Paper trading 24-hour volume near $600B, leverage reaches 114x

Huo Xing Cai Jing reports that, as of October 11, according to data monitored by TradingBeats and DefiLlama, Papertrade’s TVL is approximately $96 million, with a 24-hour increase of 64.26%, ranking fifth among HyperEVM applications; by sub-protocol classification, it ranks sixth within the cross-chain derivatives category. As of publication, official Papertrade data shows that the notional trading volume over the past 24 hours reached approximately $596.283 billion (including open positions, active liquidations, and forced liquidations). Papertrade’s current open notional position stands at approximately $1.979 billion. During the same period, the margin utilized totaled approximately $17.3766 million, with the notional position being about 114 times the margin. The trading leaderboard shows that the top 15 single-trade profit entries over the past 24 hours were all long positions on ETH, involving 11 accounts with a combined profit of approximately $792,300. Entry prices clustered between $2,495.65 and $2,502.95, while exit prices ranged from $2,508.75 to $2,516.05; among these, 13 positions lasted less than one hour, and five used 1000x leverage. Protocol statistics indicate that traders collectively incurred a net realized loss of approximately $30.24 million. The top-profit account currently holds a $10 million notional long position with only $10,000 in margin, maintaining it for 31 minutes as ETH rose from $2,495.65 to $2,515.15—a mere 0.78% increase—resulting in a profit of approximately $66,400 and a margin return rate of about 664.5%. Papertrade is a synthetic perpetual protocol operating on HyperEVM, supporting up to 1000x leverage, with trades settled directly against the protocol’s liquidity pool.