TREE NEWS reports: Papertrade, a synthetic perpetuals venue on HyperEVM launched October 10, saw traders net lose $63.2 million in its first 212 hours, with $54.1 million (86%) distributed to PAPER stakers, IOSG data through October 19 shows. About 23,000 addresses deposited $335 million and $249 million was realized in losing closes. A Paragon HIP-3 perpetual on Hyperliquid priced PAPER at $0.024, implying a $211 million market cap on 8.69 billion tokens.
Papertrade traders net lost $63.2M, 86% paid to PAPER stakers
AI take
The scale of redistribution here is the story: a venue barely nine days old routed the overwhelming majority of trader losses straight to its stakers, a model that works only while new deposits keep arriving. The gap between $335 million deposited and $249 million realized in losing closes suggests a large share of capital is still sitting on open positions, so the loss figure is likely incomplete rather than final. The Paragon HIP-3 mark on PAPER is the number to watch — whether staking yields stay attractive as deposit growth slows is the open question.
Generated by AI for reference only.
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