PaperTrade is officially open—not a preview, it's NOW live.
HyperEVM synthetic perpetuals, with prices based on Hyperliquid BBO mid-prices and protocol LPs as counterparties. The official team itself compares the mechanics to “bucket shops” from the early 20th century: high leverage, zero slippage, and no funding fees.
BlockBeats / Odaily, citing official figures: less than 10 minutes after opening, notional trading volume was about $14.4 billion; open interest in the $BTC / $ETH contracts was about $3 billion and $2.66 billion, respectively. On the pre-deposit side, there were around 11,000+ addresses and about $138 million (DefiLlama TVL likewise showed roughly $137 million). The official X account has also announced that deposits are closed for launch.
A note on the mechanics: native PAPER is minted only from user losses or liquidations, and initially cannot be freely transferred. The notional figures are eye-catching, but “trading volume” on a highly leveraged synthetic market is not the same thing as spot volume—screening only, not educating.
Not investment advice.
HyperEVM synthetic perpetuals, with prices based on Hyperliquid BBO mid-prices and protocol LPs as counterparties. The official team itself compares the mechanics to “bucket shops” from the early 20th century: high leverage, zero slippage, and no funding fees.
BlockBeats / Odaily, citing official figures: less than 10 minutes after opening, notional trading volume was about $14.4 billion; open interest in the $BTC / $ETH contracts was about $3 billion and $2.66 billion, respectively. On the pre-deposit side, there were around 11,000+ addresses and about $138 million (DefiLlama TVL likewise showed roughly $137 million). The official X account has also announced that deposits are closed for launch.
A note on the mechanics: native PAPER is minted only from user losses or liquidations, and initially cannot be freely transferred. The notional figures are eye-catching, but “trading volume” on a highly leveraged synthetic market is not the same thing as spot volume—screening only, not educating.
Not investment advice.