Papertrade Schedules HyperEVM Launch With 1000x Leverage

Papertrade has scheduled its HyperEVM perpetuals exchange to begin trading on Oct. 10 with up to 1000x leverage, following a network upgrade. According to CryptoNews, DefiLlama tracked approximately $85.3 million in deposits ahead of the platform's opening.

The tracked $85.3 million figure combines customer trading balances and the protocol’s house-side pool. Papertrade's documentation states that the house-side pool begins with no capital and receives funds as traders realize losses, meaning customer deposits do not automatically act as a reserve for other participants' gains.

Settlement Mechanics and Payout Queue

When a profitable position closes and the protocol pool lacks sufficient funds to cover the settlement, the unpaid gain enters a payment queue. Subsequent trading losses supply the funds required to pay queued profits, while winning traders' original collateral is released immediately upon closing.

For pricing, Papertrade utilizes the midpoint between Hyperliquid’s best buy and sell offers without placing a matching perpetual trade on Hyperliquid itself. Profitable closes face an asymmetric impact haircut, which takes a portion of the profit rather than charging a standard fee.

PAPER Token Issuance

Realized losses mint PAPER tokens, with supply starting at zero and no allocation reserved for the team or venture investors. While tracked pool capital remains below $2 million, the initial issuance rate is set at 100 PAPER for each dollar of eligible loss basis.

At launch, the protocol permits staking and unstaking while disabling transfers between wallets. Eligible settled trades allocate a 1% share of realized profit and loss to stakers only when the payout queue is empty.

Key facts

• Papertrade schedules its HyperEVM perpetuals exchange launch for Oct. 10 at 10 a.m. ET.
• DefiLlama tracked approximately $85.3 million in deposits prior to the opening.
• The platform offers up to 1000x leverage using Hyperliquid midpoint prices.
• Unpaid profits from winning trades enter a payment queue if the protocol pool cannot cover settlement.
• PAPER tokens mint from realized losses, with wallet-to-wallet transfers initially disabled.