Papertrade Pulls $118M in a Day on 1000x Leverage Bets

Papertrade.xyz, built on HyperEVM, gathered $118 million in USDC within 24 hours of going live. Deposits started at $14 million and climbed to that figure by 11 a.m. ET on Saturday, October 10, 2026.

The platform offers synthetic perpetual contracts with up to 1000x leverage. That dwarfs the 20–40x typical on Hyperliquid and means a 0.1 % adverse move can wipe out a position entirely. Trades settle directly against the protocol’s liquidity pool without order books, spreads or funding rates.

Open interest has already reached roughly $11 billion, backed by just $54 million in collateral across 2,349 positions. Profitable traders may have to wait for payouts if the pool runs low, while losers receive PAPER tokens instead. Founders Jez and Blurr stirred extra buzz by selling 100 pairs of custom paper trousers for $2,000 each in under 40 minutes.

Traders are clearly pouring money into extreme-risk mechanics, yet many in the crypto space now openly label the venue a casino where losers ultimately bankroll future winners.

Based on information from cryptonews.net