Papertrade, a perpetuals exchange offering up to 1000x leverage on BTC and ETH contracts, launched on HyperEVM on October 10, 2026. Within 24 hours, traders accumulated approximately $18.6 million in net realized losses, while PAPER token stakers collected around $12.57 million in rewards, representing 69% of total trading losses. The protocol mints 100 new PAPER tokens for every dollar lost, allocated to losing traders instead of providing direct refunds. Notional trading volume exceeded $300 billion on day one, with nearly $13.89 billion in liquidations. Approximately 94 to 95% of the 3.17 billion PAPER tokens in circulation were staked shortly after launch.
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