Zero funding rates, prices that follow Hyperliquid, and more and more people are starting to pay attention to Papertrade—even switching from HL to Papertrade. Like @machibigbrother.
But what’s most worth paying attention to is that users deposit real funds while participating in simulated trading.
If the platform’s profits mainly come from traders’ losses, then this model is worth examining closely.
Put simply, it makes money by profiting from users’ losses.
Would you deposit real funds on a platform that lets you trade with simulated money?
He opened positions with 1,000x leverage on @papertrade_xyz
He deposited a total of $122,006.75 and racked up a cumulative trading volume of $1.29B, opening 315 trades. His biggest single-trade profit was $40,515.70, and he used up to 1,000x leverage. Unfortunately, most of his positions were liquidated.
What does $1.29B mean? It’s equivalent to 8.20% of his total trading volume on @HyperliquidX! (Doesn’t this really make you wonder why he switched from HL to Papertrade?)
Even crazier, he’s already received 52M $PAPER and converted it into 203K USDC. Every time his Paper holdings pay out dividends, a few thousand U lands in his account—and he turns right around and opens more trades.
So far, he’s down a total of 302K U, and a large part of that came from the $PAPER dividends he received after being liquidated.
Machi is making history, and Papertrade is recording it.
Auctioning a Hyperliquid coaster This coaster attended the 2026 $HYPE shareholders’ meeting If you’re genuinely interested, place your bid in the comments