Papertrade's cumulative notional trading volume exceeds $573 billion, with open interest positions reaching $3.3 billion.

BlockBeats news, October 11, according to official website data, the synthetic perpetual protocol Papertrade based on HyperEVM has accumulated a nominal trading volume of over $573 billion since its launch at 22:00 Beijing time yesterday, with open interest positions reaching $3.322 billion, and the margin amount corresponding to all existing positions is $20.29 million.

Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, with prices read from the BBO midpoint of 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-mining, team, or VC allocations, and 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.