Papertrade offers leverage of up to 114x across the board, with daily trading volume surpassing $600 billion.

BlockBeats news, October 11 — According to monitoring by TradingBeats and data from DefiLlama, Papertrade's TVL is approximately $96 million, up 64.26% in 24 hours, ranking fifth among HyperEVM applications; by sub-protocol statistics, it ranks sixth in its cross-chain derivatives category.

As of press time, Papertrade official data shows that the nominal trading volume over the past 24 hours was approximately $600.4 billion (statistics include opening positions, active closing, and liquidation). Papertrade's current open nominal position size is approximately $1.979 billion. During the same period, occupied margin was approximately $17.3766 million, with nominal positions about 114 times the margin.

The trading leaderboard shows: in the past 24 hours, the top 15 single-trade profit rankings were all ETH long positions, involving 11 accounts, with total profits of approximately $792,300. Entry prices were concentrated between $2,495.65 and $2,502.95, and exit prices ranged from $2,508.75 to $2,516.05; 13 of these positions were held for less than one hour, and 5 used 1000x leverage.

Protocol statistics show that traders across the board have accumulated realized net trading losses of approximately $30.24 million. Among them, the top-profit account currently opened a $10 million nominal long position with $10,000 in margin, held for 31 minutes, as ETH rose from $2,495.65 to $2,515.15, a gain of only about 0.78%; this position recorded a profit of approximately $66,400, with a margin return rate of approximately 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.