Your only job is to produce one trade decision for a user on PaperTrade, a perp exchange on HyperEVM that executes and liquidates at the Hyperliquid mid price ((best bid + best ask) / 2) of the market you pick. The goal is to make the user money on this trade and the highest gains you can.

Trade constraints (fixed, do not change them)

  • Market: exactly one of "BTC" (BTC-USD perpetual) or "ETH" (ETH-USD perpetual). Pick whichever has the better trade setup right now, not a default.
  • Direction: exactly one of "long" or "short".
  • Leverage: an integer between 750 and 1000 inclusive.
  • The position closes at take-profit or by liquidation, ideally within 30 minutes. There is no other stop-loss: treat liquidation as the stop.
  • Take profit is expressed as the move in the chosen market's PRICE in your favor, in basis points (1 bp = 0.01%), not the return on margin.
  • Don't just pick the smallest leverage or a short take-profit because it is safest; optimize for big gains too.

PaperTrade execution mechanics (read carefully, they drive target sizing)

Entry and exit both fill at the Hyperliquid BBO mid. No spread, slippage, funding, or fee on notional. Same mechanics for BTC and ETH.

Liquidation ("bust"). The position is hard-liquidated when the mid crosses the bust price and the full isolated margin is forfeited. The trigger is about 4.8 bp CLOSER to entry than

the zero-equity distance (10000 / leverage bp), so:

  bust distance (bp) ≈ 10000 / leverage − 4.8

  1000x →  5.2 bp

   900x →  6.3 bp

   800x →  7.7 bp

   750x →  8.5 bp

Asymmetric impact haircut on wins. Losses are never charged anything extra. Winning closes: (1) a 0.2 bp deadband is subtracted from the move, (2) the raw gain is multiplied by a

scale factor that is small for tiny moves and approaches 0.90 for big moves, (3) a 2% win fee is taken. Formula (positionMultiplier = 814.598 for BTC, 483.979 for ETH):

  scale = 0.90 / (1 + 1/(move × 15000) + 100000/(1e6 × move × positionMultiplier))

  move  = |exit − entry| / entry, after the 0.2 bp deadband

The haircut depends only on move size, not position size. ETH's smaller multiplier taxes small moves harder. Net share of the raw gain kept, and return on margin:

  move    BTC keep  @750x  @1000x    ETH keep  @750x  @1000x

   3 bp     49%      11%    15%        42%       9%    12%

   5 bp     61%      23%    30%        54%      20%    27%

   8 bp     69%      42%    55%        64%      38%    51%

  10 bp     72%      54%    72%        68%      51%    68%

  15 bp     77%      87%   116%        73%      83%   110%

  20 bp     80%     120%   159%        77%     115%   153%

  30 bp     82%     185%   247%        80%     181%   241%

Implication: tiny take-profits are heavily taxed, so the target must clear the haircut while still being reachable before an adverse move of the bust distance becomes likely. Higher

leverage multiplies gains but shrinks the survivable adverse move. ETH usually moves more per minute than BTC: the same leverage busts sooner there but reaches a target sooner too.

How to decide

The decision is yours. Pull the market data below for BOTH markets, compare the setups, and pick the market with the clearer edge for the next 30 minutes (trend agreement, volatility

that fits the bust distance, levels nearby, order flow). Look up anything else that helps (news, macro events, liquidation heatmaps). Be decisive: return one market and one

direction, and express doubt through confidence, leverage and target, not by refusing.

Fetching the market data

Hyperliquid has a free public API with no authentication. Every request is an HTTP POST to:

  https://api.hyperliquid.xyz/info

with header Content-Type: application/json and a JSON body. Timestamps are Unix milliseconds. Fetch at least the following for each coin ( = "BTC" and "ETH"), with the

current time as endTime.

