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Route vs Papertrade vs Cardboard
Three house-style perp exchanges where you trade against a pot instead of an order book. Here is how they differ, from each one's own documentation.
| Route | Papertrade | Cardboard | |
|---|---|---|---|
| Chain | HyperEVM | HyperEVM (USDC on HyperCore) | Solana |
| Max leverage | 1,200× (above 1,000× with the Footplate pass) | 1,000× | 1,000× |
| Markets | BTC, ETH | BTC, ETH | BTC, ETH, SOL |
| Counterparty | A pot held by the contracts | The LP | The house balance |
| Short pot | Rest of a win queues (FIFO) | Debt queue | Remainder can be queued |
| Win fee | 2% of the gain after the size haircut | 2% of the gain after impact | Market-set (see their settings) |
| Order timing | Held a few seconds, then filled at Hyperliquid's price | Executes in the block | Opens need a fresh quote |
| Per-position cap | $10,000 at launch | $10M | $10M order value |
| Loss token | HLT: minted from losses, fixed cap 100B, no pre-mint | PAPER: minted from losses, starts at zero; cap not stated | CARDBOARD: minted from losses, starts at zero; cap not stated |
| Token transfers | Off at launch | Off at launch | Off currently |
| Rider's own exit if the relay stops | Yes, on-chain, after a waiting period | Not stated | Not stated |
| Also | Duels, journey clips, Delta Neutral button, train everything | Builder frontends | Referral bonuses |
Papertrade and Cardboard facts are from their own docs as of 29 October 2026 (Papertrade FAQ, Papertrade pricing, Cardboard FAQ, Cardboard token). All three can change their parameters; check each one's docs before you trade. Route is not affiliated with Papertrade or Cardboard.
Where Route is different
- The most leverage of the three: up to 1,200× with the Footplate pass.
- A fixed token supply: HLT can never exceed 100 billion.
- A way out without us: if Route's relay ever stops, riders can exit on-chain.
- Things to do besides trade: duels against friends or rivals, and stop-motion clips of your journeys.
Where Route is more cautious
- Orders wait a few seconds before filling, to protect the pot from latency trading.
- Positions are capped at $10,000 at launch, while the pot is young and before a human audit.
Experimental. Route is experimental software. You can lose everything you put in, and wins can be reduced, queued or never paid in full. Only ride with money you are fine losing. Terms & risk