Papertrade Plans HyperEVM Launch With Up to 1,000x Leverage

Papertrade plans to launch its HyperEVM perpetuals venue at 10 a.m. ET (14:00 UTC) Saturday, offering leverage of up to 1,000x after accumulating about $85.3 million in pre-launch deposits.

Deposits will stop at 9:45 a.m. ET (13:45 UTC) to prepare for trading. Users must deposit before the cutoff to participate at launch, while trading will begin after an upgrade to HyperEVM is completed.

Papertrade uses its own liquidity pool instead of matching traders against one another. Contracts use the midpoint between Hyperliquid’s best bid and offer as the opening and closing price, creating synthetic positions that do not correspond to perpetual contracts on Hyperliquid.

The design does not use funding rates. Instead, asymmetric impact discounts reduce payouts on profitable closes. If the liquidity pool cannot cover winning trades, unpaid profits become queued liabilities funded by later traders’ losses.

At launch, access will be limited to the website and approved trading relayers. Direct public-contract access will not be available, and administrators can pause new positions, freeze markets and change fee parameters. The PAPER token will initially support staking and unstaking but not transfers between wallets.