Is Papertrade custodial? Who holds your funds?
No. Papertrade is listed as non-custodial: your funds stay in a wallet you control, not with the venue.
Checked 2026-10-17 · 3 sources- USDC balances sit on HyperCore at a deposit address unique to each user, and trading state lives in Papertrade's HyperEVM contracts. Withdrawals need your own wallet signature.
- Non-custodial does not mean risk-free. Smart-contract bugs, phishing and malicious approvals can still lose funds.
- We list 1 reported incident for Papertrade on its legit check.
Sources: Papertrade Docs: What is Papertrade? · Papertrade Docs: FAQ · Papertrade Docs: Asymmetric impact PnL. The venue's own page wins if it disagrees with ours.
Papertrade
Perp DEX. 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: fees, custody, incidents →