Papertrade Open Interest Falls 60% in 12 Hours to $1.3 Billion

Papertrade’s open interest dropped about 60% in 12 hours to $1.3 billion, marking a sharp cooling in activity at the HyperEVM-based synthetic perpetuals protocol.

Open positions had totaled $3.3 billion 12 hours earlier. Collateral backing all active positions fell about 30% over the same period to $14.34 million.

Papertrade recorded more than $678 billion in nominal trading volume during its first 24 hours after launching. Its total value locked stood at $77.8 million.

The protocol operates fully on-chain and uses the midpoint of Hyperliquid’s best bid and offer for pricing. Users trade directly against the protocol’s liquidity providers rather than through a traditional order book. Papertrade promotes high leverage, zero slippage and no funding fees.