Papertrade One-Pager. 1000x Perps on Hyperliquid

Papertrade opened on October 10 with BTC and ETH perps at up to 1000x. Notional volume has passed $770B, but in a day open interest fell from $3.3B to $51M and margin to $6.4M.

Nobody seeded the house pool: it starts at $0 and grows only from trader losses, which also mint PAPER. The pool holds about $5M, and stakers have collected around $25M in USDC.

The weak spot is pricing. The only feed is Hyperliquid's mid, and one wallet netted $1.28M by moving ETH there, so Papertrade tightened its caps. Deposits peaked near $102M and now sit around $59M.