Free Paper Trading Simulator: Practice Crypto Trading Without Money
No open positions. Use the order panel to open a virtual long or short.
Waiting for live trades…
A free demo trading account for crypto perpetual futures. You get live prices, long and short positions, leverage, TP/SL and a virtual 10,000 USDT balance. There is no sign-up, no deposit and no risk, and everything runs in your browser.
How to use the simulator
- Search the perpetual market list or the pair selector. Choose a chart interval from 1 minute to 1 day. Hyperliquid supplies real OHLC candles plus live mids, market context and an actual order book. Fresh best bid/ask prices stream several times a second over the Hyperliquid WebSocket, backed by one-second REST requests while the page is visible; delayed snapshots cannot fill orders.
- Choose Long if you expect the price to rise or Short if you expect it to fall, then Market (fill now at the current price) or Limit (fill when the price reaches your level).
- Enter the margin and leverage. The panel shows the position size, the simulated fee (0.045% taker or 0.015% maker) and an estimated liquidation price before you confirm. Add an optional take-profit and stop-loss.
- Watch the unrealised PnL and ROE in the positions table, close the position whenever you like, and review every fill in History.
How perpetual futures work
A perpetual future, or perp, is a contract that tracks the price of an asset such as Bitcoin without ever expiring. You do not buy the coin itself: you open a position that gains when the price moves your way and loses when it moves against you. Because there is no expiry, exchanges keep the perp price close to the spot market with a funding rate, a small periodic payment between longs and shorts. Perps are the most traded crypto derivative on both centralised exchanges and on-chain venues; our article Which DEX is really decentralized? compares the main perp DEXs.
Leverage, margin and PnL
Leverage lets a small amount of margin control a larger position. With 1,000 USDT of margin at 10x, the position is worth 10,000 USDT. Profit and loss follow the full position: PnL = (mark price − entry price) × quantity for a long, and the reverse for a short. A 2% price move therefore changes a 10x position by about 20% of its margin. That percentage is the ROE (return on equity) shown in the table. Leverage magnifies losses exactly as much as gains, and fees are charged on the full position value, so they also scale with leverage.
Liquidation
With isolated margin, each position has its own margin, which is also the most it can lose. If losses shrink that margin to the maintenance level, the position is closed automatically: it is liquidated. The higher the leverage, the closer the liquidation price is to your entry: at 50x a move of under 2% against you is enough. In this simulator a liquidated position loses its full margin, which mirrors how traders typically experience a liquidation. Our liquidation price calculator shows the formula, and the risk management guide explains how stop-losses and position sizing keep losses small.
What the simulator does not model
Real trading includes slippage and order-book depth, funding payments, tiered margin, liquidation fees, exchange outages and, above all, emotion. A practice account can show how the mechanics work, but good results here do not mean the same strategy will work with real money. Size real positions with the position size calculator and read futures, spot and CFDs first.
Frequently asked questions
Is this real trading?
No. The simulator uses virtual USDT only. There are no deposits, withdrawals, wallets, accounts or real orders, and nothing you do here reaches any exchange. Your practice account is stored only in your own browser.
Where do the prices come from?
Live prices come from Hyperliquid's free public API: the best bid/ask of the selected market streams to your browser over a WebSocket several times a second (the price shown is the mid), with a one-second REST backup while the page is open. Cached and delayed CoinGecko snapshots are display-only: the simulator does not fill orders until fresh Hyperliquid prices arrive.
How is the liquidation price estimated?
With isolated margin and Hyperliquid's maintenance margin rule: the maintenance rate is half the initial margin at the market's maximum leverage (MMR = 1 ÷ (2 × max leverage), for example 1.25% for a 40x market). Long = entry × (1 − 1/leverage) ÷ (1 − MMR), short = entry × (1 + 1/leverage) ÷ (1 + MMR). Exchanges use their own mark price and tiers, so this is an estimate.
What fees does the simulator charge?
Hyperliquid's base-tier rates: a 0.045% taker fee on market orders, limit orders that fill immediately, take-profit, stop-loss and manual closes, and a 0.015% maker fee when a resting limit order fills at your price. Funding payments, slippage and liquidation fees are not simulated.
Can I practice trading without money?
Yes. That is what paper trading is for. Every trade here uses virtual USDT, so you can learn order types, leverage, stop-losses and position sizing without depositing or risking anything. Results with virtual money do not guarantee results with real money.
Can I paper trade gold or oil here?
Not yet. The simulator currently covers crypto perpetual futures such as BTC, ETH and SOL. For gold, see our How to Trade Gold guide and the position size calculator, which works for gold, oil, forex and crypto.
Do I need an account or app?
No. There is no sign-up, download or email. Open the page and start. Your virtual balance and trade history are saved only in this browser.
How do I reset my practice account?
Press Reset account. The balance returns to 10,000 virtual USDT and all positions, orders and history are cleared. Clearing your browser's site data has the same effect.
Related tools
Crypto profit calculator Liquidation price calculator DCA / average cost calculator Funding rate calculator Position size calculator Crypto converter All tools
Not financial advice. This is an educational practice simulator using virtual money. It does not execute, route or recommend real trades, and it is not connected to any exchange account or wallet. Leveraged crypto trading is very high risk and most people who try it lose money. Prices are provided by third parties and may be delayed or wrong. See our disclaimer.
Page updated 2026-11-07 · Site built 2026-11-08 02:07 UTC