Papertrade
Synthetic perpetuals exchange on Hyperliquid's HyperEVM: trade BTC and ETH with up to 1000x leverage against a protocol pool at Hyperliquid's mid price, and receive $PAPER when you lose.
Security record: 1 incident- Contracts on HyperEVM price every trade at the mid of Hyperliquid's best bid and offer; no order book, and nothing is traded on Hyperliquid itself
- BTC and ETH with up to 1000x leverage and up to $10M notional per position; no funding, no spread, gas paid by the relayer
- Winning closes pay a 0.2 bps deadband, an impact haircut that keeps at most 90% of the gain, and a 2% fee; losing closes pay nothing extra
- $PAPER starts at zero supply with no team, VC or airdrop share; it is minted only on losing closes and liquidations, 100 PAPER per $1 while the pool is under $2M, then less
- Staked PAPER earns USDC from fees and pool surplus; PAPER cannot be transferred between wallets, and the team has no current plans to allow it
We score a venue only when its rewards, taker fee and volume are confirmed. How we score
- Rewards 6.0
- PAPER minted only on losing trades; staking pays USDC, but PAPER cannot be transferred
- Safety 4.0
- Live since Oct 10 2026, no public audit; owner can upgrade contracts and change fees
- Ease 8.0
- One signature session key, no gas per trade; only BTC and ETH, mobile app coming soon
- Access 8.0
- Wallet only, no KYC or invite, 10 USDC minimum deposit; no restricted region list published
Cost to start: At least 10 USDC must arrive after bridge fees, plus a one-time 1 USDC activation fee on the first deposit. No gas per trade; winning closes pay the impact haircut and a 2% fee. Withdrawals start at 10 USDC.
- Open papertrade.xyz, click Connect with an EVM wallet such as MetaMask or Rabby, and sign once to register a session key
- Click Deposit and pick the source: USDC on Hyperliquid, HyperEVM, Ethereum, Arbitrum or Solana, or USDG on Robinhood Chain
- Pick BTC or ETH, long or short, set margin and leverage, then click Buy or Sell
- Close at any time; to add margin, close the position and open a new one
- Stake the PAPER minted from losing trades in the app to earn USDC, then claim and withdraw with a wallet signature
Your counterparty is a pool built only from traders' losses: when it cannot pay, your margin comes back but the profit waits in a first in, first out queue with no stated time limit. Prices come from Hyperliquid's best bid and offer with no independent check, and the docs call price manipulation the main protocol risk; during Hyperliquid maintenance, leverage and open interest caps are cut and a market can be frozen for good at its last price. Liquidation takes the whole margin and fires about 0.05% before zero equity, so at 1000x a move of about 0.052% wipes the position. The protocol went live on Oct 10, 2026, no public audit is listed, and the owner can upgrade contracts and change fees. PAPER cannot leave its contracts, and the team has announced a fee change for closes within 6 bps (10 bps off hours) of entry and a new issuance curve that will slowly dilute older holders.
1 incident
From the project’s statements and security coverage. Own fault means the project’s code, servers or keys; third party means a vendor, registrar, oracle or issuer it relies on.
