why there will be no paper token: papertrade works like a casino. there's a bankroll against the traders, let's say $10M. if you sharply move the BTC price, positions on Papertrade can drain all of it. but moving the market is expensive, let's say $15M, and the max profit is $10M (the whole bankroll). $15M - $10M = -$5M. the attack doesn't pay. now imagine paper was transferable and had a perp. its price would be tied to the bankroll: bankroll drains, paper dumps. So you'd short paper first, then do the manipulation. now you have two ways to make money: 1) draining the bankroll 2) the paper short suddenly a $15M attack is very profitable. and the team can cap the bankroll, but they can't cap an external perp. that's why PAPER stays non-transferable.