Papertrade Open interest falls to 1300000000 USD，12 hour decrease of approximately 60%
BIBIBI
AT A GLANCE
Papertrade After launch, 24 hours later, open interest fell to 1300000000 USD，12 hour decline of approximately 60%。
Article
Papertrade Trading activity has begun to cool, with open interest falling to 1300000000 USD，12 hour decline of approximately 60%According to BlockBeats,October 11, according to data from its official website, the HyperEVM-based synthetic perpetual protocol Papertrade has been live since 22: 00 Beijing time yesterday, a total of 24 hours ago. The platform's cumulative notional trading volume has exceeded 678000000000 USD，TVL is currently quoted at 77800000 USD, with open interest at 1300000000 USD, down approximately 12 from 3300000000 USD hours ago; the margin backing all existing positions amounts to 60%, down approximately 14340000 USD from 12 hours ago; 20290000 USD represents a sharp decrease of approximately 30%。
Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It reads prices from the BBO mid-price of the Hyperliquid order book, with users trading directly against the protocol LP as counterparty rather than through traditional order-book matching. The protocol features high leverage, zero slippage, and no funding rates. Its native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The sole source of minting is user losses or liquidations; at launch, the token cannot be freely transferred and is primarily used for staking.
Original link https://m.theblockbeats.info/flash/371236
Key points
01
According to BlockBeats and official website data,Papertrade since 22: 00 Beijing time yesterday, 24 hours have elapsed since launch.
02
The platform's cumulative notional trading volume exceeds 678000000000 USD，TVL is currently quoted at 77800000 USD。
03
Open interest is 1300000000 USD, down approximately 12 from 3300000000 USD hours earlier. 60%。
04
The margin backing all existing positions is 14340000 USD, down approximately 12 from 20290000 USD hours earlier. 30%。
05
Papertrade Deployed on HyperEVM, it reads prices from the BBO mid-price of the Hyperliquid order book, with users trading directly against the protocol LP as counterparty.
06
The protocol features high leverage, zero slippage, and no funding rates.
07
The native token PAPER has an initial supply of zero. Its sole source of minting is user losses or liquidations; at launch, it cannot be freely transferred and is primarily used for staking.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Both open interest and the corresponding margin declined significantly within 12 hours, leading the article to state that trading activity has begun to cool. The platform enables users to trade directly against the protocol LP rather than through traditional order-book matching.
Why it matters to readers
Open interest, margin, and TVL are important data points for assessing the platform's existing positions and capital scale; subsequent changes may help determine whether this decline continues.
Beginners should distinguish between cumulative notional trading volume,TVL, open interest, and margin: these metrics use different methodologies, and cumulative notional trading volume exceeding 678000000000 USD does not mean the platform actually holds funds of the same scale.
Risks and unknowns
The data was cited by BlockBeats from the official website; the original article did not provide independently verified on-chain results.
The original article did not explain the specific reasons for the decline in open interest and margin.
The leverage and trading structure between high notional trading volume and actual margin scale were not disclosed.
The original article did not provide subsequent data, so it is not possible to confirm whether the decline persisted or had already rebounded.
The original article did not explain the specific risk-control mechanisms for high leverage, zero slippage, and no funding rates.
Related Developments
Loading event timeline…
Related concepts
Open Interest
This term is not in the glossary yet. Browse related concepts in the glossary.
