Huo Xing Cai Jing reports that, as of October 11, according to official data, Papertrade, a fully on-chain synthetic perpetual trading protocol deployed on HyperEVM, has generated a cumulative notional trading volume exceeding $573 billion since its launch at 22:00 Beijing Time yesterday. Open interest has reached $3.322 billion, with total margin collateral for all open positions amounting to $20.29 million. Papertrade retrieves price feeds from the BBO mid-price of Hyperliquid’s order book and matches users directly against protocol liquidity providers, bypassing 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-mine, team, or VC allocations; the only source of token minting is user losses or liquidations. During the initial launch phase, PAPER tokens are non-transferable and primarily intended for staking.
Paper trading notional volume exceeds $573 billion, open position value reaches $3.32 billion
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Summary
As of October 11, 2026, Papertrade’s trading volume has surpassed $573 billion, with open position value reaching $3.32 billion. Total margin across all positions stands at $20.29 million. Built on HyperEVM, the protocol uses Hyperliquid’s BBO mid-price and trades directly with liquidity providers, not order books. Key features include high leverage, zero slippage, and no funding fees. The PAPER token begins with zero supply and is minted through user losses; early staking is its primary use.
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