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PAPER ยท no real money

Exercise every feature

Every done feature has a way to try it from the paper site and a result you should see. A control links to the screen where you use it. A few internal ops gates stay a command you run, because they need docker, git, or terraform and cannot run in a browser. The same list lives in artifacts/feature-exercise.json in the repo.

  • uniform-price

    Control Open /ticket

    Do: Send two crossing orders to a pair on the Trade ticket.

    You should see: Both fills print one shared clearing price; speed buys no edge.

  • volume-max-clear

    Control Open /lab

    Do: Open the Feature Lab and run the Uniform clearing price demo.

    You should see: The canned crossing book clears at the volume-max price; every fill prints that one price.

  • no-time-priority

    Control Open /lab

    Do: Open the Feature Lab and run the No time priority demo.

    You should see: Reversing arrival order changes nothing: the same clearing price and volume.

  • pro-rata-allocation

    Control Open /lab

    Do: Open the Feature Lab and run the Pro-rata allocation demo.

    You should see: Two equal buys split the marginal 30 lots 15/15, not first-come-first-served.

  • market-to-limit

    Control Open /ticket

    Do: Send a market order that cannot fully fill on the Trade ticket.

    You should see: The unfilled part rests as a limit at the clearing price.

  • tif

    Control Open /ticket

    Do: Pick a time-in-force (IOC, FOK, or GTD) on the Trade ticket.

    You should see: IOC leaves no rest; FOK is all-or-none; GTD rests to day end.

  • dark-meq

    Control Open /ticket

    Do: Send a dark order and set a minimum fill size on the ticket.

    You should see: It books hidden and fills only at the lit price, at or above the minimum.

  • sealed-book

    Control Open /markets

    Do: Open the Markets screen during a batch.

    You should see: No resting book shows until the auction clears.

  • random-lock

    Control Open /lab

    Do: Open the Feature Lab and run the Randomized sealing lock demo.

    You should see: The order before the drawn lock seals in; the one at the lock rolls to the next auction.

  • collar-halt

    Control Open /lab

    Do: Open the Feature Lab and run the Price collar halt demo.

    You should see: An out-of-band clear makes no fills and starts a halt.

  • collateral

    Control Open /funding

    Do: Fund a paper account on the Funding screen, then send an order over your balance.

    You should see: The over-collateral order is turned away.

  • pool-isolation

    Control Open /ticket

    Do: Pick the 1s, 1m, or 1h pool on the Trade ticket.

    You should see: The order enters that pool only; pools never share liquidity.

  • protocol-parity

    Control Open /lab

    Do: Open the Feature Lab and run the FIX and REST reach the same engine demo.

    You should see: FIX and REST leave every order in the identical state, including a booked order and a rejected one.

  • determinism

    Control Open /lab

    Do: Open the Feature Lab and run the Deterministic replay demo.

    You should see: The replayed journal rebuilds the exact clearing with no divergence, byte for byte.

  • thesis-sim

    Control Open /lab

    Do: Open the Feature Lab and run the Latency edge is zero demo.

    You should see: The fast maker and its slow twin earn the same markout, so the within-pool latency edge is zero.

  • throughput

    Control Open /lab

    Do: Open the Feature Lab and run the Throughput under load demo.

    You should see: A 100,000-message auction clears with no lost or doubled message: buy and sell fills each equal the matched volume.

  • funding-ledger

    Control Open /funding

    Do: Deposit then withdraw on the Funding screen.

    You should see: The balance updates and the ledger always balances.

  • mode-isolation

    Control Open /account

    Do: Read the PAPER badge in the header and try a live sign-in.

    You should see: Live sign-in is refused; the PAPER badge shows on every screen.

  • client-parity

    Control Open /account

    Do: Open the same paper account on the web app and the phone app.

    You should see: Both show the same positions and orders.

  • security

    Control Open /lab

    Do: Open the Feature Lab and run the Signed-request replay guard demo.

    You should see: The first signed call books; a replay is refused as a replay and a forged copy as a bad signature.

  • setup

    Ops gate docker compose up

    Do: Bring up the local stack.

    You should see: The local stack serves the app and recovers state from its journal.

    Why not on the site: Brings up docker containers, so it cannot run inside a browser.

  • business-gates

    Control Open /lab

    Do: Open the Feature Lab and run the Compliance gate fail-closed demo.

    You should see: Live is refused while any gate is unmet; it turns on only when every gate is met, and one gate off shuts it again.

  • backtest-tools

    Control Open /lab

    Do: Open the Feature Lab and run the Deterministic backtest demo.

    You should see: The same seed rebuilds byte-identical golden output; a different seed changes the run.

  • engineering-controls

    Ops gate ./scripts/quality.sh

    Do: Run the quality gate.

    You should see: Any failed check rejects the push; coverage stays at or above 80%.

    Why not on the site: Runs the full test and coverage toolchain, so it cannot run inside a browser.

  • maker-tools

    Control Open /maker

    Do: Post a two-sided quote, batch orders, then mass-cancel on the Maker screen.

    You should see: Both quote sides go live; mass-cancel pulls the maker's live quotes.

  • high-availability

    Control Open /lab

    Do: Open the Feature Lab and run the Failover with no order lost demo.

    You should see: A standby in another zone resumes byte-identical after a node kill, with no acked order lost.

  • observability

    Control Open /lab

    Do: Open the Feature Lab and run the Request id flows gateway to engine demo.

    You should see: One request id flows from the gateway span to the engine accept event in structured JSON logs, with no secret leaked.

  • debug-replay

    Control Open /lab

    Do: Open the Feature Lab and run the Saved-fault replay demo.

    You should see: The saved fault replays on the buggy build; the fixed engine parts from it and shows the fault gone.

  • deploy-safety

    Ops gate ./scripts/deploy-ready.sh --local

    Do: Run the deploy-ready gate.

    You should see: It passes only on a clean tree and a green preflight.

    Why not on the site: Builds docker images and runs terraform plan, so it cannot run inside a browser.

  • indicative-guide

    Control Open /maker

    Do: Watch the slow-pool guide cell on the Maker screen.

    You should see: The 1m and 1h pools show a would-be price; the 1s pool stays sealed.

  • crypto-first

    Control Open /ticket

    Do: Trade BTC/USDT or ETH/USDC on the Trade ticket.

    You should see: The crypto pair books and clears like any pair.

  • participant-clients

    Control Open /ticket

    Do: Sign in to paper and trade from the web app.

    You should see: Orders book and quotes go live, all PAPER-badged.

  • independent-verification

    Ops gate ./scripts/independent-verify.sh

    Do: Run the clean-room harness.

    You should see: The artifact rebuilds byte-identical and a real use reaches USE OK.

    Why not on the site: Rebuilds the artifact in a fresh docker container, so it cannot run inside a browser.

  • asks-register

    Control Open /lab

    Do: Open the Feature Lab and run the Operator asks register demo.

    You should see: Every ask is tracked with a clean-room check or a named human reason; no row is a fake pass.

  • done-means-green

    Ops gate ./scripts/gate-done.sh verify

    Do: Run the done gate.

    You should see: It passes only on a zero-fail audit and a green CI run.

    Why not on the site: Reads the live git and CI state, so it cannot run inside a browser.