Papertrade launches high-leverage perps on Hyperliquid with billions in open interest
On-chain perpetuals exchange Papertrade opened trading on Hyperliquid with up to 1,000x leverage, logging over $400 billion in volume and heavy liquidations within hours of launch.
On-chain perpetuals exchange Papertrade enabled frontend trading at 14:00 UTC on Oct. 10, 2026, following a scheduled HyperEVM network upgrade. According to an announcement shared by Crypto Banter, the protocol lets users trade directly against its pool with zero slippage, no order book, and up to 1,000x leverage. The platform features an unconventional tokenomic design: PAPER tokens are minted solely to traders who lose money or get liquidated, with no venture backing, pre-mine, team allocation, or airdrop. Staked PAPER holders later receive a cut of trading profit and loss.[3][2]
Crypto Briefing reported that Papertrade drew $3 billion in Bitcoin open interest at launch, noting that the debut could reshape crypto trading dynamics by emphasizing extreme leverage. Trading activity exploded immediately after launch. A dashboard snapshot posted by user Jussy showed the platform reached $400 billion in volume, 35,859 trades, and 12,903 users, with $16 billion in liquidation volume and traders losing a net $23 million, of which $18 million was distributed to stakers.[4][2]
Activity continued to climb rapidly over the next few hours. Trader Kook reported that volume exceeded $440 billion in under six hours, accompanied by $17 billion in liquidations and $7 billion in open interest split between Bitcoin and Ethereum, supported by $123 million in deposits. Dashboard data shared by Kook indicated cumulative trader losses reached $25.7 million across 44,392 executed trades, coinciding exactly with the one-year anniversary of the Oct. 10 market crash.[1]
Key facts
- Papertrade enabled trading on Hyperliquid at 14:00 UTC on Oct. 10, 2026, following a HyperEVM network upgrade.
- The protocol offers leverage up to 1,000x against a protocol pool with no order book and zero slippage.
- PAPER tokens are minted solely to losing or liquidated traders, with no airdrop, venture capital, pre-mine, or team allocation.
- Papertrade drew $3 billion in Bitcoin open interest at launch, according to Crypto Briefing.
- Within hours of opening, Papertrade generated $400 billion in volume, $16 billion in liquidations, and $23 million in cumulative trader losses.
- Under six hours post-launch, volume rose to $440 billion with $17 billion liquidated and trader losses widening to $25.7 million on $123 million in deposits.
Sources · 4 sources
- KO
kook@KookCapitalLLCPost on X ·
papertrade launched on the 10/10 anniversary and degens went straight back to max leverage $440b of volume in under 6 hours..... $17b of it liquidated traders are down $25.7m combined $7b of open interest sitting on $123m of deposits exactly one year after the biggest liquidation day in crypto history and this is how we celebrate nobody learned anything and honestly thats bullish for hyperliquid $paper prob going to $250m when its tradable
Open source - JU
jussy@jussy_worldPost on X ·
WTF just happened with @papertrade_xyz - New perps exchange on HyperEVM - Up to 1,000x leverage, zero slippage - Trade directly against a pool that starts at zero - Losses mint the $PAPER token (no VCs, no pre-mine) - Launched exactly one year after the 10/10 crash - $400B volume within hours - Total traders down $23M overall - $18M already paid to stakers from those losses Some crazy stats for first day
Open source - CB
Crypto Banter@crypto_banterPost on X ·
🚨PAPERTRADE STARTS TRADING TODAY! @papertrade_xyz, a fair-launched perps exchange on Hyperliquid, turns on trading at 14:00 UTC. It lets you open leveraged bets straight against its own pool, up to 1000x, with no order book and no slippage. When you lose or get liquidated, the contract mints $PAPER to you. That is the only way the token exists. No airdrop, no team allocation. Staked $PAPER later takes a cut of trading PnL.
Open source - CB
Crypto BriefingArticle ·
Papertrade draws $3B in Bitcoin open interest as on-chain perps exchange launches The launch of Papertrade could reshape crypto trading dynamics, emphasizing leverage and risk, potentially impacting market stability and liquidity. The post Papertrade draws $3B in Bitcoin open interest as on-chain perps exchange launches appeared first on Crypto Briefing .
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