Papertrade opens pre-deposits, official trading expected to launch on October 10

Odaily reports: Papertrade, a synthetic perpetual protocol built on HyperEVM, has announced that pre-deposits are now live, allowing users to complete deposits and account creation over the next two days. According to the team, once official trading begins, the priority for account creation and deposits will be significantly reduced. Depositing early helps avoid congestion at launch, though there is no additional advantage to depositing earlier during the pre-deposit period.

Papertrade uses Hyperliquid's order book BBO mid-price, with users trading directly against the protocol's LP. It focuses on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only source of minting is user losses or liquidations. In the initial phase after launch, PAPER will not be freely transferable and will primarily be used for staking. According to the official timeline, official trading is expected to begin approximately one hour after the HyperEVM network upgrade is completed on October 10, with the exact time subject to announcements on the Hyperliquid Discord. During the opening phase, trading must be conducted through the official website frontend and whitelisted relayers, while direct contract interaction will be opened once congestion eases.