What's all the buzz about today? What is it, and how do you play? Right now, the most detailed synthetic perpetual project on Hyperliquid: @papertrade_xyz Pro tip: Go deposit your funds now and get ready for launch Details on how to participate below In one sentence: Papertrade = fully on-chain synthetic perpetuals, not your typical order book DEX. You’re betting directly against the protocol’s self-initiated LP, with 1000x leverage, 0 slippage, no funding fees, and no price impact. Official: @papertrade_xyz (@izebel_eth & @blurr) Chain: HyperEVM (uses Hyperliquid BBO mid as the oracle) Current status: Deposits are live, trading is expected to launch today at 14:00 UTC. Deposits will pause at 13:45 UTC, after which trading traffic will take priority. Official details: Fair launch, PAPER supply starts at 0, no pre-mining, no team/VC allocation, no airdrops. The only way to earn PAPER is through trading losses or liquidations (100 PAPER / $1 loss when LP < $2M). Trades are synthetic swaps with the LP. Profitable trades have asymmetric haircuts on closing, while losses go entirely to the LP. LP starts from 0 and grows through losses; if insufficient, it queues payouts and covers them with future losses. Deposits have already exceeded $100M. How to participate now: Go to https://papertrade.xyz and deposit early (to avoid congestion at launch). After launch, trading will only be available via the frontend; direct contract access will open later. PAPER will initially be non-transferable and can only be staked. Staked PAPER earns USDC (1% PnL + any LP surplus above ~$5M). Single position limit is $10M. Expect congestion at launch, smaller trades may confirm slower.