Papertrade explained: 1000x oracle-free perps on HyperEVM
Quote319 words
Papertrade runs synthetic perps against an LP priced off Hyperliquid's BBO mid via precompile: 1000x leverage, zero slippage and funding, no oracle. The LP starts at $0 and grows only from trader losses; PAPER has no premine and is minted per dollar of LP gain.
Key claims
PAPER minted 100 per $1 of LP gain while LP is under $2M
Haircut on winning closes bites hardest on small moves
Profit above LP capacity joins an onchain FIFO queue
So, @papertrade_xyz is about to launch, bringing 1000x leverage, 0 slippage, no funding fees, and self-bootstrapping LPs to HyperEVM.
As I explained back in August (see quoted post), this is a great example of a team properly leveraging the HyperEVM USPs (the precompiles to read from/write to Hypercore), and could be the type of breakout app that HyperEVM badly needs.
TL;DR:
- Fully onchain perps on HL with no orderbook, no matching engine and no oracle. Every trade is a synthetic swap vs the LP.
- Price = HL's live BBO mid, read straight off HyperCore via precompile. No signer, no committee, and no admin feed.
- 1000x lev, 0 slippage at any size, 0 funding, 0 fees, 0 gas (relayer pays).
- Only take is a haircut on winning closes, and it hits the hardest on the smallest price moves. That's the trick: a manipulated BBO tick is by definition a tiny move, so the curve eats the gain (hence no oracle guard or circuit breaker required).
- LP starts at exactly $0 and only ever grows from trader losses. Nobody can deposit into it, not the team, not a VC, not you. Holding $PAPER is the sole path to LP exposure, and the sole way to get $PAPER is to lose.
- If the LP can't cover a win, only the profit portion joins an onchain FIFO queue and gets paid as future losses refill it. Your margin always comes back instantly. The temporary insolvency is part of the design, not a bug.
$PAPER: 0 premine, 0 team, 0 VC, 0 airdrop, 0 vesting. 100 minted per $1 of LP gain while the LP is under $2M (underwater included, so early = the best rate you'll ever get), with the rate decaying from there.
- Not 1:1 portable to any other chain bc no one else exposes a consensus-verified CLOB onchain like Hyperliquid does.
Hyperliquid.
Coming soon.
QUOTING @zerokn0wledge_
Is HyperEVM dead? No. @papertrade_xyz will prove it (soon). But WTF is this onchain perp DEX promising us 1000x leverage, 0 slippage, no funding & self-bootstrapping LPs on HL? I scanned the docs, so you don’t have to, and here is why it’s worth paying (serious) attention to:
Is HyperEVM dead? No. @papertrade_xyz will prove it (soon). But WTF is this onchain perp DEX promising us 1000x leverage, 0 slippage, no funding & self-bootstrapping LPs on HL? I scanned the docs, so you don’t have to, and here is why it’s worth paying (serious) attention to:
What came next · since 25 Sep 2026
No reliable price feed for $PAPER.
Since then
Zero has written 2 more pieces on $PAPER since this one.