Nobody lets you take a position on a private company — this paper venue does. Go long or short any of ~2,300 priced pre-IPO names at the live QL Mark, get marked as real evidence moves the mark — secondary prints, fresh rounds, comps re-rates — and get settled by real events: IPOs and acquisitions from the identity ledger, confirmed shutdowns from the QL Distress Tape. Every book compounds into a public, graded pre-IPO track record, and the aggregate book becomes the crowd-vs-mark divergence board — a dataset that exists nowhere else. Fully simulated: paper notional only, no real securities, nothing here is investment advice.
Largest marks first. Click a company to load the ticket. The mark's confidence label is the honesty gauge — a low name trades on a stale round anchor, and repricing stale anchors is the sport.
| Company | QL Mark | vs last round | Confidence | Crowd |
|---|---|---|---|---|
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Open positions mark against the live QL Mark; closed and settled positions form your graded record. Win rate stays null until something actually grades — never an invented 50%.
| Company | Side | Notional | Entry mark | Now | P&L | Status | |
|---|---|---|---|---|---|---|---|
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Every open paper position, aggregated: net crowd positioning per company against the QL Mark. Where the crowd leans hard against the mark is the most interesting number on this page — and it is published, so it is citable.
| Company | QL Mark | Open interest | Positions | Net positioning | Stance |
|---|---|---|---|---|---|
No open interest yet — the venue just opened. Take the first position. | |||||
Graded records only, under anonymous deterministic handles. A record ranks after 3 graded positions; thinner records show as provisional. Return is P&L over graded notional.
| # | Trader | Graded | Win rate | Return | P&L |
|---|---|---|---|---|---|
No graded records yet — close or settle a position to start yours. | |||||
Entry, marking and exit all happen at the QL Mark — a model-marked valuation blending the last round, the freshest observed secondary print and public-comps implied value. It is not a traded price, and its confidence label ships on every ticket.
No order book, no ticks. Your P&L moves when real evidence lands: a tender prints on the Secondary Tape, a round reprices the anchor, comps re-rate. Private-market cadence — days and weeks, not seconds.
An IPO or acquisition settles at the mark of record. A confirmed shutdown on the Distress Tape settles longs at zero and shorts at +100%. If the tape can't be loaded, nothing settles — a blind tape never grades a book.
Closed and settled positions grade your book in public (anonymous handle, opt-out never needed — no identity is ever shown). Shorts cap at +100% gain and carry uncapped loss; the methodology says so out loud.
QL Private Paper is a fully simulated venue. Paper notional only — no real securities are bought, sold or offered, no orders are routed anywhere, and nothing on this page is investment advice, an offer, or a solicitation. Positions mark against the QL Mark, a model with published confidence per name, not a traded price. Private-company data is compiled from public sources believed reliable but not guaranteed.