Papertrade 首日清算近 140 亿美元

Papertrade opened for business on HyperEVM on October 10, 2026, offering up to 1000x leverage on BTC and ETH perpetual contracts. Within hours, traders had racked up approximately $18.6 million in net realized losses.

Meanwhile, the people on the other side of the ledger did fine. Stakers of the platform’s PAPER token collected around $12.57 million in rewards during the first 24 hours.

According to The Defiant, those reported staking rewards came to about 69% of net trading losses. The catch is that the payouts don’t go back to the traders who lost the money. They flow to PAPER stakers instead.

How the Martingaler machine works

Papertrade is a synthetic perpetuals exchange. Traders take leveraged positions on price movements without holding the underlying assets.

The engine room is a liquidity pool called the Martingaler LP. It launched with zero liquidity and gets funded entirely by what traders lose.

Losing traders don’t walk away completely empty-handed, though. For every $1 they lose, the protocol mints 100 new PAPER tokens and hands them over.

Stakers earn from two sources. They receive 1% of the profit and loss that traders realize. They also pocket any gains that pile up in the liquidity pool beyond its $5 million cap.

The first-day scoreboard

Papertrade generated more than $300 billion in notional trading volume during its first day. Liquidations came in at nearly $13.89 billion over the same stretch.

The liquidity pool balance quickly grew to approximately $5 million, which is the cap where excess starts flowing to stakers. No payout debt was queued, meaning the pool had no backlog of obligations owed from the trading activity.

Staker participation was close to total. About 94% to 95% of the roughly 3.17 billion PAPER in circulation was staked shortly after launch.

Redistribution, not reimbursement

The design invites an obvious misreading. A headline figure showing rewards worth about 69% of losses could sound like traders are getting most of their money back.

They are not. The rewards go to whoever holds and stakes PAPER, which is a different group from the people who blew up their accounts, even if the two sometimes overlap.

A losing trader does receive PAPER at the minting rate. If that trader stakes the tokens, they can start earning a share of future losses from other traders. The compensation is indirect, though, and depends on the token holding value and on losses continuing to roll in.

What this means for traders and stakers

For stakers, the early economics look attractive on paper. Their income is tied directly to how much traders lose and how much realized PnL moves through the system. Heavy activity and frequent liquidations fill the pool past its $5 million cap, and the overflow becomes staker yield.

The token supply also deserves attention. Every dollar lost mints 100 PAPER, so the losses that fund staker rewards also expand the number of tokens in existence. Roughly 3.17 billion PAPER already existed shortly after launch.

For traders, the risk profile is plain. Leverage of 1000x means a price move of a fraction of a percent can wipe out a position. The nearly $13.89 billion in first-day liquidations shows how quickly that happens in practice.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.