PAPER can't be moved between wallets yet, but traders can already bet on its price. Paragon listed PAPER on Hyperliquid as a pre-launch perp with up to 3x leverage.

It opened at $0.012 and hit $0.035 within a few hours. Nearly $6M changed hands on the first day.

PAPER is the token of Papertrade, the 1000x perps DEX that went live on October 10. It is minted only when traders lose money and can be staked for a share of fees. About 7.3B PAPER existed as of October 14.

Once PAPER becomes transferable, the contract converts into a regular perp. Until then, it trades on isolated margin only.

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