Market Pulse: Papertrade Perp DEX Pulls in $118M in 24 Hours With 1,000x Leverage

In the current cycle, this weekend, a new cryptocurrency trading platform built on Hyperliquid, known as Papertrade.xyz, has become a lively topic of conversation across the crypto community.

The application allows traders to leverage their positions by as much as 1,000 times their initial investment, an eye-popping proposition that has helped attract more than $100 million in deposits since its launch.

10, 2026, statistics collected from paperdash.xyz and defillama.com indicate that there’s $118 million in total value locked (TVL) at 11 a.m.

Essentially, Papertrade.xyz describes itself as a fair launch, fully onchain synthetic perpetuals trading platform which is built on Hyperliquid’s HyperEVM layer.

A perpetuals venue lets people bet on whether the price of an asset like BTC or ETH will rise or fall without actually owning it.

Unlike regular futures contracts, these specific types of trades have no expiration date.

Papertrade offers leveraged trading, allowing participants to open positions substantially larger than their actual capital would ordinarily permit.

The perp decentralized exchange (DEX) Hyperliquid provides similar capabilities, but its leverage limits for assets such as BTC generally range from 20x to 40x, a considerably more conservative ceiling than Papertrade’s 1,000x offering.