Papertrade, a new on-chain perpetual futures exchange built on HyperEVM, launched on October 10, 2026, quickly reaching $3 billion in Bitcoin futures open interest and $14.4 billion in notional trading volume within minutes. The platform offers up to 1,000x leverage and uses a unique model where the house liquidity pool starts at zero and grows from trader losses, with payouts funded by losing positions and a profit haircut on winners. This design avoids traditional order books and slippage but depends heavily on the reference market Hyperliquid for pricing. Traders should note the risks of delayed settlements and asymmetric profit-and-loss fees, especially during sharp market moves.
Papertrade's launch of an on-chain perpetual futures exchange coincides with today's cryptocurrency market data on Pluang. For readers following crypto markets, here is Pluang's snapshot as of Oct 10, 2026 21:02 WIB: 38 of 50 major cryptocurrencies rose, 10 fell. Notable movers include UNI at Rp136.015 (+3.93%, 81% Sell), THETA at Rp4.044 (+3.83%, 100% Buy), and FIL at Rp20.081 (+3.55%, 52% Sell).
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