Circuit is a platform for describing trading strategies in plain language, generating bot code and running strategies from Circuit wallets. Its public site, bot catalogue, PAPER MILL page and Papertrade-specific guide were reviewed. The profile concerns its connection to papertrade.xyz, not simulated paper trading in general.
The public PAPER MILL example labels its venue Papertrade and its network HyperEVM, Papertrade. It describes paired BTC positions and PAPER staking / reward actions. Other Papertrade-labelled strategies are visible in the catalogue. These descriptions and activity / performance figures are the operator’s presentation; no bot history, return or execution was audited.
Circuit also offers generic paper trading with simulated funds. Its Papertrade guide explicitly distinguishes the real-USDC protocol and says Papertrade bots start with real money. A general simulation option must not be treated as a safe simulation of a Papertrade bot. No Start, Fork or Build action was used.
According to the Safety article and Papertrade guide, Circuit creates or imports wallets, holds signing keys in a hardware enclave and signs typed actions under a passkey-authorised permit. The described bot permit lasts 30 days; key export requires the user’s passkey. The homepage says stopping deletes the permit. These custody, authorisation and revocation claims were not independently tested.
Stopping a bot is not the same as closing its positions. Circuit’s guide says positions and resting orders remain in the account and must be handled separately through Terminal; PAPER MILL likewise says open legs stay open on unwind. No stop, cancellation, position exit or key export was tested.
PAPER MILL lists Haircut and winner fee as costs. The guide says Circuit adds no fees today, while venue fees, network gas and bridge / routing costs can apply, with no commitment about future fees. The actual full charges and settlement behaviour were not verified.
In Play / Live refers to the accessible platform and public bot catalogue. No account, wallet import, passkey, permit, bot, order, deposit, staking or withdrawal was used. This is a trading-automation application, not a separately verified game. No partnership or security certification is inferred.
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