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Most DeFi protocols only reward profitable traders.
Papertrade flips the model entirely, rewarding its users for losing. The result is one of the most unconventional, reflexive, and undeniably innovative mechanisms for onchain trading that the crypto industry has seen in years.
What is Papertrade?
Developed by pseudonymous X user @izebel_eth, Papertrade is an upcoming fully on-chain perpetual futures exchange built on 
Hyperliquid via HyperEVM. The protocol promises traders:
- Up to 1000x leverage
- Zero slippage
- No funding rates
- No fees to open positions
- No gas costs passed to users
On the surface, it looks like another hyper-leveraged perp venue designed for degens, but underneath sits one of the strangest and most novel tokenomic experiments DeFi has produced in years.
Losing Is the Product
What truly sets Papertrade apart is the design of its native PAPER token.
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