Papertrade opens 1000x BTC and ETH perps on HyperEVM
The synthetic perps exchange charges no fee on position size and no funding, and takes its cut from winning trades only.
· Effective · Verified 2026-10-17 via official docs
Papertrade opened trading on 10 October 2026, offering BTC and ETH perpetuals with up to 1000x leverage on HyperEVM, Hyperliquid's smart-contract layer. Every trade is a synthetic swap against a single liquidity pool at Hyperliquid's order-book mid price, so there is no spread, slippage or funding.
Instead of a fee on position size, winning closes pay a haircut on the gain plus a 2% win fee. Papertrade's docs put the haircut for a 1% BTC move at about 12% of the raw gain. Losing closes pay nothing beyond the loss.
The pool started at $0 and grows from traders' losses. Losing trades mint PAPER, a token that can be staked for a share of protocol fees in USDC but can't be transferred at launch. If the pool can't pay a winner in full, the profit waits in a first-in, first-out queue.
On launch night one wallet reportedly realized about $1.28 million by moving Hyperliquid's reference price, and the team tightened open-interest caps. Papertrade's docs list this kind of price manipulation as an unresolved risk.
“Papertrade has no notional swap fee, no spread, and no funding cost. At 1000× leverage, none of those would scale sustainably.”
— Papertrade Docs
Who this affects
Traders looking for very high leverage on BTC or ETH from a self-custodied wallet.
Papertrade at a glance
Papertrade is a synthetic perpetuals exchange on HyperEVM offering BTC and ETH with up to 1000x leverage. Every trade is a swap against a single liquidity pool at Hyperliquid's order-book mid price, with no funding, spread or fee on position size. The protocol takes its cut only from winning closes.
Full Papertrade sheet · Also affects Hyperliquid
More from the newsroom
Sources
Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.
- Papertrade Docs: What is Papertrade? — checked 2026-10-17
- Papertrade Docs: Asymmetric impact PnL — checked 2026-10-17
- Bankless: What to know about Papertrade's launch — checked 2026-10-17
- KuCoin: Papertrade tightens limits after price manipulation — checked 2026-10-17
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