A levitated nanomechanical oscillator under ultrahigh vacuum is highly isolated from its environment. It has been predicted that this isolation leads to very low mechanical dissipation rates. However, a gap persists between predictions and experimental data. Here, we levitate a silica nanoparticle in a linear Paul trap at room temperature, at pressures as low as 7×10^{-11} mbar. We measure a dissipation rate of 2π×69(22) nHz, corresponding to a quality factor exceeding 10^{10}, more than 2 orders of magnitude higher than previously shown. A study of the pressure dependence of the particle's damping and heating rates provides insight into the relevant dissipation mechanisms.