Perpetual DEX Papertrade: Notional Volume Exceeds $80B, Users Incur $4.73M in Losses to Farm PAPER Tokens

According to official information, Papertrade, a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, recorded cumulative notional trading volume exceeding $80 billion within one hour of its launch. Data shows that platform users have accumulated trading losses of $4.73 million. Per official documentation, the issuance model for Papertrade's PAPER token is that for every $1 loss incurred by users, the protocol mints a certain amount of PAPER based on a curve. When LP balances fall below $2 million, the minting ratio is fixed at 100 PAPER per $1 loss; currently, as LP size exceeds $2 million, PAPER emissions have entered a decay mode. Papertrade reads prices from the Hyperliquid order book BBO mid-price, with users trading directly against the protocol's LP as the counterparty, rather than through traditional order book matching. The protocol supports high leverage, zero slippage, and no funding rates.