On-Chain Perps Exchange Papertrade Draws $85.3M in Deposits Ahead of 1000x Leverage Launch
- —User deposits on Papertrade reached $85.3 million
- —Bitcoin-related open interest on the platform is cited at $3 billion
- —Planned 1000x leverage exceeds the 20x–125x caps at most centralized exchanges
- —Details on the underlying blockchain and risk parameters remain undisclosed
Why it matters: Extreme leverage can drive volume but raises liquidation risk and sets a benchmark for rival on-chain derivatives venues.
Source: Bitcoin Insider