diff --git a/app/web/routes_pages.py b/app/web/routes_pages.py
index 3b9b89a..d7430dc 100644
--- a/app/web/routes_pages.py
+++ b/app/web/routes_pages.py
@@ -94,6 +94,10 @@ def build_router(templates, repo_root: Path, stock_report_template: str):
         user, redirect = require_page_user(request)
         if redirect:
             return redirect
+        try:
+            require_admin(request.cookies.get("altcoin_session", ""))
+        except HTTPException as exc:
+            return HTMLResponse(content=f"<meta charset=utf-8><h2>需要管理员权限</h2><p>{exc.detail}</p><a href=/app>返回看板</a>", status_code=exc.status_code)
         return render_page("paper_trading.html", request, active_nav="paper_trading")
 
     @router.get("/strategy", response_class=HTMLResponse)
diff --git a/app/web/routes_paper_trading.py b/app/web/routes_paper_trading.py
index 2203ff7..a5b2657 100644
--- a/app/web/routes_paper_trading.py
+++ b/app/web/routes_paper_trading.py
@@ -1,7 +1,7 @@
 from fastapi import APIRouter, Cookie
 
 from app.db.paper_trading import get_paper_trading_summary, list_paper_trades
-from app.web.shared import require_api_user_with_subscription
+from app.web.shared import require_admin
 
 
 router = APIRouter()
@@ -9,7 +9,7 @@ router = APIRouter()
 
 @router.get("/api/paper-trading/summary")
 async def api_paper_trading_summary(days: int = 30, altcoin_session: str = Cookie(default="")):
-    require_api_user_with_subscription(altcoin_session)
+    require_admin(altcoin_session)
     return get_paper_trading_summary(days=days)
 
 
@@ -20,5 +20,5 @@ async def api_paper_trading_trades(
     status: str = "",
     altcoin_session: str = Cookie(default=""),
 ):
-    require_api_user_with_subscription(altcoin_session)
+    require_admin(altcoin_session)
     return list_paper_trades(limit=limit, offset=offset, status=status)
diff --git a/static/base.html b/static/base.html
index 2bf00ad..4c37328 100644
--- a/static/base.html
+++ b/static/base.html
@@ -175,7 +175,7 @@ a { color: inherit; text-decoration: none; }
   <nav class="sidebar-nav">
     <div class="sidebar-section-label">交易</div>
     <a class="sidebar-link {% if active_nav | default('app') == 'app' %}active{% endif %}" href="/app"><svg class="link-icon"><use href="#svg-dashboard"/></svg>看板</a>
-    <a class="sidebar-link {% if active_nav == 'paper_trading' %}active{% endif %}" href="/paper-trading"><svg class="link-icon"><use href="#svg-paper"/></svg>模拟交易</a>
+    <a class="sidebar-link admin-link {% if active_nav == 'paper_trading' %}active{% endif %}" href="/paper-trading" style="display:none"><svg class="link-icon"><use href="#svg-paper"/></svg>模拟交易</a>
     <div class="sidebar-section-label">研究</div>
     <a class="sidebar-link {% if active_nav == 'market' %}active{% endif %}" href="/market"><svg class="link-icon"><use href="#svg-target"/></svg>市场总览</a>
     <a class="sidebar-link {% if active_nav == 'sentiment' %}active{% endif %}" href="/sentiment"><svg class="link-icon"><use href="#svg-sentiment"/></svg>实时舆情</a>
diff --git a/tests/test_paper_trading_admin_access.py b/tests/test_paper_trading_admin_access.py
new file mode 100644
index 0000000..20e2d39
--- /dev/null
+++ b/tests/test_paper_trading_admin_access.py
@@ -0,0 +1,62 @@
+from datetime import datetime, timedelta
+
+from fastapi.testclient import TestClient
+
+from app.db import auth_db
+from app.web import web_server
+
+
+def _login_user(email: str, password: str = "StrongPass123", admin: bool = False) -> str:
+    reg = auth_db.register_user(email, password)
+    auth_db.verify_email(email, reg["verification_code"])
+    user = auth_db.get_user_by_email(email)
+    auth_db.claim_free_trial(user["id"])
+    if admin:
+        auth_db.set_user_admin(email, True)
+    return auth_db.login_user(email, password)["token"]
+
+
+def test_paper_trading_page_requires_admin_for_normal_subscriber():
+    token = _login_user("normal-paper@example.com")
+    client = TestClient(web_server.app)
+    client.cookies.set("altcoin_session", token)
+
+    resp = client.get("/paper-trading")
+
+    assert resp.status_code == 403
+    assert "需要管理员权限" in resp.text
+
+
+def test_paper_trading_api_requires_admin_for_normal_subscriber():
+    token = _login_user("normal-api-paper@example.com")
+    client = TestClient(web_server.app)
+    client.cookies.set("altcoin_session", token)
+
+    summary = client.get("/api/paper-trading/summary")
+    trades = client.get("/api/paper-trading/trades")
+
+    assert summary.status_code == 403
+    assert trades.status_code == 403
+
+
+def test_paper_trading_admin_can_access_page_and_api():
+    token = _login_user("admin-paper@example.com", admin=True)
+    client = TestClient(web_server.app)
+    client.cookies.set("altcoin_session", token)
+
+    page = client.get("/paper-trading")
+    summary = client.get("/api/paper-trading/summary")
+
+    assert page.status_code == 200
+    assert "模拟交易" in page.text
+    assert summary.status_code == 200
+    assert "account_equity_usdt" in summary.json()
+
+
+def test_sidebar_hides_paper_trading_with_admin_link_class():
+    client = TestClient(web_server.app)
+    resp = client.get("/app")
+
+    assert resp.status_code == 200
+    assert 'href="/paper-trading" style="display:none"' in resp.text
+    assert 'admin-link' in resp.text