Papertrade Officially Launches, 11,465 Addresses Deposit $138 Million

According to official website information, Papertrade, a synthetic perpetual protocol based on HyperEVM, has officially launched. Its pre-deposit has been closed, with 11,465 addresses depositing $138 million.

Papertrade is an on-chain synthetic perpetual trading platform deployed on HyperEVM, pricing based on the BBO mid-price from the Hyperliquid order book. Users trade directly against the protocol's LP as the counterparty, without traditional order book matching, featuring high leverage, zero slippage, and no funding fees. The native token PAPER has an initial supply of zero, with no pre-mining, team, or VC allocations, and the sole minting source is user losses or liquidations; in the early stages post-launch, PAPER cannot be freely transferred and is primarily used for staking.