diff --git a/frontend/src/components/TopMenuBar.tsx b/frontend/src/components/TopMenuBar.tsx
index 4c177b6..8b1a91a 100644
--- a/frontend/src/components/TopMenuBar.tsx
+++ b/frontend/src/components/TopMenuBar.tsx
@@ -62,14 +62,6 @@ const IcChart = () => (
   </svg>
 );
 
-const IcPaper = () => (
-  <svg width="16" height="16" viewBox="0 0 16 16" fill="none" stroke="currentColor" strokeWidth="1.5" strokeLinecap="round" strokeLinejoin="round">
-    <rect x="2" y="3" width="12" height="10" rx="1.5"/>
-    <line x1="5" y1="6" x2="11" y2="6"/>
-    <line x1="5" y1="9" x2="9" y2="9"/>
-  </svg>
-);
-
 const IcBacktest = () => (
   <svg width="16" height="16" viewBox="0 0 16 16" fill="none" stroke="currentColor" strokeWidth="1.5" strokeLinecap="round" strokeLinejoin="round">
     <rect x="1" y="9" width="2.5" height="5" rx="0.5"/>
@@ -148,8 +140,7 @@ const IcTrendSearch = () => (
 const MENU_ITEMS: { page: MenuPage; label: string; icon: React.ReactNode }[] = [
   { page: 'dashboard', label: '대시보드',   icon: <IcDashboard /> },
   { page: 'chart',     label: '실시간차트', icon: <IcChart />     },
-  { page: 'paper',     label: '모의투자',   icon: <IcPaper />     },
-  { page: 'virtual',   label: '가상투자',   icon: <IcVirtual />   },
+  { page: 'virtual',   label: '가상매매',   icon: <IcVirtual />   },
   { page: 'trend-search', label: '추세검색', icon: <IcTrendSearch /> },
   { page: 'strategy-editor', label: '전략편집기', icon: <IcStrategyEditor /> },
   { page: 'backtest',  label: '백테스팅',   icon: <IcBacktest />  },
diff --git a/frontend/src/components/VirtualTradingPage.tsx b/frontend/src/components/VirtualTradingPage.tsx
index 3e92a6d..df63df5 100644
--- a/frontend/src/components/VirtualTradingPage.tsx
+++ b/frontend/src/components/VirtualTradingPage.tsx
@@ -340,11 +340,11 @@ const VirtualTradingPage: React.FC<Props> = ({
   return (
     <BuilderPageShell
       theme={theme}
-      title="가상투자"
+      title="가상매매"
       subtitle="Virtual Trading"
       pageClassName="bps-page--vtd"
       loading={loading}
-      loadingText="가상투자 대시보드 로딩…"
+      loadingText="가상매매 대시보드 로딩…"
       collapsiblePanels
       headerCenter={(
         <VirtualSessionHeaderControls
diff --git a/frontend/src/components/virtual/VirtualGridUnifiedHeader.tsx b/frontend/src/components/virtual/VirtualGridUnifiedHeader.tsx
index 318d542..a1a82f8 100644
--- a/frontend/src/components/virtual/VirtualGridUnifiedHeader.tsx
+++ b/frontend/src/components/virtual/VirtualGridUnifiedHeader.tsx
@@ -103,7 +103,7 @@ export const VirtualSessionHeaderControls: React.FC<SessionProps> = ({
         aria-label="자동매매"
         title={
           !paperTradingEnabled
-            ? '설정 › 가상투자에서 가상투자를 활성화하세요'
+            ? '설정 › 가상투자에서 가상매매를 활성화하세요'
             : paperAutoTradeEnabled
               ? 'Match 충족 시 자동 매수·매도'
               : '수동 주문만 가능'
diff --git a/frontend/src/utils/permissions.ts b/frontend/src/utils/permissions.ts
index f417cf8..5d72d51 100644
--- a/frontend/src/utils/permissions.ts
+++ b/frontend/src/utils/permissions.ts
@@ -12,7 +12,7 @@ export type SettingsCategoryId =
   | 'paper' | 'alert' | 'network' | 'admin';
 
 export const TOP_MENU_IDS: TopMenuId[] = [
-  'dashboard', 'chart', 'paper', 'virtual', 'trend-search', 'strategy-editor', 'backtest', 'settings',
+  'dashboard', 'chart', 'virtual', 'trend-search', 'strategy-editor', 'backtest', 'settings',
 ];
 
 export const SETTINGS_MENU_IDS: SettingsCategoryId[] = [
@@ -30,7 +30,7 @@ export const MENU_LABELS: Record<string, string> = {
   dashboard: '대시보드',
   chart: '실시간차트',
   paper: '모의투자',
-  virtual: '가상투자',
+  virtual: '가상매매',
   'trend-search': '추세검색',
   strategy: '투자전략',
   'strategy-editor': '전략편집기',
@@ -67,6 +67,7 @@ export function canAccessMenu(
   permissions: Record<string, boolean> | null | undefined,
   menuId: string,
 ): boolean {
+  if (menuId === 'paper') return false;
   if (menuId === 'strategy') return false;
   if (!permissions) return menuId === 'chart';
   if (menuId === 'strategy-editor') {