Project
Perpetuals exchange on HyperEVM that takes the other side of trades through a shared USDC pool and issues the PAPER token to traders who lose.
Papertrade, a pooled-USDC BTC and ETH betting venue on HyperEVM, booked $37.03 million of revenue in four days, according to DefiLlama. Cryptopolitan describes most of it as trader losses at up to 1000x leverage, so the line holds only while new losses keep arriving.
Reality
Papertrade's open interest fell 93.7%, from $11 billion to $693 million, in about a day, news.bitcoin.com reported. Deposits on the Hyperliquid-built exchange fell far less over the same stretch, so most of the cash outlasted most of the notional.
Reality
Papertrade, a 1,000x perpetuals venue on HyperEVM, faces an unconfirmed oracle manipulation allegation with about $3.15M in the pool that pays winners. Below $2M it mints PAPER for each dollar lost, so a nudged price or a winning streak lands on token holders.
Reality
Papertrade, a 1,000x exchange on Hyperliquid, held about $11 billion of open interest on $54 million of backing, news.bitcoin.com reported. Its rules give an unpaid winner the margin back and queue the profit, so any shortfall falls on traders who called the market right.
Reality
Papertrade drew $3 billion of Bitcoin open interest after its October 10 launch, against pre-deposits Crypto Briefing estimated at $85 million to $138 million. The gap matters because losing trades fund winning ones, so a sharp one-way move would leave winners relying on delayed settlement and a profit haircut.
Reality
Papertrade opens its HyperEVM perpetuals exchange on Oct. 10 with leverage of up to 1000x. According to crypto.news, its house pool starts empty and fills from traders' losses, so profits it cannot cover wait in a queue.
Reality
Papertrade opens trading on Oct. 10 with up to 1000x leverage on BTC and ETH, taking the other side of every trade from a USDC pool that starts at $0. Because the pool is funded only by losses, the first traders to win may have to wait for their money.
Reality