How Paperpad works

Seasons

• Length. Each season lasts 30 minutes. The next one starts the moment the last one ends, so there is always one running.
• Balance. Everyone starts every season with 10 SOL of paper money. Balances and positions don't carry over.
• Cost. Joining is free. There is no deposit and no entry fee; you only need a Solana wallet to sign in.

Trading

You trade real pump.fun coins against their real on-chain prices. Nothing is sent to the chain; the trades are paper.

• Coins. Any pump.fun coin, on its bonding curve or after it migrated to PumpSwap. A coin that finished its curve can't be traded until it reaches PumpSwap.
• Pricing. Orders are priced 600 ms after they reach us, against the coin's live on-chain reserves. The coin's real trading fee is included in every fill.
• Your own impact. Each position keeps a private copy of the pool. Your buys push your next price up and your exit price down, just as they would on-chain.
• Minimum buy. 0.02 SOL per order.
• Position limit. One position can cost at most 20% of the SOL in the coin's pool. On the bonding curve the limit is never below 0.5 SOL.
• Thin pools. A buy that would move the price by more than 25% is refused. The ticket shows the largest size that fits.
• Network fee. Every order costs a simulated network fee of 0.0005 SOL, including orders rejected for slippage.
• Slippage. If the fill is worse than your slippage limit (default 10%), the order is rejected and nothing is traded.
• Selling. Sell part or all of a position. Selling all of it closes the position and completes a round trip.
• Closing time. Orders stop just before a season ends.

Getting ranked

• Round trip. One position on one coin, from the first buy to the sell that closes it.
• Open positions. A position you still hold counts as a round trip too. If it is still open when the season ends, it is closed at the season-end mark.
• Qualifying. A round trip qualifies when its first buy is at least 0.1 SOL.
• Eligible. To be ranked you need at least 5 qualifying round trips across at least 3 different coins in the same season.

Scoring

Your score blends four percentiles, each measured against every eligible trader in the same season. P(x) is your percentile for x: (rank − 0.5) ÷ number of eligible traders, where rank 1 is the lowest value and ties share their average rank.

score = 0.35 × P(capped PnL)
      + 0.30 × P(consistency)
      + 0.20 × P(avg PnL per trade)
      + 0.15 × P(activity)

• Capped PnL (35%). Total profit and loss, with your single best coin's gain capped at 50% of all your gains, so one moonshot can't decide the season.
• Consistency (30%). The share of your qualifying round trips that made a profit.
• Average PnL per trade (20%). The mean profit or loss of your qualifying round trips, after fees and price impact.
• Activity (15%). The number of qualifying round trips, each opened with at least 0.1 SOL.

When the season ends

• Marks. Positions still open at the bell are valued at their exit value on the live on-chain pool, capped by the coin's average trade price over the last 3 minutes. A last-minute spike doesn't count.
• Results. Results become final 15 minutes after the season ends, once the integrity checks have run.

Fair play

Profitable round trips are checked against real on-chain activity. A voided round trip's gain doesn't count; its loss still does.

• Self-trading. Void if the wallet you signed in with traded the same coin on-chain between 10 minutes before you opened the position and 10 minutes after you closed it.
• Coordinated pumps. Void if one outside wallet supplied at least 50% of the coin's buy volume (and at least 5 SOL) while your position was open, then sold at least 50% of those tokens between 2 minutes before and 15 minutes after one of your profitable sells.
• Unverifiable gains. A profit needs other traders to move the price. If we recorded no on-chain trades by other wallets in the coin while your position was open, the round trip is unranked: its gain doesn't count, its loss still does.

Prizes

1. #125%
2. #215%
3. #312%
4. #410%
5. #58%
6. #66%
7. #76%
8. #86%
9. #96%
10. #106%

• Who gets paid. Ranked traders whose capped PnL and total PnL are both above zero.
• Rollover. If fewer than 5 traders are eligible, nobody is paid and the whole pool rolls over to the next season. Each share belongs to its rank: if the trader at a rank isn't paid, that share rolls over too and nobody below moves up.
• The pool. An admin seed plus any rollover. Once the $PAD token launches, 80% of its creator fees will go into the pool too.
• Payment. Winners are paid in SOL, in one on-chain transaction signed by an admin wallet. The transaction is linked from the Seasons page.