Papertrade.xyz attracts $118 million in deposits, offering up to 1000x leverage.

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Papertrade.xyz, a synthetic perpetual DEX on Hyperliquid HyperEVM, has attracted $118 million in deposits with a TVL of $118 million. The platform supports leverage trading up to 1,000x. As of October 10, 2026, it reported $110 billion in open positions, backed by $54 million in collateral. It charges no slippage, funding fees, spreads, or transaction fees. Founded by Jez and Blurr, it sold 100 custom paper pants at $2,000 each, raising $200,000 in 40 minutes. Value investing in crypto continues to evolve with such high-leverage platforms.

Odaily Planet Daily reports that Papertrade.xyz, a synthetic perpetuals DEX built on Hyperliquid HyperEVM, has attracted $118 million in deposits, with a total value locked (TVL) of $118 million and support for up to 1000x leverage.

As of 11:45 AM Eastern Time on October 10, data from Papertrade.xyz shows that the platform’s 2,349 open positions had an open interest of approximately $11 billion, but the funds supporting these positions amounted to only $54 million.

The platform does not charge slippage, funding rates, spreads, or traditional notional trading fees; trades are executed through synthetic swaps between users and a shared protocol liquidity pool. Loss-making traders receive PAPER tokens, and profit-making traders may experience delayed profit withdrawals if liquidity is insufficient.

Papertrade.xyz was founded by Jez and Blurr, who operate under a partially anonymous identity. The project sold 100 sets of custom paper pants for $2,000 each, selling out in approximately 40 minutes and generating $200,000 in sales. (Bitcoin.com News)

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