PAPER contract surges upon launch, once hitting $0.035.

BlockBeats news, October 18 - Papertrade (PAPER) perpetual contracts have been listed on the Hyperliquid HIP-3 market for 2 hours, with the token price rising steadily, reaching a high of $0.035 and currently trading at $0.028.

According to Paperdash data, PAPER's current total supply is approximately 8.55 billion tokens, of which about 8.48 billion have been staked. At the current price of $0.028, the corresponding fully diluted market capitalization is approximately $239 million. Currently, the token cannot be freely transferred and can only be staked to earn protocol USDC yields, with approximately $52.14 million cumulatively distributed to stakers.

Papertrade is an on-chain synthetic perpetual contract trading platform deployed on HyperEVM, offering leverage of up to 1000x. Its token PAPER is minted through users' realized trading losses, with no pre-mining, team, or venture capital allocation.