Papertrade exchange has launched. Open interest has already reached $10 billion with only $50 million in margin.

This is how it looks...

These are synthetic perpetuals on HyperEVM (Hyperliquid) with leverage up to 1000x.
Only BTC and ETH are traded. Prices are taken from Hyperliquid.

The position does not go into the Hyperliquid order book — it is fully synthetic (a swap against the protocol’s LP).

There is no funding, no spread, and no conventional trading fee.

The protocol takes its cut from profitable closes via a haircut (asymmetric impact) + a 2% win fee (the winner receives ~90% or less of the raw profit depending on the move).

Winners are paid from the money of losers (through the LP). If the LP is insufficient, the profit goes into a queue and is paid out later from future losses.

On a loss (closed in the red or liquidated), the native token PAPER is minted: 100 PAPER per $1 of loss while the LP is below $2M, after which the rate decreases.

At launch, PAPER cannot be transferred — only staked. Staking gives a share of the protocol’s revenue in USDC (including 1% of realised PnL).

There is a leaderboard.

There is no referral program for users.