Paper, fixed.
What happened to Paper
Paper launched on October 10 with one market, ETH, at 1000x. Every fill came off the Hyperliquid order book. Open interest ran to $3.3 billion. Then one wallet leaned on the ETH book, printed a price the contract believed, and closed a 660x short into it for $1.28 million. It cost about $52,000 in fees. Opens went dark the same day. Open interest fell to $400 million.
The contract was never wrong. It was reading the wrong number.
What Confetti reads instead
Every fill here is checked against the HyperCore oracle, the validator median of external venues, read on-chain in the same block. The book mid is accepted inside 5 bps of it on 1000x markets, 25 bps at 250x, 50 bps at 50x. A 1000x position busts at 9.5 bps. The band is narrower than the bust. Push the book all you like. Nothing that settles moves.
A position carries at most $25,000 of notional on a 1000x market, $10,000 at 250x, $2,500 at 50x, and pays out at most 50 times its margin. If the house loses more than a tenth of itself in an hour, opens pause until a human clears it. Anyone can liquidate anything past its bust price and keep 0.5% of the margin for the trouble.
Ten markets at launch. DOGE, FARTCOIN, VIRTUAL, WIF, MELANIA, FLOKI, PENGU and PEOPLE at 1000x. TRUMP and PEPE at 250x. No order book, no funding, no spread. The contracts cannot be upgraded.
Up
Every trade is against the house. The house opens at zero and is built from losses. Each dollar lost mints 100 CONFETTI to the wallet that lost it, until the house has taken its first $250,000. After that the rate decays and does not climb back on its own (the owner can retune the curve within bounds). Staked CONFETTI collects 40% of every fee and every dollar the house holds above $500,000. The fee is 5% of what you win or lose. The team mints 10% on top of every mint.
Paper did $3.3 billion on one coin. There are ten here, and memes move.