A New Trading Model Is Being Built Around Hyperliquid’s Markets Instead of competing with Hyperliquid’s order book, @papertrade_xyz uses @HyperliquidX prices as its reference while running its own trading pool. That lets Papertrade offer: • Up to 1000x leverage • 0 fees, funding and slippage • A $0 starting liquidity pool • solana:4SNHBM2axbPCNXHrPPNLtdCRmnQVkq9cfFTyrJpJpump rewards for losing trades When a trader loses, their margin helps fund the pool and solana:4SNHBM2axbPCNXHrPPNLtdCRmnQVkq9cfFTyrJpJpump is minted. The interesting part is what this means for Hyperliquid. Papertrade shows how developers can take Hyperliquid’s deep markets and reliable price discovery and build completely different trading experiences on top of them. So rather than simply being another perp competitor, Papertrade could become another application expanding the reach of Hyperliquid’s market infrastructure. If more products follow this model, Hyperliquid’s role can grow from a perp venue into core infrastructure powering a wider onchain trading ecosystem.