In paper trading, leverage across all positions reaches up to 114x, with daily trading volume approaching $600 billion.

According to monitoring by TradingBeats and DefiLlama data, Papertrade’s Total Value Locked (TVL) is approximately $96 million, up 64.26% in 24 hours, ranking fifth among HyperEVM applications. By sub-protocol statistics, it places sixth in the cross-chain derivatives category. As of press time, Papertrade’s official data shows its nominal trading volume over the past 24 hours reached around $596.283 billion (including position opening, voluntary closing and liquidation). The protocol’s current open interest (nominal) stands at roughly $1.979 billion, with used margin of about $17.3766 million in the same period, meaning nominal positions are approximately 114 times the margin. Trading leaderboards indicate that all 15 top single-trade profit positions over the past 24 hours are ETH long positions, involving 11 accounts with total profits of around $792,300. Entry prices are concentrated between $2,495.65 and $2,502.95, while exit prices range from $2,508.75 to $2,516.05. Among these, 13 positions were held for less than an hour, and 5 used 1000x leverage. Protocol statistics show all traders have collectively realized a net trading loss of about $30.24 million. Notably, the top-profit account currently holds a $10 million nominal long position with $10,000 in margin, held for 31 minutes. ETH rose from $2,495.65 to $2,515.15 (a gain of only ~0.78%), yet the position generated a profit of ~$66,400, translating to a margin return of ~664.5%. It is reported that Papertrade is a synthetic perpetual protocol running on HyperEVM, supporting up to 1000x leverage, with trades settled directly against the protocol’s liquidity pool.