Papertrade.xyz, a synthetic perpetual DEX built on Hyperliquid HyperEVM, has attracted $118 million in deposits and offers up to 1000x leverage. As of October 11, the platform holds approximately $11 billion in open interest across 2349 positions, backed by $54 million in funding. It charges no slippage, funding rates, spreads, or traditional nominal trading fees, with trades executed via synthetic swaps between users and a shared protocol liquidity pool.