PAPER perpetual contract debuts with over $12.9 million in trading volume within 11 hours, open interest at $4.58 million.

BlockBeats news, October 19: Papertrade (PAPER) perpetual contracts have been live on the Hyperliquid HIP-3 market for 11 hours, reaching a high of $0.035 and currently trading at $0.025. The 11-hour contract trading volume exceeded $12.9 million, with open interest at $4.58 million. The contract has generated over $6,000 in fee revenue for HIP-3 deployer Paragon, accounting for more than 5% of its total revenue.

According to Paperdash data, PAPER's current total supply is approximately 8.65 billion tokens, of which about 8.58 billion have been staked. At the current price of approximately $0.025, the corresponding fully diluted market capitalization is approximately $212 million. The token is currently not freely transferable and can only be staked to earn protocol USDC yield, with approximately $54.02 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-mine, team, or venture capital allocation.