Papertrade's cumulative nominal trading volume exceeds 573 billion USD, with open contract positions reaching 3.3 billion USD

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. During the initial launch phase, the token cannot be freely transferred and is mainly used for staking.