Papertrade's 1000x leverage aggressively surges in: Over 75% of traders have been liquidated, with liquidation scale exceeding $20 million.

BlockBeats news, October 11 - According to TradingBeats monitoring, since trading opened at 22:00 on October 10, a total of 7,962 addresses have opened positions on Papertrade, of which 5,836 addresses used 1000x leverage, accounting for approximately 73.3%, cumulatively establishing 61,222 thousand-fold leveraged positions.

The high-leverage risk has quickly materialized. Among them, 4,395 addresses experienced at least one thousand-fold position liquidation, accounting for 75.3% of addresses participating in thousand-fold leverage; a cumulative 12,657 thousand-fold positions were liquidated, with isolated margin losses of approximately $20.0771 million. Of this, BTC positions accounted for approximately $8.0006 million, and ETH positions accounted for approximately $12.0764 million.

Across the entire platform during the same period, a total of 4,861 addresses experienced position liquidations, with a cumulative 14,158 positions liquidated, resulting in isolated margin losses of approximately $23.1162 million. Thousand-fold positions contributed approximately 89.4% of liquidation counts and 86.9% of liquidation margin losses.

For liquidated thousand-fold positions, the median holding time from opening to liquidation was only 7 minutes and 35 seconds. According to official explanations, a thousand-fold leveraged position may trigger liquidation and lose the entire isolated margin upon approximately 0.052% adverse price movement.