According to CoinMeta, the synthetic perpetual contract DEX Papertrade built on the basis of Hyperliquid Hyperevm has attracted $118 million in deposits, with the platform supporting a maximum leverage of 1000 times. As of 0:45 on October 11th (UTC +8), there were approximately $11 billion in open positions across 2349 trades on the Papertrade.xyz platform, supported by $54 million in funds. The platform does not charge slippage, funding fees, spreads, or traditional nominal transaction fees; transactions are completed through synthetic swaps between users and a shared protocol liquidity pool. Lossing traders can receive Paper tokens, while profit earners may experience delays in receiving their profits if their funds are insufficient. The project was founded by Jez and Blurr; it sold 100 sets of custom paper pants for $2000 each, which were sold out in about 40 minutes, with total sales reaching $200,000.