Papertrade, a synthetic perpetuals exchange built on HyperEVM, launched on October 10, 2026 and displayed approximately $10.3 million in rewards owed to stakers of its native PAPER token. Those rewards are funded by trader losses, as new PAPER tokens are minted at a rate of 100 PAPER per $1 lost while the USDC liquidity pool remains below $2 million. Before trading even opened, 11,473 addresses had pre-deposited $137 million, and notional volume reached $14.4 billion within minutes, with leverage of up to 1,000x on Bitcoin and Ethereum. 94% of the PAPER supply was staked at launch, with stakers earning 1% of trader profit and loss plus 100% of pool gains above a $5 million threshold. The two anonymous co-founders, Jez and Blurr, implemented a fair-launch approach with no pre-mine or airdrop, meaning PAPER can only be obtained by losing money trading on the platform.
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