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Trader Maji (Huang Licheng) posted on X to comment on the perpetual contract protocol Papertrade. He stated that Papertrade is profitable, there are no useless points, users can immediately receive PAPER tokens, and by staking, they can earn fees. There is currently no reason to use any other perpetual contract protocol.

The unresolved ceasefire between Russia and Ukraine has led to a rebound in crude oil prices, and the market's bets on another interest rate hike before the end of the year are heating up, putting pressure on the gold and silver markets once again. According to CoinGlass data, gold (XAU) is currently priced at $4,183.22, with a 24-hour decline of 0.61%; silver (XAG) is currently priced at $60.25, with a 24-hour decline of 1.42%.During the market fluctuations, the trading volume of related contracts on Gate has continued to rise: the trading volume of Gate silver contracts reached $124 million in 24 hours, ranking second in the industry; the trading volume of Gate gold contracts reached $363 million in 24 hours, firmly holding third place in the industry; meanwhile, the open interest of Gate XAU gold contracts reached $411 million, ranking second in the industry.Gate has pioneered the trading sector for perpetual metal contracts and CFD contracts, covering mainstream metal trading targets such as gold, silver, and platinum, supporting 24/7 trading and USDT settlement. Relying on Gate's innovative unified account system, users can configure diverse assets such as stocks, metals, foreign exchange, indices, and commodities without cross-platform operations, helping users achieve a more flexible and efficient one-stop global asset strategy layout amid volatile markets.

According to CoinGlass data, in the past 24 hours, 10 exchanges have liquidated approximately $803 million in leveraged positions, with long positions accounting for $694 million, representing 86%, affecting a total of 172,100 traders. About $595 million, nearly three-quarters of the total for the day, was liquidated in the last 12 hours, as the South Korean KOSPI index fell by more than 6%, and Bitcoin briefly dropped below $81,000. The largest single liquidation was a $9.65 million Bitcoin long position on Binance, which was forcibly closed at around $81,773, with Binance accounting for half of the total liquidation volume.Bitcoin topped the list with $181 million in liquidations, followed closely by Ethereum with $178 million, despite its market capitalization being much smaller than Bitcoin's; SOL positions lost $60 million, ZEC $24 million, and NEAR $22 million. Stock-related contracts then made the list, with perpetual contracts tracking U.S. storage chip manufacturer SanDisk liquidating $19.09 million, slightly above HYPE's $19.04 million and XRP's $18.78 million. These perpetual contracts allow traders to bet on stock prices without an expiration date on cryptocurrency exchanges, with contracts for SK Hynix, Micron, and the triple-leveraged U.S. semiconductor ETF SOXL also appearing on the heatmap, with SOXL liquidating $7.21 million.The aforementioned losses coincided with a sell-off in the Seoul market, where Samsung Electronics and SK Hynix each fell by about 8%, as the market worried about AI-related valuations and competition from Chinese storage chip manufacturers.

According to the official announcement, Bitget has launched ZCSH (Grayscale Zcash Trust) and SNPS (Synopsys) perpetual contracts. The above contracts are settled in USDT, supporting up to 20 times leverage and 24/7 trading. As of now, Bitget supports a total of 348 stock perpetual contract underlying assets.

According to Coinglass data, the total contract open interest for ETH has decreased by 6.29% in the past 24 hours, with the current total open interest at 29.713 billion USD. Among them, Binance's open interest is 8.793 billion USD, OKX's open interest is 1.629 billion USD, Bybit's open interest is 2.059 billion USD, and Gate's open interest is 1.85 billion USD.

Binance stated that it was awarded the "Outstanding Contribution Award of the Community Chest Timely Rain Fund - Tai Po Fire Relief" at the Community Chest Annual Award Ceremony for the 2025/2026 fiscal year in Hong Kong, in recognition of its assistance and donations following the Tai Po fire.After the fire last year, Binance Group donated 10 million Hong Kong dollars to the Community Chest of Hong Kong for disaster relief and recovery efforts. Eowyn Chen, Chief Marketing Officer of Binance and representative of Binance Charity, accepted the award on behalf of the group.Binance claimed that since its establishment in 2018, Binance Charity has donated over 47 million US dollars, covering 87 countries and regions and benefiting more than 4.2 million people.

Cryptocurrency market analyst Darkfost stated that despite Ethereum recently falling from $2775 to around $2500, a decline of nearly 10%, the nominal value of Binance's ETH futures open interest decreased by about $600 million during the same period. However, when measured by the number of ETH, the open interest size has still rebounded to the level at the end of September, approximately 2.46 million ETH.Between October 8 and 9, the market liquidated about $345 million in ETH long positions within 24 hours. However, Binance's share of open interest in ETH futures on major centralized trading platforms actually rose to nearly 49%, reaching a new high since 2023.Darkfost pointed out that this means that despite the pullback in ETH prices and some leveraged positions being liquidated, the amount of ETH that traders are putting into the Binance futures market has not significantly decreased, further increasing Binance's dominance in the ETH derivatives market.

