Papertrade Perpetuals Trade on Hyperliquid With Three Times Leverage

Papertrade (PAPER) perpetuals trade in Hyperliquid’s HIP-3 market, with leverage of up to three times.

A live snapshot at 7:25 a.m. ET (11:25 UTC) Sunday showed PAPER at $0.012 and the contract with about $30,000 in open interest.

Paragon had previously paid about $45,000 to win the PAPER ticker auction.

Papertrade also operates a HyperEVM-based synthetic perpetuals platform, which launched after 11,465 addresses deposited $138 million during its predeposit phase. That platform uses the midpoint between Hyperliquid’s best bid and offer for pricing, with traders taking positions against the protocol’s liquidity providers.