Papertrade Secures $3B Bitcoin Open Interest at Launch

Key Facts

1The newly launched Papertrade on-chain perpetuals exchange attracted $3 billion in Bitcoin open interest.

The newly launched Papertrade on-chain perpetuals exchange attracted $3 billion in Bitcoin open interest immediately upon its launch on October 10, 2026. Crypto Briefing reported that the HyperEVM-based platform recorded $14.4 billion in notional trading volume within less than 10 minutes of going live.

The exchange utilizes an on-chain model for perpetual swaps offering leverage up to 1,000x, with activity concentrated almost entirely in the Bitcoin and Ether markets. According to Crypto Briefing, more than 11,000 addresses participated in the launch phase, while individual position sizes are capped at $10 million to manage risks associated with its price discovery model, which references Hyperliquid mid-prices.