Papertrade.xyz Draws $118 Million While Offering 1,000x Leverage

Papertrade.xyz has attracted $118 million in deposits while offering leverage of up to 1,000 times, a structure that increases exposure to platform and liquidation risk. As of 11:45 a.m. ET (15:45 UTC) on Oct. 10, the platform showed 2,349 open positions with about $11 billion in open interest. The positions were backed by $54 million in capital. Papertrade.xyz is a synthetic perpetual-contract decentralized exchange built on Hyperliquid HyperEVM. It does not charge slippage, funding rates, spreads or traditional notional trading fees. Trades are executed through synthetic swaps between users and a shared protocol liquidity pool.

Source: TokenPost