Trading perpetual futures at high leverage is extremely risky. Please read this page in full before using the terminal.
Leverage multiplies both gains and losses. At 1000x, a price move of about 0.05% against you liquidates a position, and liquidation forfeits the entire margin of that position. Most positions at extreme leverage end in liquidation. Positions cannot be topped up with more margin and there are no stop-loss orders.
Papertrade is new software. Its contracts are upgradeable by the protocol owner, and bugs, upgrades or parameter changes could affect your funds or open positions. Markets can be paused or retired by the protocol's guardian.
Trades settle at Hyperliquid's order-book mid. That mid can be moved slightly by orders placed inside the spread, and it can jump in fast markets. The protocol has mitigations but cannot rule out manipulation or sudden gaps that trigger liquidation.
Winning trades are paid from a pool funded only by traders' losses. If the pool is short, profits wait in a payout queue and may take a long time to become withdrawable. There is no guarantee about how long.
1000xTrade is an independent interface. Outages, bugs or network problems can stop you from opening or closing positions at the moment you want. The session key stored in your browser can trade on your account; if your device is compromised, someone could trade your balance away.
PAPER rewards depend on future trading activity and are not guaranteed. PAPER cannot be transferred at launch and may never have market value.
Derivatives and crypto trading are restricted or prohibited in some countries, including the United States. You are solely responsible for making sure your use is legal where you live and for any taxes. You must be at least 18 years old.
Only trade with money you can afford to lose completely. If trading is causing you financial or emotional stress, stop and seek help.