Papertrade just dropped 1000x perps for $BTC and $ETH on Hyperliquid.
Two days in:
$770B+ notional volume traded
Open interest crashed from $3.3B → $51M
$25M already paid to $PAPER stakers
Deposits peaked at $102M, sitting at $59M now
That OI drop is wild. Either mass liquidations or degens took profit and ran. Either way, $PAPER stakers eating good while the leverage addicts got wrecked.
This is what happens when you give crypto natives 1000x leverage. Volume goes parabolic, then reality hits.
Two days in:
$770B+ notional volume traded
Open interest crashed from $3.3B → $51M
$25M already paid to $PAPER stakers
Deposits peaked at $102M, sitting at $59M now
That OI drop is wild. Either mass liquidations or degens took profit and ran. Either way, $PAPER stakers eating good while the leverage addicts got wrecked.
This is what happens when you give crypto natives 1000x leverage. Volume goes parabolic, then reality hits.