Papertrade Launches After Deposits Rise to $137M

Papertrade, an on-chain synthetic perpetuals platform on HyperEVM, has launched after its pre-deposit period drew $137 million from 11,473 addresses, up from more than $90 million across 7,280 addresses reported earlier. Deposits were scheduled to pause at 13:45 UTC+8 on 10 October, ahead of trading expected to begin at 22:00 UTC+8. Papertrade said account creation and deposits would receive lower priority once trading began. The platform references the midpoint of Hyperliquid’s best bid and offer prices and lets users trade against protocol liquidity providers rather than a conventional order book. Papertrade promotes high leverage, zero slippage and no funding rates, but these features do not eliminate liquidation or other trading risks. The PAPER token launched with no initial supply or stated presale, team or venture capital allocation. The project says tokens can be minted only from user losses or liquidations; PAPER is initially non-transferable and intended mainly for staking. The larger deposit total signals growing early interest in Papertrade, but does not confirm sustained trading volume, token demand or long-term viability.