How it works

PaperTrade execution

Tap Trades route through PaperTrade rather than native Hyperliquid order placement.

Synthetic positions

PaperTrade creates synthetic positions priced from Hyperliquid BBO midpoint data and settles PnL directly against its LP.

Protocol concepts

Purp Trade uses PaperTrade concepts directly: session keys, signed open and close intents, relayed transactions, position events, liquidation events, withdrawal sweeps, and queued payouts.