Papertrade launches HyperEVM perpetual exchange with 1000x leverage

Papertrade, an on-chain perpetual futures exchange built on HyperEVM, launched on October 10, 2026. Following its opening at 10 a.m. ET, the platform saw rapid activity, recording $14.4 billion in notional trading volume within the first ten minutes.

Bitcoin futures open interest reached $3 billion shortly after the launch, while Ether futures open interest climbed to $2.66 billion. The exchange offers up to 1,000x leverage on synthetic perpetual contracts, allowing traders to control large positions with minimal margin.

Prior to the launch, the platform collected pre-deposits estimated between $85 million and $138 million from over 11,000 addresses. The exchange utilizes an atomic trading model rather than a traditional orderbook, pulling prices from the midpoint of Hyperliquid’s best bid and offer to minimize slippage and fees.

To manage risk, Papertrade has implemented position caps of $10 million and $1 billion in open-interest headroom per market side. The protocol’s house-side pool, which settles profitable positions, begins with no capital and is funded by realized trader losses.