Papertrade is scheduled to launch at 22:00 tonight, with pre-deposits exceeding $90 million and over 7,000 addresses having participated.

According to an official announcement, HyperEVM-based synthetic perpetual protocol Papertrade is set to officially launch trading at 22:00 tonight. Deposits will be suspended at 13:45 UTC, 15 minutes before launch, to ensure transactions receive top priority during the rollout. Per the protocol’s official website, pre-deposits have exceeded $90 million, with 7,280 addresses participating. The team opened pre-deposits on the 9th, noting that account creation and deposits will be significantly throttled once trading goes live. Pre-depositing helps avoid launch congestion, though there are no additional perks for early deposits during the pre-deposit window. Papertrade is a fully on-chain synthetic perpetual trading platform built on HyperEVM. It pulls prices from the BBO mid-price of Hyperliquid’s order book, with users trading directly against the protocol’s liquidity providers (LPs) rather than relying on traditional order book matching. 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 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.