Papertrade Pre-deposits are open, with official trading expected to October 10 launch
BIBIBI
AT A GLANCE
Papertrade Pre-deposits are now open, with official trading planned to launch approximately HyperEVM after the 1 network upgrade is completed.
Article
Papertrade Pre-deposits are open, with official trading expected to October 10 launch
BlockBeats news,October 9, based on HyperEVM's synthetic perpetual protocol Papertrade officially announced that pre-deposits are now open. Users can complete deposits and account creation within the next 2 days. The official statement said that once trading opens, account creation and deposits will be heavily deprioritized. Depositing early may help users avoid congestion at the opening, but there is no additional advantage to depositing earlier during the pre-deposit period.Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM that uses the Hyperliquid order book's BBO mid-price for pricing. Users trade directly against the protocol's LP as the counterparty rather than through traditional order-book matching. The protocol focuses on high leverage, zero slippage, and no funding fees. The 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. During the initial launch period, the token cannot be freely transferred and is primarily used for staking.
According to the official timeline, official trading will begin approximately October 10 after the anticipated HyperEVM network upgrade is completed, at 1 hours. The exact timing will be determined by a notification in the Hyperliquid Discord. During the opening phase, trading must be conducted through the official website frontend and whitelisted relays; direct contract interaction will be enabled after congestion subsides.
Original link https://m.theblockbeats.info/flash/370877
Key points
01
BlockBeats said that Papertrade the official team announced that pre-deposits are now open.
02
Users can complete deposits and account creation within the next 2 days.
03
The official statement said that depositing early may help users avoid congestion at the opening, but there is no additional advantage to depositing earlier during the pre-deposit period.
04
Papertrade was described as a fully on-chain synthetic perpetual trading platform deployed on HyperEVM.
05
The platform uses the Hyperliquid order book's BBO mid-price for pricing, and users trade directly against the protocol's LP as the counterparty.
06
The protocol focuses on high leverage, zero slippage, and no funding fees.
07
The 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.
08
PAPER During the initial launch period, it cannot be freely transferred and is primarily used for staking.
09
Official trading is planned to begin approximately October 10 after the anticipated HyperEVM network upgrade is completed, at 1 hours. The exact timing will be determined by a notification in the Hyperliquid Discord.
10
During the opening phase, trading must be conducted through the official website frontend and whitelisted relays; direct contract interaction will be enabled after congestion subsides.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Papertrade Users are asked to deposit funds and create an account first to prepare for planned live trading. It uses direct trading between users and protocol liquidity providers rather than traditional order-book matching. The official launch remains tied to HyperEVM the network upgrade and subsequent notifications.
Why it matters to readers
This indicates that Papertrade is transitioning from the preparation phase to the planned launch phase; its trading mechanism, token-minting rules, and initial access restrictions differ from those of common trading platforms.
New users should note that making a pre-deposit does not mean live trading is already open, and mechanisms involving high leverage, user losses, or token minting triggered by liquidations may be difficult to understand. There are also current restrictions on the official timing and direct interaction with the contracts.
Risks and unknowns
The evidence is a report by BlockBeats paraphrasing the official announcement; it does not provide the original official announcement.
Whether live trading can begin as planned depends on the expected HyperEVM network upgrade.
The exact launch time has not yet been determined; the Hyperliquid Discord notification should be treated as authoritative.
No specific time has been provided for when direct interaction with the contracts will open.
The evidence does not provide actual deposit size, trading volume, liquidity, or operational data.
Related Developments
Loading event timeline…
“High leverage, zero slippage, and no funding fees” are the protocol’s stated headline features; the evidence does not provide verification data.
Related concepts
Synthetic perpetual
This term is not in the glossary yet. Browse related concepts in the glossary.
