HyperEVM perpetual contract exchange Papertrade will launch on October 10, supporting 1000x leverage

HyperEVM perpetual contract exchange Papertrade is scheduled to open trading at 10 AM Eastern Time on October 10. According to DefiLlama data, it has accumulated approximately $85.3 million in deposits before its launch. The platform supports up to 1000x leverage, and traders do not match with counterparties but trade directly with the protocol's own liquidity pool. Papertrade stated in the announcement that website trading will start after the HyperEVM upgrade is completed, and deposits will be paused at 9:45 AM to prioritize trading; users need to deposit in advance to participate in the launch.

The contracts on Papertrade use the midpoint of Hyperliquid's optimal buy and sell prices as the opening and closing price, with positions being synthetic trades against its liquidity pool, and there are no corresponding perpetual contracts on Hyperliquid. This design eliminates funding rates and reduces profits from closing positions through asymmetric impact discounts instead of charging fees based on position size. When the liquidity pool cannot cover profitable trades, unpaid profits will convert to queued debt, filled by subsequent traders' losses. Its PAPER token grants losing traders the right to claim related earnings from the liquidity pool, with an initial supply of zero, minted from realized losses, with no team or venture capital shares.

In the initial phase of the launch, Papertrade will only open trading through the frontend and approved trading relays, and direct access to public contracts will not be supported. Platform administrators can pause new positions, freeze the market, and adjust fee parameters, with a 7-day time lock for contract upgrades. Initially, the PAPER token will only support staking and unstaking, and wallet-to-wallet transfers will not be supported;