How it works
Trade real Solana memecoins with paper SOL. Nothing you do here costs money. The best traders of every round are paid in real SOL.
The round
- A round lasts 8 hours.
- Every wallet starts each round with 10 paper SOL. Balances do not carry over.
- Players are ranked by profit in percent at the end of the round.
- You can trade without a wallet, as a guest. Guests are shown on the leaderboard but cannot win: connect a wallet during the round and your trades from that round come with you.
- You can play with more than one wallet.
Trading
- Market orders only. There are no limit orders.
- You can buy any Solana token with a market cap of at least $15,000. You can always sell what you hold.
- One trade can use at most 25% of your current budget, and one token can hold at most 25% of it.
- Fills are priced against the token's real on-chain liquidity. A big order moves the price exactly as it would for real.
- A buy that would fill more than 15% above the market price is rejected, like the slippage setting of a trading terminal. Sells always go through.
- Every trade pays a 1% paper fee.
- There is no minimum holding time and no trade limit. Trade as fast as you like.
How the round is scored
- Positions you sold count at the price you sold them for.
- Positions still open when the round ends are valued at the average price of the last 5 minutes, at the size you hold, minus the fee. A price spike in the final seconds does not count.
Prizes
To win you need at least 3 trades in the round and you must finish in profit. The top 10 qualified players share the prize pool:
If fewer than 10 players qualify, the unclaimed shares roll over into the next round's pool.
Review and payment
- Every payout is checked by hand before it is sent. Payments normally go out within 24 hours of the round ending, straight to the wallet you played with.
- All trades of all players are public. Click any wallet on the leaderboard to see everything it did.
- Paid prizes are listed under Results with their transaction link.
What gets you disqualified
Trade however you want, as fast as you want. Only these four things are not allowed.
1. Trading your own token
You cannot paper trade a token you created, a token whose team you are part of, or a token where you hold a meaningful share of the supply.
Example: you launch a token, buy most of the supply with other wallets, then paper buy it here before pushing the price up.
2. Moving the price yourself
While you hold a paper position in a token, you cannot buy or sell that token for real, from the wallet you play with or any wallet connected to you, in order to move its price.
Example: you paper buy a low cap token, buy it for real with 5 SOL so the price jumps, paper sell at the top, then sell your real tokens.
Holding or trading a token for real for your own reasons is fine. What matters is whether your real trades are what made your paper profit.
3. Coordinated pumps
A group cannot agree to pump a token together so that one or more of them climb the leaderboard.
Example: a chat group picks a token, everyone paper buys it, the group buys it for real at an agreed time and splits the prize.
4. Bots and automation
Trades must be placed by a person through this website. Scripts, bots and other automated trading are not allowed.
Example: a script that watches the chain and places paper trades faster than a person could.
If you are disqualified
- The wallet is removed from that round's ranking and everyone below moves up one place.
- Wallets that break the rules again can be banned from prizes for good.
- Review decisions are final.
Paper Degen is a game. Nothing here is financial advice, and paper results say nothing about real trading results.