Papertrade, a new perpetuals exchange on HyperEVM, passed $250B in trading volume less than three hours after it opened on Saturday. Hyperliquid, the market whose order book it takes prices from, did about $3B across all its perps in the last 24 hours. By our math, the newcomer did about 83 times that in under an eighth of the time.
The volume is notional. Papertrade offers up to 1000x on BTC and ETH, so $1 of margin can carry $1,000 of position. A few hours in, traders' net realized losses were about $18M, and PAPER stakers had received about $12.6M, roughly 69% of it, per The Defiant.
The design explains the rush. PAPER has no pre-mine and no team allocation. It is minted only when traders lose: 100 PAPER per $1 lost while the pool was under $2M, at a falling rate after that. For farmers, losing money was how you earned the token, and the pool that pays winners started at zero.
At 1000x, volume is cheap.
$BTC $ETH
#Hyperliquid #DeFi
NFA. DYOR.
The volume is notional. Papertrade offers up to 1000x on BTC and ETH, so $1 of margin can carry $1,000 of position. A few hours in, traders' net realized losses were about $18M, and PAPER stakers had received about $12.6M, roughly 69% of it, per The Defiant.
The design explains the rush. PAPER has no pre-mine and no team allocation. It is minted only when traders lose: 100 PAPER per $1 lost while the pool was under $2M, at a falling rate after that. For farmers, losing money was how you earned the token, and the pool that pays winners started at zero.
At 1000x, volume is cheap.
$BTC $ETH
#Hyperliquid #DeFi
NFA. DYOR.