An experienced Hyperliquid trader accumulated over $1 million in profits during Papertrade’s launch on October 10, 2026, only to watch $450,000 vanish when thirty short positions were liquidated on Saturday night. The platform offers up to 1,000x leverage on synthetic bitcoin and ether contracts, where a mere 0.1% move against the trader is enough to close the position. On launch day, notional volume hit $14.4 billion with $3 billion in BTC open interest, while pre-deposits exceeded $137 million from over 11,000 addresses. Net realized trader losses for the first day are estimated between $18 million and $30 million, part of which funded rewards for stakers of the native PAPER token.
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