When a house runs short, winners wait in a queue. Commercial Paper lets them sell that claim for cash now, and lets buyers earn a yield set by the wait. Non-custodial, priced by one public formula.
Nobody negotiates a claim and nobody hands us funds. Buyers state a yield, sellers accept a price, and the contract settles both sides in one transaction.
Your win is waiting in the house's queue. Request a quote, see the best price on offer, and accept. USDC reaches your wallet in the same transaction.
Sign a minimum daily yield and a maximum amount. Your USDC stays in your wallet until a claim matches. Longer waits pay more.
The claim and the USDC change hands in a single transaction. When the house pays the queue, the holder of the claim is paid in full.
BTC and ETH have barely moved since Papertrade launched. Paired long/short farming means the house loses on a large move in either direction: the losing leg can only lose its margin, while the winning leg keeps most of a linear gain.
| BTC/ETH move | Projected queue | Time to clear |
|---|---|---|
| Loading live data | ||
Worst case of either direction, from Papertrade's public API. An upper bound: traders who close early soften it.
Claims are quoted the way short-term debt is: as a yield, not a haggle. Each is grouped by expected wait into a maturity bucket (under 6 hours, 6 to 24 hours, 1 to 3 days, over 3 days), so buyers compare like with like.
price = A × (1 − y × W − p)
Buyers' USDC never leaves their wallet until a trade settles.
No vault, no deposits held by us, no withdrawal key to lose.
One formula, inputs read on-chain, risk premiums published.
Claim and payment swap in one transaction, or not at all.
The market opens once Papertrade queue claims are transferable. Early buyers and sellers earn points from launch.