The HyperEVM-based perpetual futures protocol Papertrade announced on October 19, 2026 that the PAPER token will not support off-contract transfers, citing manipulation risks that could threaten the protocol’s solvency. The PAPER token is minted only in compensation for traders’ losses, at an initial rate of 100 PAPER per 1 dollar lost, with no pre-mine and no allocation to the team or investors. Holders can stake their PAPER to receive distributions in USDC, but they cannot sell it or send it to another wallet, meaning it currently has no market price at all. By late October 2026, Papertrade had processed over $1 trillion in notional trading volume, with staking participation between 94% and 98%. The token’s minting rate will decline as the protocol’s liquidity pool grows beyond $2 million, favoring early participants.
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