Paper vs live differences
Nocterm runs orders in one of two modes. In paper mode your fills are simulated against the live order book - no real money changes hands. In live mode your orders go to the exchange for real. The two feel almost identical to trade, but what happens behind the fill is very different. This page lays out exactly how they differ.
id: help-paper-vs-liveThe trade panel in paper mode next to the same panel in live mode
suggested 1280x720The short version
Section titled “The short version”Paper is a realistic rehearsal. Live is the real thing. Paper simulates fills against the same live order book live trading uses, so price action and fill behaviour look authentic - but there is no money at risk and no real exchange fees. Live sends your order to the exchange, where it fills against real counterparties at real cost.
Side by side
Section titled “Side by side”| Paper | Live | |
|---|---|---|
| Money at risk | None - simulated balance | Real funds on the exchange |
| Fees | Only what you model in the sim | Real exchange fees and any rebates |
| Fill realism | Simulated against the live book | Actual exchange fills |
| Latency | Local, near-instant | Round-trip to the exchange via the desktop client |
| Needs desktop client | No | Yes - the client bridges to the exchange |
| On client disconnect | n/a | Falls back to paper |
Fills and fees
Section titled “Fills and fees”Paper fills are modelled against the live order book - the same depth live orders see - so a paper fill at a wall or in a fast market behaves much like the real thing. What paper does not charge is real money or real exchange fees: any cost you see is whatever the simulator models, not an exchange invoice.
Live fills are exchange fills. They cost real money, pay real fees (and earn any maker rebates), and are subject to the exchange’s own matching, minimums, and rejection rules.
Latency
Section titled “Latency”Paper resolves locally, so fills feel near-instant. Live has to make a round trip out to the exchange - through the desktop client - and back, so there is genuine latency between sending an order and seeing the fill. In fast markets that gap matters, which is one thing paper cannot fully reproduce.
Falling back on disconnect
Section titled “Falling back on disconnect”Live trading depends on the desktop client being connected. If the client drops, Nocterm falls back to the paper sim rather than failing your order outright. That keeps you working, but it also means a live order placed while the client is offline is a paper fill - so watch the connection status dot.
Related
Section titled “Related”- Trading modes - choosing and switching between paper and live.