Papertrade has officially launched, with 11,473 addresses depositing $137 million.

On October 10, the synthetic perpetual protocol Papertrade, built on HyperEVM, officially launched per its official website. Pre-deposits are now closed, with 11,473 addresses having deposited $137 million.

Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. Prices are derived from the mid-market price of the Hyperliquid orderbook BBO, with users trading directly against the protocol’s liquidity providers rather than a traditional orderbook matching system. It emphasizes high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-minting, team allocations, or VC shares; its sole minting source is user losses or liquidations. During the initial launch phase, PAPER is non-transferable and primarily used for staking.