The HyperEVM-based perpetual futures protocol Papertrade announced on October 19, 2026, that its native token, PAPER, will remain non-transferable. The team stated that enabling off-contract transfers could facilitate market manipulation, potentially threatening the protocol's solvency. No timeline for enabling transfers has been provided.
Launched on October 10, 2026, Papertrade offers synthetic perpetual futures on Bitcoin and Ethereum with leverage up to 1,000x. The PAPER token is minted exclusively for traders who realize losses or face liquidation. The initial issuance rate is 100 PAPER per $1 lost, which will decrease once the protocol's liquidity pool exceeds $2 million.
Although PAPER cannot be sold or moved to external wallets, holders can stake their tokens to receive distributions in USDC. Stakers earn a share of protocol fees and surplus gains exceeding a $5 million soft cap. Data indicates that between 94% and 98% of the circulating supply is currently staked.
As of mid-October 2026, the protocol reported over $1 trillion in notional trading volume and tens of millions of dollars in revenue. The project maintains a fair launch model with no pre-mine or allocations for the team and investors. Currently, PAPER functions as a claim on future revenue rather than a liquid asset.
