Papertrade Launches HyperEVM Perps Exchange, Hits $3B Bitcoin Open Interest

Papertrade, a fully on-chain perpetual futures exchange built on HyperEVM, went live on October 10, 2026, quickly accumulating $3B in Bitcoin $BTC open interest and $2.66B in Ether $ETH open interest. The platform recorded $14.4B in notional trading volume within the first 10 minutes of operation, heavily amplified by synthetic contracts offering up to 1,000x leverage. Despite generating billions in notional exposure, the exchange launched with an estimated $85M to $138M in actual pre-deposits collected from over 11,000 addresses. Instead of a traditional orderbook, positions open and close atomically using prices pulled from the midpoint of Hyperliquid's best bid and offer to avoid slippage. The exchange's house liquidity pool began completely empty, relying structurally on aggregate trader losses and asymmetric profit-and-loss haircuts to fund payouts for winning positions.