Papertrade: what it is, when it was expected to launch, and how trading works.

Papertrade: what it is, when it was expected to launch, and how trading works

Papertrade is a fully onchain synthetic perpetuals exchange on HyperEVM. Its team expected frontend trading to begin at 14:00 UTC on 10 October 2026, after the scheduled network upgrade. The announcement also set out launch limits and fees, but the available evidence does not confirm that trading actually opened at that time. Project announcement

Launch conditions

Deposits were due to pause at 13:45 UTC so trading transactions could take priority. Users needed to predeposit to participate at launch. The team warned of congestion and potentially long confirmation waits, especially for smaller trades. Transactions go through the frontend relayer, which prioritizes submissions. Project announcement

Trading limits and fees

Each position has a maximum notional size of 10 million, with no limit on how many such positions a user can hold. Open-interest headroom at launch is 1 billion per market and side. Papertrade uses Rollbit’s asymmetric PnL fee curve; the published parameters include a base rate of 0.1, rate multiplier of 15,000, rate exponent of 1, reference notional of 100,000 × 1 million, position multipliers of 814.598 BTC and 483.979 ETH, and a profit deadman of 0.2 basis points. Project announcement

Mechanics

The earlier launch details describe trades as atomic opens and closes without an orderbook, with trading against Papertrade’s pool. The team said the relayer weights submissions by transaction type and notional value, with liquidations prioritized above opens; those weights may change. Launch details

The sources do not name the actual opening time or establish that live trading began.