POPA ReconPapertrade and its predeposit, which opened on 8 October 2026
Papertrade is a fair-launched, fully onchain perpetuals exchange on Hyperliquid's HyperEVM. Its team announced the predeposit as live on 8 Oct 2026, 16:33 UTC. Trading is not open yet. The forwarded posts match the official announcement.
What it is
The project's first announcement, 12 May 2026, describes it as built by @izebel_eth and @blurr, with 1000x leverage, 0 slippage, no funding costs and a self-bootstrapping LP. Trades are atomic opens and closes with no orderbook, according to the launch details post. Third-party explainers (Givenox, iamlequanghuong) say a realized loss mints $PAPER, which can be staked for a share of LP revenue. In the earlier forwarded post, NPC_68 gives a rate of 100 PAPER per $1 of loss while the LP is under $2M, falling to 30 at $100M. The official posts do not confirm those rates.
The predeposit
The official post says:
Deposits are open on papertrade.xyz for the next two days, so users can secure their place before launch congestion.
Once trading starts, account creation and deposits will be heavily deprioritized.
There is no advantage to depositing earlier during this period, so there is no need to rush.
The launch details post says trading is paused during this phase, and that this separates deposit and account-creation transactions from live trading.
Launch timing, 10 Oct
Live trading is planned to begin about one hour after the expected HyperEVM network upgrade on 10.10, per the predeposit post.
The exact upgrade time is not known beforehand. The official Hyperliquid Discord will post a heads-up.
There is a small historical chance the upgrade happens on the morning of the 11th.
At launch, every transaction must go through the papertrade.xyz frontend using whitelisted relayers. The contract is not open to direct calls in this phase.
Orders go through an intent system with priority weighting by transaction type and notional value. Liquidations rank above opens. The post says these weightings will change over time.
Caution
The project has said the only official domain is papertrade.xyz, and fake accounts and scam sites circulate. The forwarded links point to the exchange.papertrade.xyz subdomain, whose pages (/trade/btc and /leaderboard) show only a title and the description "Papertrade synthetic perpetuals". The project's own post links papertrade.xyz, so start there.
The sources do not establish the exact PAPER minting curve, because the docs page read gave no content. They also do not establish the actual launch time.