Open interest drops to $1.3 billion; Papertrade down about 60% 24 hours after launch compared with 12 hours earlier

Odaily reports that Papertrade has now been live for 24 hours since launching at 22:00 Beijing time yesterday, with cumulative notional trading volume exceeding $678 billion and TVL at $77.8 million. Open interest stands at $1.3 billion, down about 60% from $3.3 billion 12 hours earlier; margin corresponding to all existing positions totals $14.34 million, down about 30% from $20.29 million 12 hours earlier.

Papertrade is built on Hyper EVM, reads prices from the BBO midpoint of the Hyperliquid order book, and has users trade directly against protocol LPs as counterparties, offering high leverage, zero slippage, and no funding rates. Its native token PAPER has an initial supply of zero, with no pre-mine or team and VC allocations, and the only minting source is user losses or liquidations; in the early stage after launch, it cannot be freely transferred and is mainly used for staking.