Papertrade, a synthetic perpetuals exchange on HyperEVM, launched on October 10, 2026. Shortly after opening, the platform recorded $10.3 million in rewards for holders of its native PAPER token. These rewards are funded directly from trader losses within the protocol.
The platform utilizes a shared liquidity pool in USDC. New PAPER tokens are minted exclusively through trading losses, with an initial issuance rate of 100 PAPER per $1 lost while the pool remains below $2 million. Stakers receive 1% of trading profit and loss, plus all pool gains exceeding a $5 million threshold.
Prior to launch, 11,473 addresses deposited a total of $137 million. Within minutes of opening, notional trading volume reached $14.4 billion, with Bitcoin open interest hitting $3 billion. The exchange offers leverage up to 1,000x for Bitcoin and Ethereum trades.
The platform operates without an order book, slippage, or funding rates. To manage risk, individual trades are capped at $10 million. Early data indicates that 94% of the circulating PAPER supply is currently staked.
Founded by anonymous traders Jez and Blurr, the project followed a fair-launch model. There was no pre-mine or airdrop, and neither the founders nor venture capital investors received an initial allocation of tokens.
