PAPER perpetual contracts generated over $12.9 million in trading volume within 11 hours of launch, with open interest reaching $4.58 million.
Papertrade (PAPER) perpetual contract has been listed on Hyperliquid’s HIP-3 market for 11 hours, hitting a peak of $0.035 and currently trading at $0.025. Over this period, the contract’s trading volume surpassed $12.9 million, with open interest totaling $4.58 million. The contract has generated over $6,000 in fee revenue for Paragon, the deployer of HIP-3, representing more than 5% of Paragon’s total income. According to Paperdash data, PAPER’s current total supply is roughly 8.65 billion tokens, of which approximately 8.58 billion are staked. At the current price of ~$0.025, its fully diluted market cap stands at around $212 million. The token remains non-transferable; it can only be staked to earn protocol USDC yields, with a total of ~$54.02 million distributed to stakers so far. Papertrade is an on-chain synthetic perpetual contract trading platform built on HyperEVM, offering up to 1000x leverage. Its PAPER token is minted from users’ realized trading losses, with no pre-mining, team or venture capital allocations.
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Lending protocol Secured Finance has completed its recovery.
Lending protocol Secured Finance announced it has completed its recovery and reopened on Ethereum, Arbitrum, and Filecoin. The project’s officials stated that no user funds were lost, assets have been replenished, and contracts, balances, positions, and order books have all been repaired and verified. The Secured Finance lending market was targeted in an attack on September 5, resulting in losses of approximately $104,000.
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Ledger's security statement is under scrutiny: Customer support claims it can detect additional hardware, conflicting with official documentation.
Former Mt. Gox CEO Mark Karpelès has published a post questioning Ledger Support’s earlier statements. Ledger’s customer service had previously claimed that its secure element can detect physical tampering, and that any additional hardware attempting to intercept signals would fail the authenticity check. Karpelès pointed out that Ledger’s own technical documentation states that if the original secure element remains intact, the authenticity check cannot detect unauthorized physical modifications such as spy implants, directly contradicting the customer service’s assertion. Mark Karpelès also noted that less than two months later, reports emerged showing over $90 million was stolen via signal interception by such “additional hardware”. Additionally, Ledger had already released photos of spy implants for multiple device models in an academic paper published in March 2026. Against the backdrop of known threats, does Ledger’s assurance to users that the authenticity check can detect such modifications constitute misleading advertising?
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Viewpoint: Analyst sentiment indicates HYPE is the most bullish crypto asset currently.
CryptoQuant founder and CEO Ki Young Ju stated in a post that, based on analyst sentiment metrics, the most bullish crypto asset currently is Hyperliquid’s HYPE token. HYPE’s bullish deviation from analyst sentiment stands at around 2.3 standard deviations, ranking first among the listed mainstream assets. Its primary bullish driver is fee-driven buybacks boosting its price, with no dominant bearish consensus observed. Per analyst sentiment, the tokens next most bullish after HYPE are BNB, SOL, Bitcoin, ADA, XRP, Ethereum, and UNI in that order. For context, BNB’s bullish thesis centers on expansion in real-world payments and tokenized asset adoption; Bitcoin and Ethereum’s bearish factors respectively include inflation and correction signals, plus ETF outflows and inflows to trading platforms.
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CZ: The Japanese edition of "Freedom of Money" is released today, with all proceeds to be donated.
Binance founder CZ announced in a post that the Japanese edition of his autobiography *Freedom of Money* is released today, with more language editions set to roll out soon, and all proceeds will be donated to charity.
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