This PaperTrade review comes from nine days of using it, not reading about it. The short version: PaperTrade is a legit onchain perp exchange on HyperEVM, with 1000x leverage and a token that pays you for losing. It works as advertised. However, it...
PAPER Hyperliquid trading went live on October 18. Paragon, a HIP-3 market deployer, listed PAPER-USDC as a pre-launch perp with up to 3x leverage. For the first time, the token that PaperTrade mints to losing traders has a price. That price opened...
Most perp DEXs compete on fees. Lighter and Variational simply removed them. Both let retail traders open and close positions without paying a maker or taker fee. That's where the resemblance ends. Lighter runs a ZK-proven order book on Ethereum,...
Hyperliquid and Variational both let you trade perps on-chain. Under the hood, though, they barely resemble each other. Hyperliquid runs the biggest order book in DeFi on its own blockchain. Variational skips the order book entirely and quotes you...
Shorting Tesla at midnight on a Sunday used to be impossible. Trade.xyz made it a normal Tuesday. The platform put stocks, indices, gold, and even pre-IPO giants on Hyperliquid's order book as perpetual futures, tradeable 24/7 with leverage. It...
When Aster launched its token in September 2025, crypto Twitter crowned it the Hyperliquid killer. For a few weeks, it even topped the daily fee charts. A year later, the dust has settled. Hyperliquid still rules on-chain perps, while Aster has...
Every cycle produces one perp DEX that farmers whisper about before the token exists. Right now, that's Pacifica. Built on Solana, funded by nobody but its own revenue, and led by a team with CVs from Jane Street to OpenAI, it became the biggest...
Most perp DEXes follow a familiar script. Run a points season, drop the token, watch the farmers leave. edgeX tore that script up: it airdropped not one but two tokens in March 2026, then kept rewarding traders with fee rebates, mystery boxes, and...
Updated October 20, 2026: PaperTrade announced it has no plans to make PAPER transferable, a new fee on trades closed near entry, and a change to the PAPER mint curve. The relevant sections below reflect those changes. The contract upgrades go...
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