⚡️Papertrade已正式上线，11,465个地址存入1.38亿美元

1. #0110.10
   Initial2026-10-10 14:03 · publication time

   ⚡️Papertrade已正式上线，11,465个地址存入1.38亿美元

   Papertrade, a fully on-chain synthetic perpetuals protocol on HyperEVM that prices off Hyperliquid's order-book midpoint and mints its PAPER token solely from user losses and liquidations, has officially launched after closing pre-deposits of $138 million from 11,465 addresses.

   Source evidence: theblockbeats

2. #0210.10
   Escalation2026-10-10 14:39 · publication time

   ⚡️Papertrade上线半小时，PAPER代币排放进入衰减模式

   Within the first half-hour after launch, cumulative volume reached $39.9 billion; after LP balances exceeded $2 million, PAPER token emissions moved into decay mode.

   State after update: Papertrade has officially launched; within the first half-hour cumulative volume reached $39.9 billion, LP balances exceeded $2 million, and PAPER token emissions have entered decay mode.

   Source evidence: theblockbeats

3. #0310.11
   Escalation2026-10-11 01:13 · publication time

   Papertrade累计名义成交额超5730亿美元，未平仓合约头寸达33亿美元

   Roughly one day after launch, Papertrade reported over $573 billion in cumulative notional volume and $3.32 billion in open interest, backed by $20.29 million in position margin.

   State after update: Papertrade remains live with cumulative notional volume over $573 billion, open interest around $3.32 billion, margin around $20.29 million, and PAPER token emissions in decay mode.

   Source evidence: theblockbeats

4. #0410.11
   Escalation2026-10-11 02:42 · publication time

   【papertrade 上线以来累计名义成交额超 5840 亿美元，累计质押者奖励约 2402 万美元】

   Papertrade updated operating metrics: cumulative notional volume over $58.4 billion, open interest notional around $2.313 billion, backing margin around $16.398 million; PAPER supply about 5.162 billion with about 5.106 billion staked (~98.92%); cumulative staker rewards about $24.021 million; pool book balance about $4.1534 million, net of unrealized PnL about $3.8757 million, and zero pending payout queue.

   State after update: Papertrade remains live: cumulative notional volume over $58.4 billion, open interest notional around $2.313 billion, margin around $16.398 million; PAPER staking ratio about 98.92%, cumulative staker rewards about $24.021 million; pool net funds about $3.8757 million, with zero pending payout queue.

   Source evidence: foresightnews

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