Papertrade, a decentralized perpetual futures exchange built on HyperEVM, launched on October 10, 2026. Within 10 minutes of opening, the platform recorded $14.4 billion in notional trading volume.
Bitcoin futures open interest reached $3 billion, while Ether futures hit $2.66 billion. The exchange offers leverage of up to 1,000x on its synthetic perpetual contracts.
Prior to the launch, the platform secured pre-deposits ranging from $85 million to $138 million from over 11,000 addresses. The exchange does not utilize a traditional orderbook.
The platform uses prices from Hyperliquid. Risk management includes a $1 billion open-interest cap per market side and a $10 million limit on individual atomic positions.
The house liquidity pool started at zero and relies on trader losses to fund payouts. The protocol also introduced a native token, PAPER, which is minted only when traders realize losses.
