Papertrade draws $3B in Bitcoin open interest as on-chain perps exchange launches

The HyperEVM-based exchange logged $14.4 billion in notional volume within minutes, but its house pool started at zero Papertrade, a fully on-chain perpetual futures exchange built on HyperEVM, went live on October 10, 2026. Bitcoin futures open interest on the platform climbed to $3 billion shortly after launch. Trading opened at 10 a.m. ET, or 14:00 UTC. In under 10 minutes, the exchange had recorded $14.4 billion in notional trading volume. Ether futures open interest reached $2.66 billion, trailing Bitcoin’s $3 billion. Activity was concentrated almost entirely in those two markets.

Source: Crypto Briefing