papertrade

According to DefiLlama data, Papertrade's revenue in the past 7 days reached 36.31 million USD, ranking third in total protocol revenue, only behind Tether and Circle, and higher than Pump.fun's 16.06 million USD and Hyperliquid's 14.56 million USD.

According to Lookonchain monitoring, a certain trader has accumulated a loss of 637,000 USD in Papertrade, with a cumulative nominal trading volume of 2.84 billion USD. Their trading losses amount to 1.71 million USD, and they have received 136 million PAPER tokens.In addition, the trader earned a reward of 1.07 million USD in USDC through staking, of which 943,000 USD has been claimed, and 130,000 USD remains unclaimed. In total, their net loss is 637,000 USD.

Trader Maji (Huang Licheng) posted on X to comment on the perpetual contract protocol Papertrade. He stated that Papertrade is profitable, there are no useless points, users can immediately receive PAPER tokens, and by staking, they can earn fees. There is currently no reason to use any other perpetual contract protocol.

According to DefiLlama data, Papertrade's revenue in the last 24 hours has risen to 4.02 million USD, currently ranking third in total protocol revenue, above Pump's 2.11 million USD and Hyperliquid's 1.7 million USD.

Papertrade's official response to the allegations of price manipulation and the existence of obvious loopholes in the protocol states: It has never been possible for small orders to have the same priority as large orders. If this were done, the front end would suffer from congestion due to junk trading, and the consequences would be much worse than the existing queuing mechanism.Under these constraints, we have designed the fair launch to be as inclusive as possible.Last night, the attempts to manipulate BTC/ETH on Hyperliquid BBO were not due to flaws in the mechanism that took six months to design. These situations had already been considered; it was only because the position limits were set very loosely in the early stages to cope with congestion that such occurrences were possible. If position limits were set during peak demand for launching, it would only exacerbate the slow experience, and the queuing mechanism itself, due to the uncertainty of opening/closing confirmation times, naturally provides protection against manipulation.As congestion eases, we have begun to tighten position limits on-chain and at the relay level. In such a system, manipulation attacks are always possible— the key is whether the attempt is economically viable. The official goal is to set parameters to a point where it is almost never profitable; even if successful, the tail risk is extremely high, and the expected value is negative.

Crypto trader Rune stated on platform X that the official documentation of PaperTrade has disclosed a "vulnerability" risk in the pricing mechanism at the protocol level. According to the screenshots of the displayed documentation, attackers can manipulate prices using the Best Bid and Offer (BBO) from the Hyperliquid order book. This risk involves unresolved price manipulation pathways, contract economic mechanisms, risk exposure control, as well as operational protective measures and permission management mechanisms.In addition, Rune also forwarded a tweet from community user boblob, which revealed that two wallets are suspected of actively exploiting "attacks" on the PaperTrade platform, causing a slight fluctuation of about 10-20 basis points in the ETH price on the Hyperliquid platform through trades totaling approximately 20 million dollars. Boblob further added that there are obvious issues with the current PaperTrade protocol that need to be fixed as soon as possible, or it may affect the long-term sustainability of the protocol.

According to official website data, since the launch of the synthetic perpetual protocol Papertrade based on HyperEVM at 22:00 Beijing time yesterday, the platform has accumulated a nominal trading volume of over 57.3 billion USD, with open contract positions reaching 3.322 billion USD, and the total margin amount corresponding to all existing positions is 20.29 million USD.Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, with price readings from the Hyperliquid order book BBO mid-price. Users interact directly with the protocol's liquidity providers as counterparties, rather than through traditional order book matching. The protocol emphasizes high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mining, team, or VC shares; the only source of minting is user losses or liquidations. Initially, the token cannot be freely transferred and is primarily used for staking.

According to official website information, the fully on-chain synthetic perpetual trading platform Papertrade deployed on HyperEVM went live for 1 hour, with a cumulative nominal trading volume exceeding 80 billion USD. Data shows that the cumulative trading losses of platform users reached 4.73 million USD.According to official documentation, the issuance model of the Papertrade token PAPER is such that for every 1 USD lost by platform users, the protocol mints a certain amount of PAPER according to a curve. When the LP balance is below 2 million USD, the minting ratio is fixed at 100 PAPER for every 1 USD lost; currently, due to the LP scale exceeding 2 million USD, PAPER emissions have entered a decay mode.Papertrade reads prices from the Hyperliquid order book BBO mid-price, with users directly trading against the protocol LP as the counterparty, rather than through traditional order book matching. The protocol supports high leverage, zero slippage, and no funding rates.

According to official information, the synthetic perpetual protocol Papertrade based on HyperEVM has officially launched. Its pre-deposit has been closed, with 11,465 addresses depositing 138 million dollars.Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, with prices sourced from the Hyperliquid order book BBO mid-price. Users interact directly with the protocol's LP as counterparties, without using traditional order book matching, focusing on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mining, team, or VC shares; the only minting source is user losses or liquidations. At the initial launch, PAPER cannot be freely transferred and is primarily used for staking.

HyperEVM perpetual contract exchange Papertrade is scheduled to open trading at 10 AM Eastern Time on October 10. According to DefiLlama data, it has accumulated approximately $85.3 million in deposits before its launch. The platform supports up to 1000x leverage, and traders do not match with counterparties but trade directly with the protocol's own liquidity pool. Papertrade stated in the announcement that website trading will start after the HyperEVM upgrade is completed, and deposits will be paused at 9:45 AM to prioritize trading; users need to deposit in advance to participate in the launch.The contracts on Papertrade use the midpoint of Hyperliquid's optimal buy and sell prices as the opening and closing price, with positions being synthetic trades against its liquidity pool, and there are no corresponding perpetual contracts on Hyperliquid. This design eliminates funding rates and reduces profits from closing positions through asymmetric impact discounts instead of charging fees based on position size. When the liquidity pool cannot cover profitable trades, unpaid profits will convert to queued debt, filled by subsequent traders' losses. Its PAPER token grants losing traders the right to claim related earnings from the liquidity pool, with an initial supply of zero, minted from realized losses, with no team or venture capital shares.In the initial phase of the launch, Papertrade will only open trading through the frontend and approved trading relays, and direct access to public contracts will not be supported. Platform administrators can pause new positions, freeze the market, and adjust fee parameters, with a 7-day time lock for contract upgrades. Initially, the PAPER token will only support staking and unstaking, and wallet-to-wallet transfers will not be supported;

The perpetual contract trading platform based on Hyperliquid technology, papertrade.xyz, announced that it will officially launch on October 10, 2026.