Papertrade Launches with 11,465 Addresses Depositing $138 Million

The synthetic perpetual protocol Papertrade based on HyperEVM has officially launched, with deposits now closed and 11,465 addresses having deposited $138 million. Papertrade is a fully on-chain synthetic perpetual trading platform that reads prices from the Hyperliquid order book BBO mid-price, allowing users to trade directly against the protocol's LP as counterparties. It features 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 allocations; the only source of minting is user losses or liquidations. In the early stages of the launch, the token cannot be freely transferred and is primarily used for staking.

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