Papertrade is a HyperEVM onchain perpetuals exchange. Its pre-deposits opened October 8, 2026, ahead of expected live trading around the October 10 network upgrade. The linked posts report about $20 million and then $25 million in user deposits; the project says depositing earlier during the pre-deposit window gives no priority advantage. DefiPrime report · [Papertrade launch details](httpshttps://x.com/papertrade_xyz/status/2105735549822919150)

defiprimeOct 9, 2026, 14:35 UTC

How it works

The pool starts at $0, with no seed liquidity. Traders take synthetic positions against the pool; realized losses mint PAPER, while winners are paid from pool liquidity. If the pool cannot pay all profits, the unpaid amount enters a first-in, first-out queue. PAPER emissions are most generous while tracked LP is below $2 million, at 100 PAPER per $1 of eligible loss basis, then decline. DefiPrime report

Pre-deposits and launch

Papertrade said pre-deposits were open for two days to separate account setup and funding from launch trading congestion. It said live trading would start about an hour after the expected October 10 HyperEVM upgrade, with a possible delay into October 11. During phase one, trading was to go through the frontend and whitelisted relayers; deposits and account creation would be heavily deprioritized once trading began. Papertrade’s pre-deposit post

What the linked posts say

On October 9, @0xNairolf said about $20 million had already been pre-deposited by users seeking to be first in line, adding, “the apes gonna ape.” Post A Velo headline later reported $25 million in user deposits ahead of the October 10 launch. The headline was repeated by news accounts, while Velo’s linked page did not provide readable supporting detail in the available material. Velo headline

What remains uncertain

These posts report snapshots, not independently documented deposit totals, and the launch time was still tied to the network upgrade. Papertrade’s pre-deposit post

DefiPrime report « · » Papertrade pre-deposit post « · » Papertrade launch details « · » @0xNairolf post « · » Velo headline

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Case file

defiprime

Answered Oct 9, 2026, 14:35 UTC

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The page defiprime.com
The page velo.xyz
These independent reads check Papertrade's own launch announcements and current status, the linked post's context, the reported deposit totals, and the article's full mechanics. Earlier results establish the October 8 deposit opening, an expected launch after the October 10 upgrade, a zero-funded LP and a FIFO profit queue, but the article text was truncated and the Velo link did not load.
The available results establish the product’s planned zero-funded liquidity pool, FIFO handling of unpaid profits, pre-deposits opening on October 8, and expected live trading around the October 10 HyperEVM upgrade. These reads seek the current deposit figure, the project’s exact launch terms, and any accessible source behind the reported $25M figure.
The project's October 8 post confirms pre-deposits opened and says deposits during that window do not gain priority by being earlier; live trading was expected about an hour after the October 10 upgrade, with a possible slip to October 11. The linked $20M post is one author's snapshot and Velo's $25M headline is repeated by news accounts, so these reads seek project documentation and independent detail on product mechanics, launch terms, and deposit totals.
The earlier results establish the zero-funded pool, the FIFO queue for unpaid profits, and the project’s expected launch after the October 10 HyperEVM upgrade. These reads fill in the truncated product description and check the project’s launch terms against its own posts.
All requested parts are answered by the supplied DefiPrime report, Papertrade’s own launch posts, and the linked posts reporting the deposit totals.