Paper trade unwound positions drop 60% in 12 hours to $1.3B

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According to Altcoins to Watch reports, Papertrade’s unwound positions dropped 60% in 12 hours to $1.3 billion. The platform, live for 24 hours, recorded $67.8 trillion in notional volume and $77.8 million in TVL. Margin declined 30% to $14.34 million. Built on Hyper EVM, it utilizes Hyperliquid’s BBO mid-price and offers high leverage with no slippage or fees. The PAPER token has no pre-mine and is minted through user losses. Movements in the Fear and Greed Index may influence such rapid liquidation trends.

Odaily Planet Daily reports: Since Papertrade went live at 22:00 Beijing time yesterday, it has been exactly 24 hours, with a cumulative notional trading volume exceeding $67.8 billion and a TVL of $77.8 million. Open interest stands at $1.3 billion, a roughly 60% decrease from $3.3 billion 12 hours ago; the total margin required for all current positions is $14.34 million, down approximately 30% from $20.29 million 12 hours ago.

Papertrade is built on Hyper EVM, fetching price data from the Hyperliquid order book BBO midpoint. Users trade directly against the protocol’s liquidity providers, enjoying high leverage, zero slippage, and no funding rates. Its native token, PAPER, has an initial supply of zero, with no pre-mine or allocations for the team or VCs; the only source of minting is user losses or liquidations. Upon launch, PAPER cannot be freely transferred and is primarily intended for staking.

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