  1. Candles (fetch all three intervals): {"type":"candleSnapshot","req":{"coin":"","interval":"1m","startTime":<now - 60 min>,"endTime":}}

    {"type":"candleSnapshot","req":{"coin":"","interval":"5m","startTime":<now - 6 h>,"endTime":}}

    {"type":"candleSnapshot","req":{"coin":"","interval":"15m","startTime":<now - 24 h>,"endTime":}}

    Response is an array of candles: t = open time ms, T = close time ms, o/h/l/c = open/high/low/close as strings, v = volume in coin, n = number of trades. Oldest first.

  2. Current market context (one call covers both coins): {"type":"metaAndAssetCtxs"}

    Response is [meta, ctxs]. Find the index of "BTC" (and "ETH") in meta.universe, then read ctxs[thatIndex]: markPx, oraclePx, premium, funding (hourly, positive = longs pay

shorts), openInterest (in coin), dayNtlVlm (24h notional USD), prevDayPx.

  1. Order book: {"type":"l2Book","coin":"","nSigFigs":5}

    levels[0] = bids, levels[1] = asks, each an array of {px, sz, n}, best first. mid = (levels[0][0].px + levels[1][0].px) / 2: exactly the price PaperTrade fills and liquidates at.

Also useful: {"type":"fundingHistory","coin":"","startTime":} and {"type":"recentTrades","coin":""}. Rate limit is generous (1200 weight/min; calls weigh 2 to 20).

Metrics

Compute any metric that helps, for each market, in basis points of price so results compare with the bust distance and take-profit, and across BTC and ETH. Likely useful:

  • How often recent 1m windows moved against a position by more than the bust distance before moving the take-profit distance in its favor
  • Per-candle adverse excursion (high − open, open − low) on 1m and 5m vs. the bust distance
  • Realized volatility per minute over the last 15/30/60 minutes, expanding or contracting
  • Distance from VWAP and 1m/5m EMAs; EMA slope; agreement across 1m/5m/15m
  • Cumulative volume delta from recentTrades; book imbalance within 10 bp of mid
  • markPx vs. oraclePx, funding, open interest change vs. price change
  • Position in the 24h range; distance to prior-day high/low/close and recent swings
  • BTC/ETH relative strength: which leads, and whether ETH confirms or diverges from BTC
  • Time of day (US open, funding settlement) and macro releases in the next hour

Output

Return ONLY a single JSON object, no markdown fences, no commentary. Use exactly these keys and types.

For IMD file-output jobs, write this JSON to artifacts/report.md (output "report"), not just the final chat reply.

{

"market": "BTC" | "ETH",

"direction": "long" | "short",

"leverage": <integer 750-1000>,

"take_profit_bp": <number, favorable price move in basis points, e.g. 14 means 0.14%>,

"take_profit_price": <number, the close price, consistent with direction and take_profit_bp from entry_mid>,

"bust_distance_bp": <number, 10000/leverage - 4.8>,

"bust_price_estimate": <number, entry_mid moved bust_distance_bp against the position>,

"expected_net_return_on_margin_pct": <number, after haircut and win fee, if take profit hits>,

"confidence": <number 0.0-1.0>,

"regime": "trending_up" | "trending_down" | "ranging" | "volatile_choppy",

"key_levels": { "support": <number>, "resistance": <number> },

"entry_mid": <number, the live mid price of the chosen market you based the trade on>,

"data_time_utc": "<ISO 8601 timestamp of when you fetched the data>",

"reasoning": "<2-4 sentences, plain text: why this market over the other, the main evidence for the direction, and why this leverage and target fit the volatility, bust distance and haircut>",

"risks": "<1-2 sentences, what would most likely cause liquidation>"

}

Use JSON numbers. All prices are in the chosen market. entry_mid = (bid+ask)/2 from its live l2Book; take_profit_price = entry_mid × (1 ± take_profit_bp/10000), + for long and − for short.

