Papertrade, a perpetual futures exchange built on HyperEVM, is scheduled to open trading at 10:00 a.m. Eastern Time on Oct. 10, according to a ChainCatcher report. Data from DefiLlama shows the platform had accumulated about $85.3 million in deposits before launch. The exchange says it will offer leverage of up to 1000x, with traders taking positions directly against the protocol’s own liquidity pool rather than matching with counterparties.
In its announcement, Papertrade said web trading will go live after HyperEVM completes an upgrade, and deposits will be paused at 9:45 a.m. ET to prioritize the trading launch. Users must deposit in advance to take part at launch. The platform prices entries and exits using the midpoint of Hyperliquid’s best bid and ask, while positions are structured as synthetic trades against its pool, with no corresponding perpetual contract listed on Hyperliquid.
Papertrade also said it removes funding rates and instead reduces gains on profitable exits through an asymmetric impact discount. If the pool cannot cover profitable trades, unpaid profits become queued debt to be filled by losses from later traders. Its PAPER token starts with zero supply, is minted from realized losses, carries no team or venture allocation, and at first will only support staking and unstaking, not wallet-to-wallet transfers.
Papertrade, a perpetual futures exchange on HyperEVM, plans to begin trading at 10:00 a.m. Eastern Time on Oct. 10, according to ChainCatcher. DefiLlama data shows the platform had accumulated about $85.3 million in deposits before going live.
The platform offers leverage of up to 1000x. Instead of matching traders with counterparties, it routes trades directly against the protocol’s own liquidity pool.
In its announcement, Papertrade said web trading will start after HyperEVM completes its upgrade. Deposits will be paused at 9:45 a.m. ET to prioritize the launch, and users need to fund accounts in advance to participate when trading opens.
Papertrade said its contracts use the midpoint of Hyperliquid’s best bid and ask as the entry and exit price. Positions are synthetic trades against its own pool, and there is no corresponding perpetual contract on Hyperliquid.
The design removes funding rates. Instead of charging fees based on position size, the protocol cuts returns on profitable exits through an asymmetric impact discount. If the pool cannot cover winning trades, unpaid profits are converted into queued debt, to be filled by losses from later traders.
The PAPER token gives losing traders a claim on revenue tied to the pool. Initial supply is zero, and tokens are minted from realized losses. The project said there is no team allocation and no venture capital allocation.
At launch, Papertrade will only allow trading through its frontend and approved trade relayers. Direct access to public contracts will not be available at first. Platform administrators can pause new positions, freeze markets, and adjust fee parameters. Contract upgrades are subject to a seven-day timelock. In the initial stage, PAPER will support staking and unstaking only, with no wallet-to-wallet transfers.
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