The popularity of paper trading has begun to wane, with open interest in contracts dropping to $1.3 billion, a roughly 60% decrease over 12 hours.

According to official website data, the synthetic perpetual protocol Papertrade built on HyperEVM has been live for 24 hours as of 22:00 Beijing time yesterday. The platform’s cumulative notional trading volume exceeds $678 billion, its current Total Value Locked (TVL) stands at $77.8 million, and open interest (OI) hits $1.3 billion — a sharp drop of around 60% from $3.3 billion 12 hours ago. The total margin for all existing positions is $14.34 million, down roughly 30% from $20.29 million 12 hours ago. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It fetches prices from the mid-price of Hyperliquid’s order book’s Best Bid/Offer (BBO), with users trading directly against the protocol’s liquidity providers (LPs) instead of relying on traditional order book matching. The protocol’s key features include high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or venture capital (VC) allocations. The only source of token minting is user losses or liquidations. During its early launch phase, the token is not freely transferable and is primarily used for staking.