paper perpetuals on Cardano

    Perps, with the risk written down.

    Swipe a market, see the price at which you'd be closed out, and trade it with $10,000 of paper money on live Strike prices. No deposit, no wallet to start.

    Open the demoHow it works

    no sign-up · nothing to install · paper money to start

    live from Strikeloading marks…

    how it works

    Leverage is the only thing here worth understanding properly.

    Try it with ADA

    mark —
    you risk$100
    at leverage5×

    position

    —

    liquidated at

    —

    that is

    —

    distance to liquidation, same formula

    2× —5× —10× —20× —50× —

    Waiting for a live mark from Strike. The numbers stay blank rather than guessed.

    A perpetual is an agreement about a price, not a purchase. At 5× your $100 controls $500, and roughly a fifth of a move against you closes it.

    Everything else follows from that: the liquidation price is not a surprise, funding is a cost you can see, and a fee is charged on the fill rather than hidden in the spread.

    The app does this same arithmetic on every card, before you swipe.

    01

    Swipe a market

    The deck hands you one market at a time, the calm ones first. Right is long, left is short, and two seconds of undo means a wrong thumb costs nothing.

    • one card, three facts
    • 5× default, not 50×
    • undo before anything settles
    One market card with its price, three facts and the four swipe actions
    02

    Trade the way you think

    Price, direction, amount, one button. Margin, liquidation and fees sit one tap away, because you only need them once you have decided to size the trade.

    • live candle chart
    • liquidation before you commit
    • funding charged per window
    The trade screen: live candle chart, long and short, amount, and one action
    03

    Know what you hold

    Each position is a card: what it is doing, how much room is left before liquidation, and the two ways out. Close half, or close it. No menus.

    • entry, mark, liquidation
    • distance to liquidation in %
    • close half in one tap
    A position card: entry, mark, liquidation price and the two close actions

    What this is not

    It is not only paper
    Without signing in, every fill is simulated at the live mark and nothing is sent to a venue. Connect a wallet and a swipe arms a real Strike order, confirmed in two steps, with real funds behind it.
    It is not custody
    There is no deposit, no wallet connection required, and no key held in the browser.
    It is not advice
    A demo of a leverage interface is not an offering of leveraged derivatives.
    It is not free of charges
    Paper positions still pay the venue’s fee and funding, so the PnL you see is the PnL you would get.

    paps is built by doba for the Strike Finance hackathon. Market data by Strike. paps-3nz.pages.dev · source