Papertrade has officially launched, with 11,465 addresses depositing $138 million.

BlockBeats news, October 10th, according to official website information, Papertrade, a synthetic perpetual protocol based on HyperEVM, has officially launched. Its pre-deposit has been closed, with 11,465 addresses depositing $138 million.

Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, reading the BBO midpoint price from the Hyperliquid order book. Users directly trade 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 is not freely transferable and is mainly used for staking.