Papertrade.xyz, a synthetic perpetuals DEX built on Hyperliquid HyperEVM, has attracted $118 million in deposits and reached a total value locked of $118 million. According to Odaily, the platform supports leverage of up to 1,000x.

As of 11:45 a.m. ET on October 10, Papertrade.xyz data showed about $11 billion in open positions across 2,349 holdings, backed by only $54 million in funding. The platform does not charge slippage, funding rates, spreads, or traditional notional trading fees, and trades are executed through synthetic swaps between users and a shared protocol liquidity pool.

Loss-making traders can receive PAPER tokens, while profitable traders may face delays in claiming profits if funds are insufficient. Papertrade.xyz was founded by Jez and Blurr, who operate under partial anonymity. The project also sold 100 pairs of custom paper pants at $2,000 each, with the items selling out in about 40 minutes and generating $200,000 in sales.