Papertrade opens pre-deposits, official trading expected to launch on October 10.

Synthetic perpetual protocol Papertrade, built on HyperEVM, officially announced its pre-deposit feature is now live. Users can complete deposits and account creation within the next two days. The official noted that account creation and deposits will be significantly restricted once trading launches; depositing early helps avoid opening congestion, though there are no additional benefits for depositing during the pre-deposit period. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It fetches prices from the Best Bid/Offer (BBO) mid-price of Hyperliquid’s order book, allowing users to trade directly against the protocol’s liquidity providers (LPs) instead of relying on traditional order book matching. The protocol’s key features include high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or venture capital (VC) allocations. The only source of token minting is user losses or liquidations. During the initial launch phase, the token cannot be freely transferred and is primarily used for staking. Per the official timeline, full trading will begin approximately one hour after the expected HyperEVM network upgrade on October 10. The exact time will be announced via Hyperliquid’s Discord. During the opening phase, trading must be conducted through the official website frontend and whitelist relays; direct contract interactions will be opened once congestion eases. For more related reading, see: "Hyperliquid Is Getting Its Own Layer 2: Key Details You Need to Know".