Cards always say PAPER · SIMULATED. Please keep that label when you post.
Paper trading lets you practise crypto trades on live public prices without risking money. Place market, limit or stop orders, long or short, with up to 5x leverage on the free plan (20x on Pro). Track positions, open orders, history and stats. Pro allows up to 10 practice accounts. Fills, fees, funding, margin and liquidation are simplified models, so treat results as practice, not as proof of an edge. Share cards always carry the PAPER · SIMULATED label.
No. Real exchanges have order-book depth, slippage and their own liquidation engines, and fear changes decisions when the money is real. Paper is for learning the mechanics and testing a plan. Paper trading with leverage, safely covers the gaps.
With the same isolated-margin formula as the liquidation calculator: entry × (1 ∓ 1/leverage ± MMR), minus for a long and plus for a short.
Only in this browser. Closed paper trades also appear, marked as paper, on the review page.