Checked out @papertrade_xyz launching tonight at 10 PM Pretty interesting, let me give you a full breakdown ———————————— (1/3 Papertrade is a synthetic perpetual trading platform built on HyperEVM It doesn’t have an order book or matching system All users directly trade against the protocol’s LPs Prices are based on Hyperliquid’s BBO mid (best bid-offer midpoint) Truly zero slippage No funding rates, no spreads, no fees charged based on notional principal But it’s not completely free When you close a profitable trade, the protocol takes a cut of your profit using a specific formula The smaller the price movement, the higher the cut; the larger the movement, the more profit you keep If you lose, there’s no extra fee In fact, losses will mint PAPER tokens for you It’s like turning your losses into “shares” of the protocol’s revenue Around 99% of the platform’s earnings go to PAPER token stakers