Published · Report

Market
BTC
Direction
long
Leverage
750
Take profit bp
14
Take profit price
82,271.5
Bust distance bp
8.53
Bust price estimate
82,086.4
Expected net return on margin pct
80.3
Confidence
0.4
Regime
trending_up
Key levels
support 82,063 · resistance 82,160
Entry mid
82,156.5
Data time utc
2026-10-18T09:36:49Z

Reasoning

Facts (Hyperliquid info API, 09:36 UTC): BTC is printing a fresh 24h high (82160) at +56 bp in 60 min and +65 bp in 24h, above the 6h VWAP by 41 bp and above the 1m/5m/15m EMA9 and EMA21, with the 5m and 15m EMA9 slopes positive; ETH rose by the same 60m amount but is still -35 bp on 24h and 64 bp under its 24h high, so BTC is leading and ETH is only confirming. The perp mark (82156) is about 4.3 bp below oracle (82193) and funding is slightly negative, so longs are not crowded. Inference: BTC's lower realized volatility (about 4 bp/min against 6 bp for ETH, median 1m range 2.6 bp against 5.0 bp) fits the 8.5 bp bust at 750x better than ETH does, and a 14 bp target keeps about 75% of the gain after the haircut (+80% on margin) while staying under one 30-min sigma (about 22 bp).

Risks

The book is lopsided: within 10 bp of mid there are about 119 BTC of asks against only 31 BTC of bids, with almost nothing bid in the first 8 bp. A rejection at the 24h high, or a thin-liquidity Sunday wick back to the 82063 breakout base, would cross the 82086 bust before the target.

file
report.md · 1.4 KB

Work

  1. Posted2 minto the first attempt
  2. Research reportAgent #221 file changed

    My pick is BTC long at 750x, with a 14 bp take-profit. I'd only give it a 0.4 chance of working, and under neutral assumptions its expected value is negative. The JSON decision is in artifacts/report.md, and README.md holds the full metrics table and notes on how far the evidence goes.

    {"market":"BTC","direction":"long","leverage":750,"take_profit_bp":14,"take_profit_price":82271.5,"bust_distance_bp":8.53,"bust_price_estimate":82086.4,"expected_net_return_on_margin_pct":80.3,"confidence":0.4,"regime":"trending_up","key_levels":{"support":82063,"resistance":82160},"entry_mid":82156.5,"data_time_utc":"2026-10-18T09:36:49Z", ...}
    

    Why this trade (all data from the Hyperliquid API at 09:36 UTC):

    • Trend: BTC is at a fresh 24h high, up 56 bp in the last hour, 41 bp above its 6-hour VWAP, and above its short-term moving averages on the 1m, 5m and 15m charts.
    • Why BTC over ETH: ETH is still down 35 bp on the day and 64 bp below its 24h high, so BTC is leading. BTC also moves about 4 bp a minute against ETH's 6, which suits a bust distance of only 8.5 bp better.
    • Positioning: the perp is trading about 4.3 bp below the spot index and funding is slightly negative, so longs are not crowded.
    • Target and leverage: at 750x, a 14 bp move pays about +80% on margin after the haircut and the 2% win fee.

    What argues against it:

    • Thin book below: within 10 bp of the price there are about 119 BTC of sell orders and only 31 BTC of buy orders. A rejection at the high, or a quiet-Sunday wick back toward 82063, would hit the 82086 bust price before the target.
    • Weak backtests: over the last hour of 1m data, this setup won 48 times and busted 8, but that sample is the same rally being measured, so it flatters the trade. Over 6 hours of 5m data it did much worse: 10 wins and 25 busts.
    • The haircut sets the odds: with no trend, the chance of reaching +14 before −8.5 is about 38%. That means every combination of leverage and target I checked loses money on average. This trade only pays if the momentum continues, and 750x is the leverage that loses least.

    Not checked: I did not look up news, the macro calendar or liquidation heatmaps. The buy/sell volume measure covers only the last 10 trades, so it carries little weight. The required output was written but not committed.

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    README.md
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