> ## Documentation Index
> Fetch the complete documentation index at: https://docs.getpanther.app/llms.txt
> Use this file to discover all available pages before exploring further.

# Demo mode (paper trading)

> Practice trading with simulated money against real, live prices — no risk.

**Demo mode** lets you trade with simulated money against **real, live market prices**. It's the best way to learn Panther, test a strategy, or get comfortable with the order slip before putting real funds at risk.

Everything looks and works like real trading — you place orders, get fills, and watch your profit and loss move with the market — but no real money is ever involved.

<Note>
  Demo mode is a separate **account**, so your practice trades stay completely apart from your real balances and positions. Switch to it or away from it at any time.
</Note>

## Turning on demo mode

<Steps>
  <Step title="Open the command palette">
    Press <kbd>/</kbd>, type `DEMO`, and press <kbd>Enter</kbd> to enter demo mode. (Run `DEMO` again anytime to exit.)

    You can also turn it on under **Settings → Preferences → Demo Mode**.
  </Step>

  <Step title="Confirm you're in demo">
    Your active account switches to **Demo**, and your balance shows simulated USDC. The [account switcher](/accounts/switching) always shows which account you're in.

    ![The terminal in demo mode — DEMO badge in the corner and a simulated cash balance](https://cdn.getpanther.app/docs/desktop-demo-home.png)
  </Step>
</Steps>

## Setting your practice balance

Under **Settings → Preferences**, you can set a **starting balance** for demo mode and **reset** the demo account whenever you want a clean slate. You can also add or remove simulated funds from the Balances panel.

<Steps>
  <Step title="Set a starting balance">
    Choose how much simulated USDC you want to start with.
  </Step>

  <Step title="Reset anytime">
    Use **Reset demo account** to wipe your practice positions and history and start fresh.
  </Step>
</Steps>

## What works in demo mode

<CardGroup cols={2}>
  <Card title="Real prices" icon="chart-line">
    Orders fill against live Kalshi and Polymarket prices, so the experience matches real trading closely.
  </Card>

  <Card title="Full order slip" icon="receipt">
    Buy and sell Yes/No, close positions, and see fees and payouts — exactly like the real thing.
  </Card>

  <Card title="Live P&L" icon="arrow-trend-up">
    Your positions and profit and loss update in real time as the market moves.
  </Card>

  <Card title="No setup needed" icon="circle-check">
    No deposit and no identity verification — just switch on demo mode and trade.
  </Card>
</CardGroup>

## Leaving demo mode

Run `DEMO` from the command palette again, or switch to another account in the [account switcher](/accounts/switching). Your real accounts are exactly as you left them.

## What's next

<Columns cols={2}>
  <Card title="Placing an order" icon="receipt" href="/trading/placing-orders">
    Learn the order slip — it works the same in demo and live.
  </Card>

  <Card title="Ready for real trading?" icon="arrows-left-right" href="/trading/onchain-vs-legacy">
    Set up on-chain or API trading when you're ready.
  </Card>
</Columns>