Papertrade opens pre-deposits, with official trading expected to launch on October 10.

BlockBeats news, October 9: Papertrade, a synthetic perpetual protocol based on HyperEVM, has officially announced that pre-deposits are now live. Users can complete deposits and account creation within the next two days. The official statement said that after trading opens, account creation and deposits will be significantly downweighted, and depositing early helps avoid opening congestion, but there is no extra advantage to depositing early during the pre-deposit period.

Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. Prices are read from the Hyperliquid order book BBO midpoint, and users directly take the protocol LP as their counterparty rather than going through traditional order book matching. The protocol focuses on high leverage, zero slippage, and no funding fees. 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 initial launch period, the token cannot be freely transferred and is mainly used for staking.

According to the official timetable, formal trading will begin about one hour after the expected HyperEVM network upgrade is completed on October 10. The exact time will be subject to notification in the Hyperliquid Discord. During the opening phase, trading must be completed through the official website frontend and whitelisted relay, and direct contract interaction will be opened after congestion eases.

For more related reading, see "Hyperliquid Is About to Have a Layer2 Too, What Information Do You Need to Know?"