Papertrade.xyz Attracts $118M Deposits with 1000x Leverage on Hyperliquid HyperEVM

Papertrade.xyz, a synthetic perpetuals DEX on Hyperliquid HyperEVM, attracted $118M in deposits with up to 1000x leverage. As of October 10, it had 2,349 open positions with open interest near $11 billion, backed by only $54 million. It charges no slippage, funding, spread, or notional fees, using synthetic swaps. Losing traders receive PAPER tokens, winners may face delayed withdrawals.