Papertrade set an October 10 launch for its synthetic perps exchange on Hyperliquid. BTC and ETH go live first with up to 1000x leverage and a $10M position cap.

Every trade is a swap against the protocol's LP at Hyperliquid's order-book mid, so there is no slippage, spread or funding. The LP starts at $0 and grows only from traders' losses. To stay solvent, profitable closes take a haircut that scales with the price move. PAPER stakers earn a share of LP revenue in USDC.

PAPER has no team, VC or airdrop allocation: it mints only on losing trades and liquidations, 100 PAPER per $1 lost until the LP reaches $2M.

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