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Papertrade: what it is and when trading starts.

$Paper

Papertrade: what it is and when trading starts

Papertrade is a fully onchain synthetic perp exchange on Hyperliquid's HyperEVM with up to 1000x leverage. Pre-deposits opened on 8 Oct 2026, and live trading is planned for 10 Oct 2026, roughly one hour after the HyperEVM network upgrade. The exact time is not fixed.

What it is

The team announced it on 12 May 2026 as a fair-launched exchange built by @izebel_eth and @blurr, with 1000x leverage, 0 slippage, no funding costs and a self-bootstrapping LP. The launch details post says trades are atomic opens and closes with no orderbook. A news digest adds that every trade is a swap against the protocol's LP at Hyperliquid's order-book mid. It also reports BTC and ETH first, a $10M position cap, and a haircut on profitable closes to keep the LP solvent. The LP starts at $0 and grows from trader losses. Winners the LP cannot cover yet are paid later, as i_am_vickyd describes it.

The $PAPER token

Per OG_Branxi, the Telegram digest and Papertrade's own comments, there is no premint, team, VC or airdrop allocation. $PAPER is minted only from realized trader losses and liquidations. The digest gives 100 PAPER per $1 lost until the LP reaches $2M, with the rate falling as the LP grows. NPC_68's steeper curve (88 at $10M, 51 at $50M, 30 at $100M) is a third-party claim. The official posts do not confirm it. Staking $PAPER earns a share of LP revenue in USDC. Satovinci and DidiTrading say later deposits get deprioritized, so farming works best while the LP is small. That is their reading, not an official statement.

When trading goes live

  • 8 Oct 2026, 16:33 UTC: pre-deposits opened on papertrade.xyz. Trading is paused during this phase. The team says there is no advantage to depositing earlier within the two days.

  • 10 Oct 2026: live trading starts about one hour after the expected HyperEVM upgrade. The upgrade time is unknown in advance, and the official Hyperliquid Discord will post a heads-up. The team says there is a small chance the upgrade lands on the morning of 11 Oct.

  • Per DidiTrading, only BTC and ETH are tradeable at launch.

  • After launch, account creation and deposits are heavily deprioritized. Transactions go through the papertrade.xyz frontend via whitelisted relayers, with priority weighting by transaction type and size.

Caution

The team says the only official domain is papertrade.xyz, with no whitelist or airdrop, and that scam sites exist. The sources do not tie the Solana contract 8giP…pump to Papertrade. The project describes $PAPER as minted on its own system, so treat that Solana token as unverified. The sources do not give the exact go-live time.

Pre-deposit post · Launch details · Site · Docs · X account

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