Alternative
A Papertrade alternative on HyperEVM
If you like the idea of trading against a pot instead of an order book, Route is another way to ride it, with its own take on leverage, safety and fun.
Route is live on testnet now. Mainnet is next. Route is not affiliated with Papertrade.
What's the same
- Both are house-style perps on HyperEVM: you trade against a pot funded by traders' losses, not an order book.
- Both offer BTC and ETH, pay wins from the pot, and queue what it can't cover.
- Both mint a token to traders when they lose, and neither token is transferable at launch.
What's different on Route
- Up to 1,200× (with the Footplate pass), versus 1,000× on Papertrade.
- HLT has a fixed cap of 100 billion. Papertrade's docs don't state a cap for PAPER.
- Your own exit: if Route's relay stops, you can leave on-chain without it.
- Duels and clips: race friends on real trades, and turn any journey into a clip with sound.
- Orders wait a few seconds before filling (Papertrade executes in the block), and positions are capped at $10,000 at launch.
Side by side
| 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.
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