Paper trading on Hyperliquid

Paper trade a strategy, not a click simulator

Paper trading on Keel runs your saved strategy forward on live Hyperliquid prices with simulated fills: the same pipeline a live run uses, run after each candle closes on the strategy's schedule, one published fill model, and no wallet or exchange account. You see how the strategy behaves on live data before any real money is at risk.

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By Keel Research Team · Updated October 12, 2026

A strategy, not a click simulator

Most demo accounts let you click buy and sell against pretend money. That tests your clicking. Paper trading on Keel tests a strategy: the pipeline you backtested evaluates on its schedule, computes its target positions from live market data, and sends orders that are filled by a simulator instead of the exchange. Equity, trades and positions are recorded the way a live run records them, so what you watch is the strategy itself running forward.

How it works

  1. Backtest. Build the strategy and backtest it on Hyperliquid history.
  2. Paper. Start a paper run. Each order fills at the live Hyperliquid mid under the published fill model, with real fees and real hourly funding.
  3. Track. The run is tracked against a backtest of the same strategy over the run's own window. Its page shows whether it is tracking its backtest, and by how much it differs.
  4. Go live when you choose. The run's page shows how it is going against its backtest. When you are ready, Deploy live opens the live deploy flow for the same strategy. Keeping the paper run going is always an equal choice.

The fill model

Every paper run on Keel is priced by one published model. A fill uses the Hyperliquid mid Keel recorded for the most recent completed minute, plus 4.5 bps of modelled slippage, the same on buys and sells. Each fill pays a 4.5 bps venue fee plus your plan's Keel trading fee. Open positions pay and receive real hourly funding. Orders under Hyperliquid's $10 minimum are recorded as skipped, as the exchange would refuse them. The model is never adjusted per user, and every fill records the model version that priced it.

The fill-model page lists every number and every known difference from live trading.

Paper trading vs. the Hyperliquid testnet

Hyperliquid's testnet is a separate exchange that runs on test funds. Its order books and its funding rates are its own, not mainnet's, so a strategy tested there trades against prices and funding that live trading never sees. A paper run on Keel prices every fill from the real venue's mids, and charges the real venue's fee schedule and its real hourly funding.

Three ways to start

  • The Paper button. In the Keel app, a Paper button sits beside every Deploy button. Choose your simulated capital and start the run.
  • The in-app chat. Ask the chat to paper trade a strategy. It can start the paper run for you, or point you to the button.
  • The Keel API. POST /v1/paper starts a paper run of a saved strategy. A deployments list returns live runs unless you ask for paper runs with capital_class=practice.

Slots and pricing

Each plan includes paper slots: Free 1, Starter 5, Trader 20 and Pro 50. A paused run keeps its slot; stopping it frees the slot. A run starts with simulated capital of $1,000, $10,000 or $100,000, fixed for the life of the run. See pricing for the plans.

Try it

Sign up, build or pick a strategy, backtest it, then press Paper to run it forward on live prices.

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FAQ

Common questions

Do I need a Hyperliquid account or a wallet to paper trade?

No. A paper run needs a Keel account and a saved strategy, nothing else. Its fills are simulated by Keel, so no wallet, exchange account or API key is involved. You connect a Hyperliquid account only when you decide to run the strategy live.

How are paper fills priced?

At the Hyperliquid mid Keel recorded for the most recent completed minute, plus 4.5 bps of modelled slippage on both sides. Each fill pays a 4.5 bps venue fee plus your plan's Keel trading fee, open positions pay and receive real hourly funding, and orders under Hyperliquid's $10 minimum are recorded as skipped. One published model prices every paper run on Keel; the fill-model page lists every number.

How is this different from the Hyperliquid testnet?

The testnet is a separate exchange that runs on test funds, with its own order books and its own funding rates. A strategy tested there trades against prices and funding that mainnet never sees. A paper run prices every fill from the real venue's mids, charges the fees of the one published fill model and applies real hourly funding.

How many paper strategies can I run?

Free runs 1 at a time, Starter 5, Trader 20 and Pro 50. A paused run keeps its slot; stopping it frees the slot.

Can I start a paper run through the API?

Yes. POST /v1/paper on the Keel API starts a paper run of a saved strategy. A deployments list returns live runs unless you ask for paper runs with capital_class=practice (or all).

What happens when I want to go live?

The run's page shows how it is going: its return since it started, how closely it tracks its backtest over the same window, and how many bars it has run. A Deploy live button opens the live deploy flow for the same strategy whenever you choose. Nothing expires and nothing forces the move: you can keep paper trading for as long as you like.

Related

Keep exploring

The paper fill model

Every number the simulator uses: slippage, fees, funding, the $10 minimum and the capital presets.

Backtesting vs. paper trading

What a backtest, a forward test and a paper run each tell you, and what differs between them.

Systematic trading on Hyperliquid

The full lifecycle: research, backtest, paper, live, monitor.