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Papertrade to Go Live at 22:00 UTC Today; Predeposits Top $90M

AI Market Summary
Papertrade’s launch on HyperEVM with over $90M in predeposits and 7,280 addresses signals strong early user interest in onchain synthetic perps, but near-term market impact should be localized. Trading is against protocol liquidity providers (no order book), with claimed zero slippage and no funding. PAPER’s zero initial supply and minting only via user losses/liquidations may shape incentives, though transfer restrictions limit immediate token circulation.
Impact level
● Low
Affected assets
BTC/USDT-0.37%
AI Insight · BTC/USDTAI Insight
● Neutral
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⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
Huo Xing Cai Jing reports that Papertrade, a synthetic perpetuals protocol built on HyperEVM, will officially go live and open for trading at 22:00 UTC on October 10, according to an announcement. Deposits will be paused at 13:45 UTC, 15 minutes before launch, as the team prioritizes trading stability during the go-live window. Figures on the project's website show predeposits exceeding $90 million from 7,280 unique addresses. Predeposits opened on September 9. The team said account creation and deposits will be significantly deprioritized after trading begins, and encouraged users to deposit ahead of time to avoid launch-day congestion, while noting that depositing earlier within the predeposit period offers no additional advantages. Papertrade is a fully onchain synthetic perpetual trading venue deployed on HyperEVM. It sources pricing from the Hyperliquid order book's BBO midprice. Trades are executed directly against the protocol's liquidity providers rather than via a traditional order book. The protocol highlights high leverage, zero slippage, and no funding rates. The native token, PAPER, launches with an initial supply of zero and carries no premine, team allocation, or VC allocation. The only way PAPER is minted is through user losses or liquidations. At launch, PAPER will not be freely transferable and is primarily intended for staking.
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