Papertrade to Launch Perpetual Contracts on HyperEVM with 1000x Leverage on October 10

According to Huoxing Finance, HyperEVM perpetuals exchange Papertrade is set to launch trading on October 10 at 10:00 AM Eastern Time. Data from DefiLlama shows that, prior to launch, the platform had accumulated approximately $85.3 million in deposits. The platform supports up to 1000x leverage, and traders do not match with counterparties but instead trade directly against the protocol’s own liquidity pool. Papertrade announced that trading on the website will commence after HyperEVM completes its upgrade; 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-ask price 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 impact discount rather than charging fees based on position size. When the liquidity pool cannot cover profitable trades, unpaid profits become queued debt, to be 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 team or venture capital. In the initial launch phase, Papertrade will only permit trading via its frontend and approved trading relays; direct access to public contracts is not yet supported. Platform administrators can pause new positions, freeze markets, and adjust fee parameters; contract upgrades are subject to a 7-day timelock. Initially, the PAPER token supports only staking and unstaking, with no cross-wallet transfers permitted.