Papertrade drew a report of roughly $3 billion in open interest within its first hour of trading on Oct. 10, bringing leveraged positions to its HyperEVM exchange where traders’ losses fund payments to winners. Josh Ong reported the figure at 10:51 a.m. ET, following the venue’s scheduled 10 a.m. opening. The total remains a reported figure, rather than an independently verified onchain measurement.
DefiLlama recorded $137.1 million in total value locked at 10:08 a.m. ET. Its methodology combines customers’ trading balances with the protocol-owned pool that takes the other side of positions. That total is therefore not a reserve available entirely to pay winners, nor is it directly comparable with the notional value of leveraged positions.
For winning traders, the distinction affects when profits become available. Papertrade administrator @izebel_eth has explained that collateral does not enter the house pool—only losses do. If a winning position closes while a payout queue exists, the trader’s original collateral becomes available again, but profits join the queue. The current house-pool balance and whether unpaid profits had accumulated could not be established.