According to data from the Gate platform, Tesla (TSLA) and SpaceX (SPCX) both closed higher, reporting $382.70 (+2.05%) and $162.57 (+1.24%) respectively. Driven by the strength of the underlying assets, the open interest of Gate's related stock perpetual contracts also increased.According to CoinGlass data, the 24-hour open interest for Gate's SPCX stock perpetual contracts reached $148 million, ranking second in the industry; the 24-hour open interest for Gate's TSLA stock perpetual contracts reached $19.8131 million, ranking among the top three in the industry.Currently, Gate's stock perpetual contracts support popular stocks from multiple markets including U.S. stocks, Hong Kong stocks, Korean stocks, and Japanese stocks, and has further launched an innovative sector that supports up to 75 times leverage trading. The first batch of the innovative sector includes 40 popular stock perpetual contracts, covering market favorites such as Changxin Storage, Yushu Technology, and CATL, providing users with diversified trading opportunities 24/7.

According to the official announcement, Bitget has launched perpetual contracts for 5 stocks: KIA, LGENERGY, SSBIOLOGICS, KBFG, and KAKAO.The above contracts are settled in USDT, support up to 20 times leverage, and are available for trading 24/7. As of now, Bitget supports a total of 346 contract underlying assets.

The Binance contract platform will launch multiple USDT-denominated perpetual contracts on October 12, including ZCSHUSDT, MSTUUSDT, SNPSUSDT, and RDWUSDT, starting trading at 17:00, 17:05, 17:10, and 17:15 respectively, with a maximum leverage of up to 20 times.

Microsoft CEO Satya Nadella published an article discussing the trust framework for the era of superintelligence. He stated that traditional software can trace behaviors back to specific code paths, whereas current superintelligent systems lack this mechanistic understanding and cannot attribute model behaviors and outputs to specific training data or weight configurations. However, they are being deployed and are accessing sensitive data, executing critical actions on behalf of others. He emphasized that responsibility for intelligent behavior cannot be outsourced to model providers, nor can superintelligence be accepted or rejected as a series of nested black boxes.Nadella proposed that the supply of intelligence should be separated from the authorization of intelligence, surrounding nondeterministic models with deterministic system design, human control, and operational procedures, and establishing industry standards when existing standards are insufficient. He suggested managing cutting-edge models with closed-source and open-source weights as internal risks, not because they are inherently malicious, but because agents with sufficient capability that can access important systems may make mistakes or be compromised. Relevant practices include establishing identities, restricting permissions, recording activities, and setting isolation boundaries, with the transparency of the model's reasoning chain becoming a non-negotiable starting point.He further stated that permissions and action controls must be placed outside the model, and the model, orchestration layer, and action space should be separated. Principles include avoiding reliance on a single model as the sole dependency for important outcomes or for verifying its own work, ensuring that critical actions leave tamper-proof and human-readable evidence, continuously testing for failures, attacks, and boundary conditions, allowing organizations to independently decide on access and action permissions, validating independently of the intelligence being verified, presuming that the model has been compromised and supporting mid-course pauses or shutdowns, and timely disclosing and sharing lessons within the industry when failures or compromises occur. He concluded that the most trustworthy superintelligent systems are those that require the least trust in the model itself.

According to official website data, since the launch of the synthetic perpetual protocol Papertrade based on HyperEVM at 22:00 Beijing time yesterday, the platform has accumulated a nominal trading volume of over 57.3 billion USD, with open contract positions reaching 3.322 billion USD, and the total margin amount corresponding to all existing positions is 20.29 million USD.Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, with price readings from the Hyperliquid order book BBO mid-price. Users interact directly with the protocol's liquidity providers as counterparties, rather than through traditional order book matching. The protocol emphasizes high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mining, team, or VC shares; the only source of minting is user losses or liquidations. Initially, the token cannot be freely transferred and is primarily used for staking.

According to official website information, the fully on-chain synthetic perpetual trading platform Papertrade deployed on HyperEVM went live for 1 hour, with a cumulative nominal trading volume exceeding 80 billion USD. Data shows that the cumulative trading losses of platform users reached 4.73 million USD.According to official documentation, the issuance model of the Papertrade token PAPER is such that for every 1 USD lost by platform users, the protocol mints a certain amount of PAPER according to a curve. When the LP balance is below 2 million USD, the minting ratio is fixed at 100 PAPER for every 1 USD lost; currently, due to the LP scale exceeding 2 million USD, PAPER emissions have entered a decay mode.Papertrade reads prices from the Hyperliquid order book BBO mid-price, with users directly trading against the protocol LP as the counterparty, rather than through traditional order book matching. The protocol supports high leverage, zero slippage, and no funding rates.

