News linked to both this project and an event.
PaperTrade posted on X stating that trading volume in the first 6 hours after launch exceeded stock market trading volume; one day after launch, PaperTrade has become a trading platform supporting 1000x leverage, with liquidity pool (LP) size reaching $5 million and $25 million in rewards distributed to staking users.In response to community concerns about the fair launch mechanism and BTC/ETH market manipulation, PaperTrade stated that due to the need to prevent frontend congestion and spam request attacks, small orders cannot enjoy exactly the same priority as large orders, and the team has maximized fairness within these constraints. Some users exploiting the Hyperliquid BBO mechanism to manipulate BTC/ETH was not an oversight in mechanism design, but rather resulted from opening a higher OI cap during the initial launch period to alleviate queuing pressure. As traffic has declined, the team has begun tightening position limits at both the on-chain and relay levels to reduce the profit space for manipulation.PaperTrade added that no system can completely eliminate manipulation, and the goal is to make attacks nearly unprofitable through parameter adjustments, noting that in the relevant incidents, some users ultimately returned most of their profits to the platform due to persistent manipulation attempts.
According to the official website, Papertrade, a synthetic perpetual protocol built on HyperEVM, has officially launched. Its pre-deposit phase has closed, with 11,473 addresses depositing $137 million.Papertrade is a fully onchain synthetic perpetual trading platform deployed on HyperEVM. It reads the BBO midpoint price from the Hyperliquid order book, and users trade directly against the protocol's LP as the counterparty rather than through traditional order book matching. It focuses on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only minting source is user losses or liquidations. In the early stage after launch, PAPER is not freely transferable and is primarily used for staking.
Odaily reports: According to an official announcement, Papertrade, a synthetic perpetual protocol built on HyperEVM, is expected to launch for trading at 22:00 tonight, with deposits set to be paused at 13:45 UTC. As of now, the protocol's pre-deposits have exceeded $90 million, with a total of 7,280 addresses participating. Papertrade opened pre-deposits on the 9th, and once trading begins, the priority for account creation and deposits will be lowered.Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It reads the BBO mid-price from the Hyperliquid order book, and users trade directly against the protocol's LP as the counterparty, rather than using traditional order book matching. It features high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only source of minting is user losses or liquidations. In the initial launch phase, PAPER cannot be freely transferred and is primarily used for staking.
Odaily reports: Papertrade, a synthetic perpetual protocol built on HyperEVM, has announced that pre-deposits are now live, allowing users to complete deposits and account creation over the next two days. According to the team, once official trading begins, the priority for account creation and deposits will be significantly reduced. Depositing early helps avoid congestion at launch, though there is no additional advantage to depositing earlier during the pre-deposit period.Papertrade uses Hyperliquid's order book BBO mid-price, with users trading directly against the protocol's LP. It focuses on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only source of minting is user losses or liquidations. In the initial phase after launch, PAPER will not be freely transferable and will primarily be used for staking. According to the official timeline, official trading is expected to begin approximately one hour after the HyperEVM network upgrade is completed on October 10, with the exact time subject to announcements on the Hyperliquid Discord. During the opening phase, trading must be conducted through the official website frontend and whitelisted relayers, while direct contract interaction will be opened once congestion eases.