Papertrade's cumulative notional trading volume exceeds $1 trillion, with open interest positions at approximately $664 million.

October 14th, according to official website data, the cumulative notional trading volume of Papertrade, a synthetic perpetual protocol based on HyperEVM, has exceeded $1 trillion, with TVL currently reported at $61.8 million; open interest positions are approximately $664 million; the margin amount corresponding to all existing positions is about $13.28 million.

Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, with prices read from the Hyperliquid order book BBO midpoint. Users directly take the protocol LP as the counterparty, rather than going through traditional order book matching. The protocol focuses on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mining, team, or VC allocation. The only minting source is user losses or liquidations; in the early stage after launch, the token is not freely transferable and is mainly used for staking.