{"id":79379,"date":"2026-10-11T22:40:17","date_gmt":"2026-10-11T22:40:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/papertrades-wild-weekend-ends-with-93-7-open-interest-wipeout\/"},"modified":"2026-10-11T22:40:17","modified_gmt":"2026-10-11T22:40:17","slug":"papertrades-wild-weekend-ends-with-93-7-open-interest-wipeout","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/papertrades-wild-weekend-ends-with-93-7-open-interest-wipeout\/","title":{"rendered":"Papertrade&#8217;s Wild Weekend Ends With 93.7% Open Interest Wipeout"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Papertrade\u2019s explosive debut has taken quite a turn, with open interest plunging 93.7% from $11 billion to just $693 million in roughly 24 hours.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The exchange has also watched $48 million in deposits disappear, bringing its total value locked down from $118 million to $70 million after a whirlwind first weekend.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Beyond the disappearing billions, Papertrade is facing complaints over transaction priorities and attempted price manipulation, raising questions about whether the exchange can keep traders interested once the initial excitement wears off.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Papertrade\u2019s $11 Billion Open Interest Craters as Deposits Flee<\/h2>\n<p>On Saturday, <a href=\"https:\/\/news.bitcoin.com\/crypto-news\/papertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage\/\">Bitcoin.com News examined<\/a> the newly introduced perpetuals DEX, Papertrade.xyz, offering readers a closer look at the exchange\u2019s underlying mechanics and trading structure.<\/p>\n<p>The report highlighted Papertrade\u2019s extraordinary 1,000x leverage and unconventional operating model, which distinguished it from competing perps platforms and prompted some observers to compare the trading experience to a \u201ccasino.\u201d At the time, data compiled by paperdash.xyz placed Papertrade\u2019s total value locked (TVL) at $118 million. As of Sunday, that figure has <a href=\"https:\/\/paperdash.xyz\/stats\" target=\"_blank\" rel=\"noopener noreferrer\">dwindled to $70 million<\/a>, representing a $48 million contraction in the platform\u2019s holdings.<\/p>\n<p>When Bitcoin.com News initially examined the exchange, open interest stood at an eye-popping $11 billion, but that figure has since cratered by 93.7% to $693 million. Sunday\u2019s figures further reveal that just $9.17 million is backing those outstanding positions.<\/p>\n<h2>Trading Complaints and Price Manipulation Attempts Test Papertrade<\/h2>\n<p>After its first full day of trading, Papertrade <a href=\"https:\/\/x.com\/papertrade_xyz\/status\/2109308773231911359?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">responded to a series of user grievances<\/a> concerning the platform\u2019s operations. Among the complaints, some traders expressed frustration that smaller transactions were not afforded the same priority as larger orders.<\/p>\n<figure id=\"attachment_855217\" aria-describedby=\"caption-attachment-855217\" style=\"width:2560px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-855217\" class=\"wp-caption-text\">While open interest and TVL has dropped, trading volume has been massive on Papertrade. Image source: paperdash.xyz.<\/figcaption><\/figure>\n<p>Papertrade defended the approach, explaining that indiscriminate transaction prioritization would have opened the door to thousands of minuscule orders overwhelming the system and exacerbating processing delays. Second, Papertrade acknowledged attempts by traders to manipulate <a href=\"https:\/\/www.bitcoin.com\/price\/\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin and ethereum prices<\/a>.<\/p>\n<p>According to the project\u2019s statement on X, certain participants sought to exploit pricing data sourced from <a href=\"https:\/\/news.bitcoin.com\/regulation-and-legal\/hyperliquid-behind-the-scenes-how-to-build-a-perpetual-dex\/\">the perps DEX Hyperliquid<\/a>, which Papertrade relies on to calculate the value of trading positions. This pricing mechanism is known as the best bid and offer (BBO).<\/p>\n<p>In practical terms, it reflects the highest price a buyer is prepared to pay for an asset and the lowest price a seller is willing to accept. Papertrade maintains that some traders attempted to distort these quotations to extract profits from its exchange.<\/p>\n<h2>After the Frenzy, Papertrade Faces a Test of Staying Power<\/h2>\n<p>The project contends that such attacks were anticipated and accounted for during the six months devoted to developing its trading infrastructure. Papertrade\u2019s first weekend has been a wild ride, with billions in trading positions disappearing, millions in deposits leaving the platform, and traders raising questions about how the <a href=\"https:\/\/news.bitcoin.com\/unlocking-the-future-your-fun-guide-to-decentralized-finance-and-web3\/\">decentralized finance (DeFi)<\/a> operates.<\/p>\n<p>While Papertrade insists its system was designed to handle manipulation attempts, the sharp decline in activity shows just how quickly enthusiasm can fade. For now, the bigger question is whether Papertrade can attract lasting interest once the initial excitement wears off, or whether its explosive debut will prove difficult to repeat. By the end of this report, TVL metrics dropped even lower to $67 million, according to paperdash.xyz.<\/p>\n<div class=\"not-prose my-3 lg:my-4\">\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden md:flex md:flex-row md:gap-3 lg:hidden\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/papertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage\/\"><img alt=\"Papertrade Perp DEX Pulls in $118M in 24 Hours With 1,000x Leverage\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/div>\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden lg:flex lg:flex-row lg:gap-4\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/papertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage\/\"><img alt=\"Papertrade Perp DEX Pulls in $118M in 24 Hours With 1,000x Leverage\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fpapertrade-perp-dex-pulls-in-118m-in-24-hours-with-1000x-leverage-150x150.png&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/p>\n<div class=\"flex min-w-0 flex-1 flex-col justify-center gap-2\">\n<p class=\"m-0 line-clamp-2 text-base leading-[1.3] !text-[#67656E]\">This weekend, a new cryptocurrency trading platform built on Hyperliquid, known as Papertrade.xyz, has become a lively topic of conversation\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/featured\/papertrades-wild-weekend-ends-with-93-7-open-interest-wipeout\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Papertrade\u2019s explosive debut has taken quite a turn, with open interest plunging 93.7% from $11 billion to just $693 million in roughly 24 hours. The exchange has also watched $48 million in deposits disappear, bringing its total value locked down from $118 million to $70 million [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":79380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79379"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=79379"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/79380"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=79379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=79379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=79379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}