Papertrade Launches on HyperEVM, 11,465 Addresses Deposit $138M

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Papertrade has launched on HyperEVM, with on-chain data showing 11,465 addresses deposited $138 million before the pre-deposit phase concluded. The platform uses Hyperliquid’s BBO mid-price for pricing, enabling users to trade directly with protocol liquidity providers. It offers high leverage, zero slippage, and no funding fees. The native token, PAPER, has no initial supply or pre-mine and is minted exclusively from user losses or liquidations. On-chain analysis indicates that token transfers are initially restricted, with staking as the primary use case.

Huo Xing Cai Jing reports that on October 10, according to official website information, Papertrade, a fully on-chain synthetic perpetuals protocol built on HyperEVM, has officially launched. Its deposit phase has been closed, with 11,465 addresses depositing $138 million. Papertrade is a fully on-chain synthetic perpetuals trading platform deployed on HyperEVM, fetching price data from the Hyperliquid order book's BBO mid-price. Users trade directly against the protocol’s liquidity providers rather than through a traditional order book matching system. The protocol emphasizes high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocations; the only source of token minting is user losses or liquidations. During the initial launch phase, tokens cannot be freely transferred and are primarily used for staking.

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