HyperEVM Perpetuals Exchange Papertrade to Launch October 10, Supporting 1000x Leverage

HyperEVM perpetuals exchange Papertrade plans to commence trading at 10:00 AM ET on October 10, with DefiLlama data showing approximately $85.3 million in deposits accumulated prior to launch. The platform supports up to 1000x leverage, and traders do not match against counterparties but instead trade directly against the protocol's own liquidity pool. Papertrade stated in its announcement that website trading will begin after the HyperEVM upgrade is completed, with deposits pausing at 9:45 AM to prioritize trading, and users must deposit in advance to participate in the launch. Papertrade's contracts use the midpoint of Hyperliquid's best bid and offer as the opening and closing price, with positions being synthetic trades against its funding pool, and no corresponding perpetuals exist on Hyperliquid. This design eliminates funding rates and reduces profits from profitable closures via asymmetric impact discounts, rather than charging fees based on position size. When the funding pool cannot cover profitable trades, unpaid profits convert into queued debt, filled by losses from subsequent traders. Its PAPER token grants losing traders claims on pool-related earnings, with an initial supply of zero, minted from realized losses, and no team or venture capital allocation. At launch, Papertrade only opens trading via its frontend and approved trading relays, with no direct access to public contracts for now. Platform administrators can pause new positions, freeze markets, and adjust fee parameters, with contract upgrades subject to a 7-day timelock. The PAPER token initially supports only staking and unstaking, not wallet-to-wallet transfers;