Papertrade, a fully on-chain perpetual futures exchange built on HyperEVM, launched on October 10, 2026, attracting $3 billion in Bitcoin open interest and $14.4 billion in notional trading volume within 10 minutes of going live. Ether futures open interest reached $2.66 billion. The exchange collected pre-deposits estimated at $85 million to $138 million from more than 11,000 addresses. Papertrade offers leverage of up to 1,000x on synthetic perpetual contracts, with prices pulled from Hyperliquid’s best bid and offer midpoint. Its house liquidity pool started empty and grows when traders lose money; the native token PAPER is minted exclusively from realized trader losses.
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