ChainCatcher report: According to official data, since its launch at 22:00 Beijing time yesterday, Papertrade, a fully on-chain synthetic perpetuals protocol built on HyperEVM, has recorded a cumulative notional trading volume exceeding $573 billion, with open interest reaching $3.322 billion and total margin locked across all open positions amounting to $20.29 million. Papertrade is a fully on-chain synthetic perpetuals platform deployed on HyperEVM, sourcing price feeds from the BBO mid-price of Hyperliquid’s order book. Users trade directly against the protocol’s liquidity providers rather than through a traditional order book. 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 cannot be freely transferred and are primarily intended for staking.
Paper trading total notional volume exceeds $573 billion, open position value reaches $3.32 billion
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Summary
Papertrade’s total notional trading volume has exceeded $573 billion, with open interest reaching $3.32 billion. The protocol, launched on HyperEVM, utilizes Hyperliquid’s BBO mid-price and enables direct trading against protocol liquidity providers. Key features include high leverage, zero slippage, and no funding fees. The PAPER token has no pre-mine or team allocation and is minted solely from user losses or liquidations. Transfers are restricted during the early phase and are primarily used for staking.
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