Paper trading

Before you fire a fresh strategy into a live market with real money, you can run it in paper mode — simulated fills against the live order book.

Why paper mode is a real thing

Paper mode in fxyz isn't a mock. The strategy reads the real live market data — real prices, real funding, real depth — and the only thing that's simulated is the act of placing an order. When it would have placed an order, the paper engine matches it against the live book at the current spread.

So the things you find out in paper mode are real, useful things: does the bot's logic correctly react to a sudden move? Does the executor's TWAP slice correctly across the trading window? Does the market maker keep its inventory neutral?

The thing paper mode can't tell you is what your fill quality would actually be in production, because your real orders would themselves move the book. Paper mode assumes you're a small enough taker to ignore your own impact.

NOTE

Paper mode never touches your real exchange account. Promise.

How to enable it

There's a Paper / Live toggle near the Run button. Flip it before clicking Run.

A few things to know:

• Paper state is per-chat. Your paper positions in one chat don't bleed into another chat.
• The toggle is sticky per chat. If you ran paper last time, you'll run paper this time unless you flip it.
• Paper mode never touches your real exchange account. Promise.

What we recommend

Run any new bot in paper first, for a duration that matches its typical decision cycle. A market maker should paper for a few hours. A funding-arb watcher should paper for at least one funding interval. A scalper should paper for as many trades as you'd want to see live.

Once it behaves the way you expect, flip it to live and run it small.