Papertrade, a synthetic perpetuals protocol built on HyperEVM, has opened pre-deposits ahead of its expected trading launch on Oct. 10. Users have a two-day window to fund accounts and create trading profiles before the market goes live. The team said account creation and deposits will be heavily deprioritized once trading starts, so early setup is meant to help users avoid launch congestion. At the same time, it said depositing earlier during the pre-deposit window does not bring any extra advantage.
The protocol runs fully on-chain on HyperEVM and sources pricing from the mid-price of Hyperliquid’s BBO order book. Rather than matching traders through a traditional order book, Papertrade routes users against protocol LPs as counterparties. The project says its product focuses on high leverage, zero slippage and no funding rate.
Papertrade also outlined the design of its native token, PAPER. It said the token starts with zero initial supply, with no pre-mine and no allocation for the team or venture investors. New PAPER is minted only through user losses or liquidations. At launch, the token will not be freely transferable and is mainly intended for staking. According to the published timeline, trading is expected to begin about one hour after HyperEVM’s planned network upgrade on Oct. 10, with final timing to be announced through the Hyperliquid Discord.
According to BlockBeats, Papertrade, a synthetic perpetuals protocol built on HyperEVM, said on Oct. 9 that pre-deposits are now live. Users can complete deposits and create accounts over the next two days.
The team said account creation and deposits will be heavily deprioritized once trading opens. Funding accounts in advance is intended to help users avoid congestion at launch. It also said there is no additional advantage to depositing earlier within the pre-deposit period.
How the protocol is structured
Papertrade is an fully on-chain synthetic perpetuals trading platform deployed on HyperEVM. It reads prices from the mid-price of Hyperliquid’s BBO order book. Users trade directly against protocol LPs as counterparties instead of using traditional order-book matching.
According to the project, the protocol is built around high leverage, zero slippage and no funding rate.
PAPER token design
Papertrade said its native token, PAPER, starts with zero initial supply. There is no pre-mine and no allocation to the team or VCs. The only source of minting is user losses or liquidations. In the early stage after launch, PAPER will not be freely transferable and will mainly be used for staking.
Expected launch timing
Based on the project’s timeline, live trading is expected to start about one hour after HyperEVM’s planned network upgrade on Oct. 10. The exact time will be announced through the Hyperliquid Discord.
At launch, trading will need to go through the official frontend and whitelisted relayers. Direct contract interaction will open after congestion eases.
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