Papertrade is expected to launch at 22:00 tonight, with pre-deposits exceeding $90 million and over 7,000 addresses participating.

BlockBeats news, October 10 - According to an official announcement, Papertrade, a synthetic perpetual protocol based on HyperEVM, is expected to officially launch and open for trading tonight at 22:00. Deposits will be paused at 13:45 UTC, fifteen minutes before launch, to ensure that trades receive the highest priority during the launch process.

According to information on the official website, the protocol's pre-deposits have exceeded $90 million, with 7,280 addresses currently participating. The official team opened pre-deposits on the 9th and stated that after trading begins, account creation and deposits will be significantly deprioritized. Depositing early helps avoid congestion at market open, but there is no additional 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 BBO midpoint of the Hyperliquid order book, and users trade directly against the protocol LP as the counterparty rather than going through traditional order book matching. The protocol 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 initial launch phase, the token cannot be freely transferred and is primarily used for staking.