How it works
1000xTrade talks directly to the Papertrade contracts on Hyperliquid's HyperEVM. There is no account to create, no KYC and no custody: you sign with your own wallet.
MetaMask, Rabby or OKX Wallet. The terminal adds the HyperEVM network for you.
Send at least 10 USDC from Hyperliquid or HyperEVM to your personal deposit address. Deposit guide.
Sign once to create a 30-day session key. It can trade but can never withdraw.
Pick BTC or ETH, margin and leverage up to 1000x, and click. You enter at the live mid price.
Why trade here
Papertrade settles every trade as a synthetic swap against its liquidity pool at Hyperliquid's order-book mid price. That design removes the usual costs of trading perps. How mid-price perps work.
$10 of margin controls a $10,000 BTC or ETH position. Each position has its own isolated margin.
You get the Hyperliquid best bid/offer mid whatever your size, up to $10M notional per position.
No perpetual contract changes hands, so there are no funding payments. Holding a position costs nothing over time.
A session key signs your opens and closes. The relayer pays the gas, so trading itself needs no HYPE.
Withdrawals always need your real wallet signature. 1000xTrade never touches your funds.
Positions, balances and the payout queue live in contracts on Hyperliquid's HyperEVM and HyperCore.
Know the risk
Liquidation on Papertrade is a hard bust: once the mid price crosses your liquidation price, the whole margin is gone. Check the numbers before you pick a leverage, or run your own in the liquidation price calculator.
| Leverage | $10 margin buys | Move that liquidates | BTC at $80,000 |
|---|---|---|---|
| 10x | $100 | ≈ 9.96% | ≈ $7,965 |
| 50x | $500 | ≈ 1.95% | ≈ $1,562 |
| 100x | $1,000 | ≈ 0.95% | ≈ $762 |
| 500x | $5,000 | ≈ 0.15% | ≈ $122 |
| 1000x | $10,000 | ≈ 0.052% | ≈ $42 |
Long positions, using the current liquidation buffer of about 0.048%. Shorts are almost identical in the other direction. Note that $10 at 10x or 50x is below the $500 minimum position size, so in practice you would use more margin at low leverage.
Guides
Short, practical guides on leverage, deposits, liquidations and how the protocol pays winners.
How $10 becomes a $10,000 position, and what that means for your margin.
Read →Fund your trading balance from Hyperliquid or HyperEVM in a few minutes.
Read →Liquidation price, distance and PnL for any margin and leverage.
Open →What the session key can and cannot do with your account.
Read →Why a winning close can be paid later, and why your margin never waits.
Read →How losses mint PAPER and how staked PAPER earns USDC.
Read →FAQ
No. You connect a wallet and sign messages. There is no sign-up and no identity check on the protocol.
Deposits must deliver at least 10 USDC, and the first deposit pays a one-time 1 USDC activation fee. Each position needs at least $10 margin and a $500 position size (margin × leverage).
No. There is no fee on position size, no spread and no funding. Losing trades pay only the loss; winning closes pay protocol charges on the gain.
No. Funds sit in the Papertrade exchange contract and Hyperliquid. Withdrawals need your own wallet signature.
BTC and ETH, up to 1000x, straight from your wallet.
