Papertrade set an October 10 launch for its synthetic perps exchange on Hyperliquid. BTC and ETH go live first with up to 1000x leverage and a $10M position cap.

Every trade is a swap against the protocol's LP at Hyperliquid's order-book mid, so there is no slippage, spread or funding. The LP starts at $0 and grows only from traders' losses. To stay solvent, profitable closes take a haircut that scales with the price move. PAPER stakers earn a share of LP revenue in USDC.

PAPER has no team, VC or airdrop allocation: it mints only on losing trades and liquidations, 100 PAPER per $1 lost until the LP reaches $2M.

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OpenAI introduced Dots at DevDay: always-on agents powered by GPT-6 Astra. Each dot gets its own cloud computer and browser, connects to 4,000+ apps and works on your goals 24/7.

Dots learn your preferences from feedback and reach you in ChatGPT, Slack or Teams, even by voice call. They are rolling out to Pro and Business Premium users, with an Enterprise beta and specialist dots for companies piloting via Microsoft Agent 365.

OpenAI also launched GPT-6.1 Sol, which nearly matches GPT-6 Astra on coding and computer use at a fifth of the price ($2/$10 per 1M tokens in the API).

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Nine early-stage projects that hit our radar this week, real products rather than memecoins. The theme is markets for things that never had one: people, internet trends, pre-IPO shares, private credit before maturity and trading cards, plus the tools and plumbing around them. Follower counts are small on purpose, you are seeing these early. With a link to each.

1/ Perp City (Real-World Perps)

Perpetual futures on indices built from live internet data: news trends, city rents, company revenue, internet traffic, new grad jobs. Live on Arbitrum One with up to 10x leverage and USDC margin, and you can sign in with just an email. Backed by a16z CSX.

2/ Things (People Markets)

A market for backing people before they make it. Builders and creators list themselves for free, show their work and get funded by backers who then push their launches and test their products. Launched its new builder and creator market on Solana on September 24.

3/ Augment (Pre-IPO)

A self-serve trading venue for private tech companies. Investors buy units of a fund that holds the underlying shares, then can place sell orders on the same network later instead of hunting for a new buyer deal by deal. Open to eligible participants.

4/ Tenka (Private Credit)

A marketplace for asset-backed private credit where capital can exit before maturity. A senior vault targets 8-9% APY with weekly liquidity, deal vaults give exposure to single facilities, and backstop LPs buy positions from investors who want out. Permissioned, KYC required, launching in Q4 2026. Raised a $2M pre-seed led by Maven 11.

5/ Raflux (Collectibles)

A platform for real-world collectibles, mostly trading cards: rip "Super Gacha" packs online, with the randomness of every pull verified onchain via MagicBlock VRF. Timely, as Coinbase just teased ripping packs on your phone backed by physical cards.

6/ ParlayX (Prediction Market Infra)

Prediction markets are built for one person on one account. ParlayX lets hedge funds, market makers and sportsbooks trade them as a team: separate books of capital per strategy, per-trader permissions, and one screen for Polymarket, Kalshi, Limitless and Predict.fun. Non-custodial. Closed a $1.25M pre-seed led by Dreamcraft Ventures in September.

7/ Tacticalls (Social Options)

A social app for options trading on Derive: trade in one tap, follow top traders, and copy their positions. You can also hedge your wallet positions in one click. Went live on September 24.

8/ Kurate (Euro Credit)

Euros are less than 1% of stablecoin supply, and there is almost no credit market for them. Kurate runs curated lending markets for EURC on Solana, including borrowing EURC against yield-bearing collateral like syrupUSDC and JitoSOL. Live since September 24 with low deposit caps for now, and building in the Colosseum hackathon.

9/ Intercepta (Onchain Compliance)

Real-time sanctions screening, risk monitoring and fund-flow tracing across 17+ networks, from Ethereum to Canton. Built by PixelPlex and already integrated into Canton's CC View explorer and Console Wallet, according to the Canton Foundation.

The pattern this week: things that were never liquid are getting a market. People, internet trends, private company shares, private credit and trading cards are all turning into positions you can enter and exit, while the tooling around them grows up: team desks for prediction markets, copy trading for options, euro credit and real-time compliance. These are early-stage projects, several pre-token or pre-launch, so higher upside comes with higher risk. Do your own research, nothing here is financial advice.

Which one are you watching?

Robinhood unveiled in-app AI agents at HOOD Summit. Users pick a model, fund a dedicated account and let the agent research and trade stocks, options and crypto.

Trades need manual approval by default, and agents can only touch funds in their own account. Loops, coming soon, will run standing strategies around the clock. Over 150,000 users have opened agentic accounts since May.

Perps on BTC, ETH, SOL, HYPE and more arrive via Bitstamp in the coming months, with up to 10x on BTC and ETH. Weekend stock trading follows early next year.

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Concrete unveiled its CT token today with a fixed 1B supply. Binance Alpha opens trading first at 08:00 UTC, with OKX and KuCoin spot at 10:00 UTC.

Coinbase has also added CT: deposit addresses are live, and deposits open once Concrete unlocks transfers. Binance Alpha users with 223+ Alpha Points can claim a 200 CT airdrop.

CT governs the Concrete vault platform, which holds over $1.2B in deposits from 54,000+ users. Supply split: 35% ecosystem, 28% investors, 22% team, 15% foundation.

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Bitwise launched a spot NEAR ETF, the first in the US. It trades on NYSE Arca under the ticker NRR with a 0.75% management fee.

Bitwise will stake the fund's NEAR in-house, aiming for NEAR's ~5% average staking rewards. It already runs a NEAR staking ETP in Europe. "NEAR sits at the intersection of two of the biggest trends in technology: AI and crypto," said Bitwise CIO Matt Hougan.

Bitwise pitches NEAR as settlement rails for AI agents: its NEAR Intents protocol has processed over $32B in volume, up from under $1B a year ago.

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World Assets sold $49M of WLD through a series of OTC deals over the past month, the World Foundation said.

Every sale carries a 1-year lockup. Some deals have already settled, and the rest of the WLD will be delivered and settled this week. Buyers and the sale price were not disclosed.

It is not the first such raise: the foundation sold $65M in WLD in March and raised $135M from a16z and Bain Capital Crypto in May 2025.

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September 2026 saw 13 hacks over $500K, totaling about $738M lost.

Two breaches made up 96% of it: Bitget's $387M hot wallet key compromise on the 24th and Liquid Network's $320M unbacked cross-chain mint on the 6th.

15 tokens launched this quarter carry about $4.46B in combined FDV. DGrid (DGAI) leads at $1.00B, up from $749M in late August, with MarsCat ($775M) a distant second.

Everything else sits below $365M, and 11 of the 15 are valued between $113M and $228M. Data from CryptoRank, tokenized stocks excluded.

Blockchain.com is targeting a $500M IPO this year at a $4B to $6B valuation, well below its $14B peak in 2022, Bloomberg reports.

The company filed confidentially with the SEC in May and could raise less than $500M if that helps complete the listing. It declined to comment. Recent crypto listings like Gemini, BitGo and eToro still trade roughly 50% to 80% below their post-IPO highs.

Last week Blockchain.com signed an MOU with NYSE to offer tokenized US stocks to its 44M+ accounts.

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