How to use Paperex

Paperex is a free crypto trading simulator. You trade with virtual money on a real matching engine fed by live market data — so the practice feels real, but nothing is at risk. Here's how to get going in two minutes.

1. Just open it — no sign-up

There is no login, email or wallet to connect. When you open Paperex a demo account is created automatically and seeded with virtual funds. Your balances and open orders are saved to that session, so you can pick up where you left off.

2. Pick a market

Use the market list on the left (or the symbol picker at the top) to choose a pair such as BTC/USDT. The chart, order book and trade tape all switch to that market instantly. Prices, depth and trades are streamed live, so what you see mirrors the real market.

3. Place a spot trade

In the order form choose Spot, then Buy or Sell:

• Limit — you set a price. The order rests in the order book until the market reaches it. Resting orders show a MY marker on the book.
• Market — fills immediately at the best available price by crossing the spread.

Enter an amount, review the total, and submit. Filled and resting orders appear in the account panels below the chart.

4. Try leverage (futures)

Switch the order form to Futures to trade with leverage. Pick a leverage multiplier and open a Long (betting price rises) or Short (betting it falls). The form previews your estimated liquidation price before you commit — the price at which the position would be force-closed. Open positions, PnL and your liquidation price are tracked in the Positions panel.

New to leverage? Read Liquidation & leverage first.

5. Read the market intelligence

Around the chart, Paperex shows the same signals professional traders watch: an order book, the trade tape, a live economic calendar, funding rate and open interest, whale trades, liquidations and order flow (CVD). Each panel has a tooltip explaining what it means.