Papertrade trading frenzy begins to recede, open interest positions drop to $1.3 billion, a roughly 60% decrease in 12 hours.

BlockBeats news, October 11 - According to official website data, Papertrade, a synthetic perpetual protocol based on HyperEVM, has been live for 24 hours since 22:00 Beijing time yesterday. The platform's cumulative notional trading volume has exceeded $678 billion, TVL currently stands at $77.8 million, and open interest positions reached $1.3 billion, a sharp decrease of approximately 60% from $3.3 billion 12 hours ago; the margin amount corresponding to all existing positions is $14.34 million, a sharp decrease of approximately 30% from $20.29 million 12 hours ago.

Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, reading the BBO mid-price from the Hyperliquid order book. Users directly trade against the protocol LP as 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 early stages after launch, the token is not freely transferable and is primarily used for staking.