Papertrade Has Opened Deposits for New Platform
The synthetic perpetuals platform began account creation ahead of its October 10 launch.
Updated on Oct. 9, 2026 in Investing
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Papertrade has launched its predeposit window, allowing users to create accounts and prepare for the platform's upcoming entry into the market. The synthetic perpetuals platform is built on HyperEVM and utilizes liquidity from the Hyperliquid order book.
Why it matters
The platform introduces a unique model where the native PAPER token is minted only through user losses or liquidations, diverging from traditional token distribution methods. With no pre-mine or venture capital allocation, the project aims to establish a specific staking-focused ecosystem at launch.
The predeposit window spans a duration of 2 days, with trading scheduled to commence 1 hour following a planned HyperEVM network upgrade. The PAPER token will debut with an initial supply of zero and no pre-mine or venture capital allocation.
The players
Papertrade
Papertrade is a decentralized synthetic perpetuals platform deployed on the HyperEVM network.
Hyperliquid
Hyperliquid is a decentralized exchange that serves as the liquidity source for the Papertrade platform.
HyperEVM
HyperEVM is the blockchain network infrastructure hosting the new Papertrade protocol.
The details
Trading on the platform will route through a dedicated website interface and whitelisted relays, with direct contract interaction expected to follow once network congestion subsides. Users will trade against protocol liquidity providers, with pricing determined by the midpoint of the Hyperliquid order book.
Timeline
October 8, 2026: Papertrade opened deposits and account creation.
October 10, 2026: Trading launch begins one hour after a HyperEVM network upgrade.
Market Dynamics
This development marks an expansion of the Hyperliquid ecosystem by integrating its market data into a new synthetic derivatives protocol. The launch reflects a broader trend of leveraging established decentralized order books to bootstrap liquidity for novel trading platforms.
Retail participants can currently set up accounts and participate in the predeposit phase, though they should note the token's minting mechanism is tied to user liquidations. Potential stakers will have the opportunity to utilize the PAPER token to support the platform as soon as trading goes live.
The takeaway
The platform represents a novel approach to tokenomics by bypassing traditional venture capital rounds in favor of a loss-based minting strategy. Users should carefully monitor the network upgrade status on October 10 to ensure timely access to the trading interface.
What happens next
Trading is scheduled to commence on October 10, 2026, exactly one hour after the completion of a HyperEVM network upgrade.
Further reading
Learn more about the latest developments in Investing.
Source note: This article includes information reported by TokenPost.
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