POPA ReconPapertrade exchange has launched. Open interest has already reached $10 billion with only $50 million in margin.
Papertrade exchange has launched. Open interest has already reached $10 billion with only $50 million in margin. This is how it looks... These are synthetic perpetuals on HyperEVM (Hyperliquid) with leverage up to 1000x. Only BTC and ETH are traded. Prices are taken from Hyperliquid. The position does not go into the Hyperliquid order book — it is fully synthetic (a swap against the protocol’s LP). There is no funding, no spread, and no conventional trading fee. The protocol takes its cut from profitable closes via a haircut (asymmetric impact) + a 2% win fee (the winner receives ~90% o…
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