HyperEVM perpetual contract exchange Papertrade is scheduled to open trading at 10 AM Eastern Time on October 10. According to DefiLlama data, it has accumulated approximately $85.3 million in deposits before its launch. The platform supports up to 1000x leverage, and traders do not match with counterparties but trade directly with the protocol's own liquidity pool. Papertrade stated in the announcement that website trading will start after the HyperEVM upgrade is completed, and deposits will be paused at 9:45 AM to prioritize trading; users need to deposit in advance to participate in the launch.The contracts on Papertrade use the midpoint of Hyperliquid's optimal buy and sell prices as the opening and closing price, with positions being synthetic trades against its liquidity pool, and there are no corresponding perpetual contracts on Hyperliquid. This design eliminates funding rates and reduces profits from closing positions through asymmetric impact discounts instead of charging fees based on position size. When the liquidity pool cannot cover profitable trades, unpaid profits will convert to queued debt, filled by subsequent traders' losses. Its PAPER token grants losing traders the right to claim related earnings from the liquidity pool, with an initial supply of zero, minted from realized losses, with no team or venture capital shares.In the initial phase of the launch, Papertrade will only open trading through the frontend and approved trading relays, and direct access to public contracts will not be supported. Platform administrators can pause new positions, freeze the market, and adjust fee parameters, with a 7-day time lock for contract upgrades. Initially, the PAPER token will only support staking and unstaking, and wallet-to-wallet transfers will not be supported;

European Union technology chief Henna Virkkunen stated that the EU's current artificial intelligence regulatory rules are sufficient to address the risks posed by uncontrolled AI entities. In an interview with Reuters on Friday, she mentioned that the safety and security of powerful models is a hot topic internationally, and Europe is well-prepared in this regard.The EU's Artificial Intelligence Act regulates based on risk levels and is one of the strictest AI regulatory frameworks in the world, having been passed two years ago. Virkkunen dismissed critics who believe the EU's AI rules are outdated, stating that the legislation covers the entire lifecycle of these models, and regulators are providing model evaluation guidelines for companies based on the recommendations of 60 AI experts.Previously, incidents involving OpenAI and Anthropic raised global concerns about the potential for uncontrolled AI entities to escape human control. The European Commission had requested detailed information about safety and security measures from over 30 unnamed AI companies at the end of August, and Virkkunen indicated that they are currently assessing these responses. Anthropic CEO Dario Amodei previously stated in a blog post that the rapid pace of AI development could, if left unchecked, "exceed our understanding and control systems capabilities."

According to a report by Nomura Securities, AI company Kimi under the brand Moonlight's Dark Side is estimated to achieve an annual recurring revenue of $1.2 billion in September. Bloomberg previously reported that Kimi's annual recurring revenue in August had surpassed $1 billion, with a year-end target of $2 billion.The K2.8 Preview, launched on September 11, is estimated to contribute about 40%--45% of the annual recurring revenue, exceeding the flagship model K3's 30%--35%. The K2.8 Preview is priced lower and primarily targets programming and everyday agent tasks. Experts estimate that K3 has a gross margin of about 35%--40%, while lower-priced models like K2.8 Preview have about 20%--25%. The API is Kimi's largest source of revenue, with overseas markets contributing more than half.

The CFTC released a temporary final rule defining prediction market event contracts as "swaps," attempting to solidify its legal standing amid jurisdictional disputes.

According to data from the Commodity Futures Trading Commission (CFTC), as of the week ending October 6, speculators' net short positions in the CME S&P 500 stock fund increased by 41,003 contracts to 396,700 contracts.

According to South Korean media reports, Samsung Electronics has signed long-term agreements for storage supply for next year, covering approximately 75% to 80%, including high bandwidth memory. The reports indicate that Samsung Electronics has finalized most contracts with major tech companies such as NVIDIA, Google, and Microsoft.SK Hynix and Micron are also accelerating the locking of supply volumes and signing a series of large-scale long-term contracts with major customers. Samsung Electro-Mechanics is reportedly close to signing a long-term agreement worth 700 billion Korean won with Taiwanese power electronics company Delta Electronics for the supply of multilayer ceramic capacitors.

According to Coinglass data, the total contract open interest for ETH has decreased by 5.18% in the past 24 hours, with the current total open interest at 32.151 billion USD. Among them, Binance has an open interest of 9.119 billion USD, OKX has an open interest of 1.863 billion USD, Bybit has an open interest of 2.244 billion USD, and Gate has an open interest of 1.908 billion USD.