HyperEVM Perpetual Exchange Papertrade Launches on Oct 10 with 1000x Leverage

ChainCatcher report: HyperEVM perpetuals exchange Papertrade will launch trading on October 10 at 10:00 AM Eastern Time. According to DefiLlama data, the platform has accumulated approximately $85.3 million in deposits prior to launch. The platform supports up to 1000x leverage, and traders transact directly with the protocol’s own liquidity pool rather than being matched against counterparties. Papertrade announced that trading on the website will commence after the HyperEVM upgrade is completed; deposits will be paused at 9:45 AM to prioritize trading access, and users must deposit funds in advance to participate in the launch. Papertrade’s contracts use the midpoint of Hyperliquid’s best bid and ask as the entry and exit price, with positions being synthetic trades against its liquidity pool—no corresponding perpetuals exist on Hyperliquid. This design eliminates funding rates and reduces profits on closing positions through an asymmetric slippage discount instead of charging fees based on position size. When the liquidity pool cannot cover profitable trades, unpaid profits become queued debt, offset by losses from subsequent traders. The PAPER token grants losing traders a claim on revenues generated by the liquidity pool; initial supply is zero, minted exclusively from realized losses, with no allocation for the team or venture capitalists. At launch, Papertrade will only permit trading via its frontend and approved trading relays; direct interaction with public smart contracts is not yet supported. Platform administrators can pause new positions, freeze markets, and adjust fee parameters; smart contract upgrades are subject to a 7-day timelock. Initially, the PAPER token supports only staking and unstaking, with no cross-wallet transfers enabled.