The Papertrade exchange, which launched on HyperEVM on October 10, 2026, offers up to 1000x leverage on BTC and ETH perpetual contracts. During its first day of operation, the platform recorded over $300 billion in notional trading volume, with liquidations reaching nearly $13.89 billion.
Traders incurred approximately $18.6 million in net realized losses within the first few hours. Instead of refunds, the protocol issues 100 PAPER tokens for every $1 lost. These losses fund the Martingaler liquidity pool, which operates with a $5 million cap.
Stakers of the PAPER token collected around $12.57 million in rewards during the first 24 hours, representing about 69% of net trading losses. Stakers receive 1% of realized profit and loss, plus any liquidity pool gains exceeding the $5 million limit.
Participation in the staking program is high, with 94% to 95% of the approximately 3.17 billion PAPER tokens in circulation being staked shortly after launch. The protocol mints new tokens based on trader losses, which simultaneously increases the total token supply.
