What is the difference between paper and live?

The LIVE · PAPER switch in the top bar

Paper is simulated money: the same screens, charts, orders and bots, with nothing sent to an exchange. Live sends real orders to Hyperliquid through your connected trading key. The top bar switch flips the whole app at once and a banner says PAPER TRADING while you are there. Paper is free forever; live needs a paid plan and a connection.

Step by step

1. Find the LIVE · PAPER switchTop bar, right of the search box. The active mode is highlighted.
2. PaperA banner reads PAPER TRADING · simulated funds. Positions, history and bots are kept apart from live ones.
3. LiveNeeds a Builder or Architect plan and a connection in Settings › Connections. Every live deployment and stop-all asks you to type a confirmation.

Good to know

• The journal and the track record never mix paper and live; each page says which it shows.
• Prove a plan on paper first. Every tool behaves the same in both modes.