TREE NEWS update: Papertrade, a perpetuals exchange built on HyperEVM by traders Jez and Blurr, opens for live trading on Saturday, October 10, after pre-deposits opened yesterday. The platform offers up to 1,000x leverage with no slippage or funding rates, using a shared USDC pool called Martingaler LP as the counterparty, and mints PAPER tokens to traders who lose.
Papertrade Perpetuals Exchange Launches With 1,000x Leverage and Loss Mining
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AI take
The design is the story: with no slippage or funding and a shared pool as counterparty, Papertrade is effectively a bet against its own LP rather than a matching venue, and rewarding losses with PAPER tokens creates an incentive structure unlike conventional perp DEXs. Extremely high leverage paired with a pooled counterparty concentrates risk in Martingaler LP, so how that pool absorbs one-sided positioning is the open question. Whether loss mining sustains liquidity or simply attracts mercenary flow is worth watching.
Generated by AI for reference only.
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