Papertrade to Launch 1000x Perps Trading Oct. 10 With $85M Deposited

The scale of pre-launch deposits shows real appetite for extreme leverage, but the structural detail matters more: user funds sit apart from a house pool that begins empty and is funded only by trader losses. That design shifts the risk of a thin or lopsided book onto traders themselves rather than a capitalized counterparty. Whether that separation holds up once positions are live, and how the venue handles the first wave of liquidations, is the open question.