Papertrade is a fully onchain perpetuals exchange on HyperEVM that offers up to 1000x leverage on synthetic positions priced from Hyperliquid's order book midpoint, with a shared liquidity pool acting as the counterparty to every trade. Traders pay no spreads, slippage, or funding, and losing trades and liquidations mint the PAPER token, which stakers use to claim a share of protocol revenue.
Papertrade was created by two pseudonymous traders, Jez (@izebel_eth) and Blurr, and runs as a smart contract on HyperEVM that reads Hyperliquid's order book through precompiles. No perpetual contracts are traded on Hyperliquid itself. Each position is a synthetic swap between the trader and the protocol's liquidity pool, so profitable traders can see withdrawals delayed when the pool lacks funds. PAPER launched from zero supply with no pre-mint, team, investor, or airdrop allocation. It is minted only when traders close at a loss or are liquidated, and it was non-transferable at launch, usable only for staking.
