Papertrade Launches HyperEVM Perpetuals After $138 Million Deposits

Papertrade launched its HyperEVM-based synthetic perpetuals platform after 11,465 addresses deposited $138 million, marking the end of its predeposit phase.

The fully on-chain venue uses the midpoint of Hyperliquid’s best bid and offer for pricing. Traders take positions directly against the protocol’s liquidity providers rather than through a traditional order book.

Papertrade promotes high leverage, zero slippage and no funding fees as core features of the platform. The protocol’s predeposit period is now closed following the launch on Oct. 10.

Its native PAPER token began with a supply of zero and has no premine, team allocation or venture capital allocation. The only stated source of new tokens is user losses or liquidations. Transfers are restricted during the initial launch period, with the token primarily intended for staking.