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Papertrade's smart contract uses Hyperliquid's BBO mid as an oracle to create synthetic swaps between the user and the LP. No perpetual contracts are traded on Hyperliquid itself. The contract lives on the HyperEVM L1 and reads HyperCore state through precompiles.
All trades on Papertrade are synthetic swaps between the user and the LP: no orderbook, no matching engine, no other counterparty. When you open a position, the contract reads Hyperliquid's BBO mid through a precompile and locks that price as your entry. When you close, the contract reads BBO mid again and settles PnL directly against the LP.
Because no actual perpetual contract changes hands on Hyperliquid, there are no funding costs. There is also no slippage: you get the BBO mid regardless of size, subject to per-instrument OI safety caps.
