hedges and stakes, and you hold a share token for each fold. Click a row to see what a deposit buys.

HyperEVMblock 18,402,117LP $1.42Mmint 100 / $1queue $0simulated · not live
VaultNet APRTVLCapacity30dStatus
Deposit into

Fold I · Carry

USDC
You receive
—
Est. yield / yr
—
Paid in
—
Withdrawal
—

Figures come from the models below with default inputs. Nothing here moves funds.

Four folds

One sheet, four products, each feeding the next.

Folds I and II trade from vault contracts, so every PAPER they mint lands in the vault. Fold III wraps that PAPER into something you can hold. Fold IV prices the risk that sits under all of it.

FOLD ICarry vault

Collect Hyperliquid funding with the price risk folded away.

When HL funding is positive, longs pay shorts. The vault goes long on Papertrade, where funding is zero, and short the same size on HL. Price moves cancel. Funding does not.

  • Leg ALong N on Papertrade at mid
  • Leg BShort N on Hyperliquid via CoreWriter
  • RebalanceClose and reopen when |move| crosses the band
Model · annualised
Net APR—
Net $ / yr—

Assumes half of closes are profitable on the Papertrade leg, HL taker 0.045% per side, 2% average move per rebalance. Papertrade losses also mint PAPER, which this figure ignores.

FOLD IIEmissions vault

Lose on paper, win on the hedge, keep the PAPER.

Below $2M LP, every $1 lost on Papertrade mints 100 PAPER. A hedged pair loses on the Papertrade leg about half the time, and the HL hedge pays it back. What's left is the mint, minus haircuts on the winning half and HL fees.

  • CycleOpen pair, close at ±move, repeat
  • EarnsPAPER on every losing Papertrade close
  • PaysHaircut on winning closes, HL fees both sides
Model · per day
PAPER minted / day—
Break‑even PAPER—

Break‑even is the PAPER price at which the mint pays for haircuts and HL fees. Above it the vault is profitable. The rate decays once tracked LP passes $2M, so the edge is front‑loaded.

FOLD IIIoPAPER

The first liquid claim on staked PAPER.

PAPER can't be transferred, but vault shares can. Folds I and II mint PAPER into the vault, the vault stakes all of it, and depositors receive oPAPER: a transferable receipt that accrues the USDC staking yield.

  • Yield 11% of realised PnL on every settled trade, win or lose
  • Yield 2All LP gain above the $5M staker cap, pushed by keeper
  • ExitSell oPAPER on a HyperEVM pool. The PAPER never moves.
Staker yield · model
USDC to oPAPER / yr—
From the 1% stream—

The 1% stream pauses while payouts are queued. That is exactly when Fold IV becomes interesting.

FOLD IVCrease

A market for the LP's IOUs.

When the LP is insolvent, winning closes join a FIFO debt queue that pays out as other traders lose. Crease wraps each queue slot as a token, so winners can sell at a discount today and buyers earn the spread when losses refill the LP.

  • PriceDiscount = f(queue depth ahead, recent loss rate)
  • HedgeHolders can long volatility: losses refill faster when traders churn
  • ReflexiveA liquid queue makes trading through insolvency cheaper, which is when PAPER mints fastest
Example queue · illustrative
SlotAhead of youOwedBid

Bids model a $180k/day loss inflow and a 25% annualised required return. Illustrative numbers, not live data.

Simulate Fold II

Run the emissions loop and watch where every dollar goes.

Each cycle opens a $100k hedged pair and closes it at a random move. The two price legs always cancel. What's left is the PAPER minted on losing closes, minus the haircut on winning ones and Hyperliquid fees.

Haircut
CycleMovePapertradeHL hedgeHaircutPAPER
Press Run to open the first pair.
The stack

Two legs, one block, one oracle.

Both legs read the same HyperCore book. The Papertrade leg is a contract call on HyperEVM. The hedge is a CoreWriter action that lands on HyperCore in the same block, so the basis between the two legs is the spread you pay on HL, not oracle drift.

HYPERCORE HYPEREVM HL order bookBBO mid · perp markets HL perp positionvault's short hedge Papertradesynthetic swap vs LP Origami vaultFolds I · II oPAPER (Fold III) Crease (Fold IV) LP + debt queue precompile read leg A leg B · CoreWriter stake queue slots wrapped
Where it tears

Paper is thin. These are the weak points.

This is a thesis, not a product. Each risk below would need to be closed before a vault takes a deposit.

High

LP insolvency

A profitable Papertrade leg may pay out from the queue weeks later while the HL hedge has already realised its loss. The vault needs a USDC buffer sized to the deepest plausible queue.

High

Contract callers

Papertrade may gate trading to EOAs or restrict who can stake. Folds I–III assume a vault contract can trade and receive PAPER.

Med

Haircut is unpublished

The impact haircut on winning closes sets the whole cost side. The models above take it as a slider for that reason.

Med

Hedge timing

The synthetic leg fills at mid in the EVM block. The CoreWriter order lands on Core shortly after and pays spread. Fast moves widen the gap.

Med

Reflexivity at the LP

Fold I pulls money out of the LP whenever funding flips the Papertrade leg into profit. Large size could push the LP into the queue regime it relies on Fold IV to price.

Low

Emission decay

Fold II's edge is strongest while tracked LP is under $2M. It is a launch‑window strategy and should be sized and sunset that way.

Roadmap

Each fold ships only when the one before it holds.

The order follows the dependencies. Nothing mints PAPER into a vault until a contract can trade, and nothing gets wrapped until there is PAPER to wrap.

Phase 0 · now

Paper sim

Replay Hyperliquid mids through the Papertrade rules and fit the haircut from real closes.

Haircut curve known within ±1%

Phase 1

Carry + Emissions

Folds I and II with a capped deposit, one market (BTC), and a USDC buffer for queue risk.

Confirm contracts can trade and receive PAPER

Phase 2

oPAPER

Wrap vault-held staked PAPER, seed a HyperEVM pool, and route staking USDC to holders.

$250k of PAPER minted in vault

Phase 3

Crease

Tokenise debt-queue slots and run a keeper that bids on them using the live loss rate.

First LP insolvency observed