Papertrade.xyz attracts $118 million in deposits and supports up to 1000 times leverage

The synthetic perpetual contract DEX Papertrade.xyz, built on Hyperliquid HyperEVM, attracted $118 million in deposits and supports up to 1000 times leverage on the platform. As of 0:45 on October 11th (UTC+8), the Papertrade.xyz platform has approximately $11 billion in open positions with 2349 positions, supported by $54 million in funds. This platform does not charge slippage, funding rates, spreads, or traditional nominal trading fees. Transactions are completed through synthetic swaps between users and shared agreement liquidity pools. Loss making traders can receive PAPER tokens, while profit takers may delay receiving profits when funds are insufficient. Papertrade.xyz was founded by Jez and Blurr. The project sold 100 sets of customized paper pants for $2000 each, which sold out in about 40 minutes and generated sales of $200000. (Source: Bitcoin.com News)