Move funds from Ethereum to papertrade

Updated 19 October 2026 · General information, not tax advice

papertrade is a synthetic perps exchange on Hyperliquid, and you trade it with USDC. From Ethereum mainnet you can deposit USDC in papertrade's own deposit flow, or move it to Hyperliquid first and deposit from there. papertax isn't affiliated with papertrade or any bridge below.

Before you start

An EVM wallet such as MetaMask or Rabby. The same address works on Ethereum, Arbitrum, Hyperliquid and papertrade.
USDC on Ethereum. papertrade takes USDC. If you hold ETH, see below.
ETH for gas. Mainnet gas can be large next to a small deposit, so check the cost in your wallet before you confirm.
At least 10 USDC. Independent guides give papertrade's minimum deposit as 10 USDC, with a one-time 1 USDC activation fee on your first deposit. Send enough that the minimum still arrives after bridge fees.

Route 1: deposit from Ethereum in papertrade

The simplest route. Independent guides list Ethereum among the networks papertrade accepts USDC deposits from, with a personal deposit address for each user.

Go to papertrade.xyz from a bookmark or by typing it, and open the exchange.
Connect your wallet and open the deposit screen.
Choose Ethereum as the source network and USDC as the asset. If Ethereum isn't listed, use route 2.
Follow the steps shown. If you're given a deposit address, send USDC on Ethereum to exactly that address, starting with a small amount above the minimum.
Wait for the bridge to complete before sending the rest.

Route 2: through Arbitrum and Hyperliquid

Hyperliquid's own deposit takes native USDC on Arbitrum. Useful if you already use Hyperliquid, or if papertrade's deposit screen doesn't offer Ethereum.

Move USDC from Ethereum to native USDC on Arbitrum with a route that uses Circle's CCTP. Arbitrum's own bridge gives you bridged USDC.e instead, which is a different token.
Open app.hyperliquid.xyz, connect the same wallet and use Deposit. You need a little ETH on Arbitrum for gas, and Hyperliquid says deposits under 5 USDC are lost.
In papertrade's deposit screen, choose Hyperliquid as the source and follow its steps. Independent guides say deposits from Hyperliquid credit within seconds.

Some bridges, including deBridge, can deliver from Ethereum straight to your Hyperliquid account, skipping the Arbitrum step. Circle's docs note that a new Hyperliquid account pays a one-time 1 USDC activation fee on its first outgoing action. Each bridge shows its own fee before you confirm.

If you hold ETH, not USDC

Swap ETH for USDC on Ethereum first, keeping some ETH for gas. Alternatively, Hyperliquid accepts ETH sent on Ethereum to the deposit address its app shows, which you then sell for USDC on Hyperliquid spot before moving it to papertrade. Either way, the swap is a disposal of ETH for tax.

Safety checks

Use bookmarks. Open papertrade, Hyperliquid and bridge sites from a bookmark, not from ads, search results or messages. Fake sites copy real ones.
Send a small test first, above every minimum on the way, then the rest.
Check the address and network before each send, and compare the whole address after you paste it.
Native USDC only. Check you're sending USDC, not USDC.e or another stablecoin, and that the bridge delivers native USDC.
Keep gas on each chain: ETH on Ethereum, and ETH on Arbitrum if you route through it.
Mind the minimums: 5 USDC for Hyperliquid's Arbitrum deposit and 10 USDC for papertrade.

Getting funds back

Independent guides say papertrade can withdraw to Ethereum, Arbitrum, Hyperliquid, HyperEVM or Solana, with a 10 USDC minimum withdrawal.

Tax

Moving your own USDC between wallets and accounts is generally a transfer, not a disposal. Swapping ETH for USDC generally is a disposal. General information, not tax advice. More in papertrade tax records and the guides for Australia, the US, the UK, Canada and New Zealand.

Questions

Can I send USDC from Ethereum straight to papertrade?

Independent guides list Ethereum among the networks papertrade accepts USDC from. Check its deposit screen; if Ethereum isn't offered, move USDC to Hyperliquid first and deposit from there.

Why not use the Arbitrum bridge for USDC?

Arbitrum's own bridge turns Ethereum USDC into bridged USDC.e. Hyperliquid's deposit takes native USDC, which a CCTP route gives you.

Is moving USDC from Ethereum to papertrade taxable?

Moving your own USDC is generally a transfer, not a disposal. Swaps along the way, such as ETH to USDC, generally are. General information, not tax advice.