According to Lookonchain monitoring, Papertrade (@papertrade_xyz)'s revenue has far surpassed Hyperliquid, with 24-hour revenue reaching $6.01 million, ranking third. Papertrade's daily trading volume has reached $910 billion, with liquidation volume at $28.4 billion.

Odaily News: Machi (Huang Licheng) posted on X platform: "Papertrade is profitable. No useless points. You can immediately get PAPER tokens, stake them to earn fees. There is now absolutely no reason to use any other perpetual contract protocol."

According to DefiLlama data, Papertrade's revenue rose to $4.02 million in the past 24 hours, currently ranking third in protocol revenue, higher than Pump ($2.11 million) and Hyperliquid ($1.7 million).

Odaily report: A wallet linked to TechnoRevenant staked 744,000 HYPE on Hypercore, borrowed 3 million USDC, then lost $1.7 million on Papertrade, and as a result received 136 million PAPER, becoming the second-largest PAPER holder and the trader with the largest realized perpetual contract loss on the platform.As of now, the wallet has earned back 1.051 million USDC through staking rewards, with a net loss of approximately $650,000. Before accounting for staking rewards, its average cost for PAPER was about $0.0125 per token, the highest among the top five holders.

Odaily reports that according to Lookonchain monitoring, an address made 1,012 trades on Papertrade, with a cumulative trading volume of $10.1 billion, incurring a loss of $979,000; the address received 252 million PAPER tokens due to trading losses, and earned 997,000 USDC in staking rewards, ultimately making a profit of $17,800.

Odaily reports that PaperTrade posted on X stating that trading volume in the first 6 hours after launch exceeded stock market trading volume; one day after launch, PaperTrade has become a trading platform supporting 1000x leverage, with liquidity pool (LP) size reaching $5 million and $25 million in rewards distributed to staking users.In response to community concerns about the fair launch mechanism and BTC/ETH market manipulation, PaperTrade stated that due to the need to prevent frontend congestion and spam request attacks, small orders cannot enjoy exactly the same priority as large orders, and the team has maximized fairness within these constraints. Some users exploiting the Hyperliquid BBO mechanism to manipulate BTC/ETH was not an oversight in mechanism design, but rather resulted from opening a higher OI cap during the initial launch period to alleviate queuing pressure. As traffic has declined, the team has begun tightening position limits at both the on-chain and relay levels to reduce the profit space for manipulation.PaperTrade added that no system can completely eliminate manipulation, and the goal is to make attacks nearly unprofitable through parameter adjustments, noting that in the relevant incidents, some users ultimately returned most of their profits to the platform due to persistent manipulation attempts.

Odaily reports that Papertrade has now been live for 24 hours since launching at 22:00 Beijing time yesterday, with cumulative notional trading volume exceeding $678 billion and TVL at $77.8 million. Open interest stands at $1.3 billion, down about 60% from $3.3 billion 12 hours earlier; margin corresponding to all existing positions totals $14.34 million, down about 30% from $20.29 million 12 hours earlier.Papertrade is built on Hyper EVM, reads prices from the BBO midpoint of the Hyperliquid order book, and has users trade directly against protocol LPs as counterparties, offering high leverage, zero slippage, and no funding rates. Its native token PAPER has an initial supply of zero, with no pre-mine or team and VC allocations, and the only minting source is user losses or liquidations; in the early stage after launch, it cannot be freely transferred and is mainly used for staking.

Odaily reports: Hyperliquid News has disclosed that ETH's trading volume over the past 24 hours has surpassed BTC, reaching approximately $1.1 billion. Analysts suggest that this increase in ETH trading volume may be related to a recent incident in which PaperTrade was allegedly exploited through its mechanism, and the associated trading activity may have driven up demand for ETH in the market.Community user boblob previously disclosed that two wallets were suspected of actively "attacking" the PaperTrade platform, using trades worth approximately $20 million to briefly trigger a small fluctuation in ETH price on the Hyperliquid platform (about 10-20 basis points), and established a "9-figure" long position on PaperTrade. boblob further added that there are clear issues with the current protocol that need to be fixed as soon as possible, otherwise it could affect the protocol's long-term sustainability.Crypto trader Rune pointed out that PaperTrade's official documentation has in fact already disclosed that its pricing mechanism carries an "attack" risk, noting that the main risk at the protocol level lies in the use of Hyperliquid's order book BBO (Best Bid and Offer) for price manipulation. This risk involves unresolved price manipulation pathways, contract economic mechanisms and risk exposure control, as well as operational-level protective measures and permission management mechanisms.

Odaily reports: Crypto trader Rune stated on X platform that PaperTrade's official documentation has actually disclosed a "vulnerability" risk in the protocol-level pricing mechanism. According to the document screenshots he shared, attackers can exploit the BBO (Best Bid and Offer) of the Hyperliquid order book for price manipulation. This risk involves unresolved price manipulation paths, contract economic mechanisms and risk exposure controls, as well as operational-level protective measures and permission management mechanisms.Additionally, Rune retweeted a post by community user boblob, which revealed that two wallets were suspected of actively exploiting and "attacking" the PaperTrade platform, conducting trades worth approximately $20 million that briefly caused ETH price fluctuations of about 10-20 basis points on the Hyperliquid platform. boblob further added that the obvious issues currently present in the PaperTrade protocol need to be fixed as soon as possible, otherwise they may affect the protocol's long-term sustainability.

Odaily News — Papertrade.xyz, a synthetic perpetual contract DEX built on Hyperliquid HyperEVM, has attracted $118 million in deposits, reaching a total value locked (TVL) of $118 million, with the platform supporting up to 1000x leverage.As of 11:45 AM ET on October 10, data from Papertrade.xyz shows that the platform's 2,349 positions have open interest of approximately $11 billion, but the funds backing these positions amount to only $54 million.The platform does not charge slippage, funding rates, spreads, or traditional notional trading fees. Trades are executed through synthetic swaps between users and a shared protocol liquidity pool. Losing traders receive PAPER tokens, while profitable traders may experience delayed withdrawals when liquidity is insufficient.Papertrade.xyz was founded by Jez and Blurr, who operate under partial anonymity. The project also sold 100 pairs of custom paper pants at $2,000 each, which sold out in approximately 40 minutes, generating $200,000 in sales. (Bitcoin.com News)