Papertrade Airdrop
Papertrade is a decentralized perpetuals exchange built on HyperEVM, featuring up to 1,000× leverage, zero slippage, and no funding fees, with $BTC and $ETH as its initial trading markets.
Unlike conventional perpetuals exchanges, Papertrade introduces an unusual airdrop-style token distribution model: traders earn $PAPER tokens when they close positions at a loss or get liquidated. These tokens can be staked to receive a share of protocol revenue in $USDC.
🪂 Earn $PAPER Tokens From Trading Losses
Papertrade distributes $PAPER through a loss-based token emission mechanism, with rewards determined by realized trading losses and the protocol’s liquidity pool balance.
→ Initial Distribution: 100 $PAPER per $1 lost while the liquidity pool is below $2M.
→ Declining Emissions: Fewer $PAPER per $1 lost as the liquidity pool grows beyond $2M.
→ No Premine: Zero initial supply, no team or VC allocation, and no vesting.
→ Staking Rewards: Stake $PAPER to earn $USDC from protocol revenue and excess liquidity.
$PAPER is not yet tradable on exchanges, with trading expected to begin at a later stage. Until then, holders can stake their tokens to earn $USDC rewards from protocol revenue.
About Papertrade
Papertrade is a fully onchain synthetic perpetuals exchange built on HyperEVM, using Hyperliquid‘s market prices and a unique liquidity model to facilitate leveraged trading.
Its core features include:
• High-Leverage Trading: Trade perpetual contracts with up to 1,000× leverage.
• Zero Slippage: Execute trades at a reference price without order book slippage.
• Synthetic Trading: Settle positions directly against the protocol’s liquidity pool.
• Trading Fees: No spreads or funding fees, with a 2% fee charged on profitable trades.
The liquidity pool grows through trading losses and pays profitable positions, with unpaid profits queued if funds are insufficient. Bankless examined this unusual model, while MONI Research compared its structure to a casino, where traders face the house rather than other traders.
Papertrade was co-founded by Jez, also known as Colin Hong, who previously worked at Morgan Stanley and Standard Crypto, alongside Blurr, who discussed the project in a YouTube interview.
For a deeper breakdown of Papertrade’s trading model, read our article: What Is Papertrade?
Step by step guide Papertrade Airdrop
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Connect Your Wallet & Deposit $USDC
Visit the Papertrade Exchange to get started.
→ Click Connect Wallet and connect a supported wallet.
→ Open Deposit and select an available deposit method.
→ Enter your $USDC deposit amount and complete the transaction.
💡 The minimum deposit is 10 $USDC, with a one-time 1 $USDC account activation fee.
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Trade Perpetuals & Earn $PAPER
Trade $BTC and $ETH perpetuals with up to 1,000× leverage and zero slippage.
→ Trade Perpetuals
↳ Select $BTC or $ETH and choose Long or Short.
↳ Enter your margin amount and select your leverage.
↳ Review the liquidation price and confirm your position.
↳ Manage or close your position through the trading interface.
Note: Papertrade charges a 2% fee on profitable trades, alongside profit adjustments that affect final payouts. Each position has isolated margin and liquidation risk.
→ Earn $PAPER Tokens
↳ Visit the PAPER dashboard.
↳ Check the current PAPER per $1 Loss emission rate.
↳ Receive $PAPER automatically when an eligible position closes at a loss or gets liquidated.
↳ Track your accumulated tokens and PAPER minting history.
Note: The initial emission rate was 100 $PAPER per $1 lost while the protocol’s liquidity pool was below $2 million. The rate decreases as the pool grows, so check the current rate. $PAPER rewards do not reimburse trading losses.
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Stake $PAPER & Track Rewards
Open the PAPER Staking dashboard to manage your tokens and $USDC rewards.
→ Stake $PAPER
↳ Check your available $PAPER balance.
↳ Enter the amount of $PAPER you want to stake.
↳ Confirm the staking transaction and track your staked balance.
Note: $PAPER is not yet tradable on exchanges, with trading planned for a later stage. Staked tokens can earn $USDC rewards from qualifying protocol revenue.
→ Claim $USDC Rewards
↳ Check your accumulated and claimable $USDC rewards.
↳ Claim available rewards through the staking dashboard.
Note: Staking rewards vary with the exchange’s trading activity, liquidity, and revenue distribution conditions rather than following a fixed APY.
→ Monitor Papertrade Statistics
↳ Visit Papertrade Stats to track volume, open interest, liquidations, and activity.
↳ Open the House dashboard to monitor liquidity and outstanding payouts.
Note: Papertrade settles profitable positions using its liquidity pool. If funds are insufficient, unpaid profits enter a settlement queue until additional liquidity becomes available.
* Papertrade introduces an unconventional airdrop-style distribution model, rewarding traders with $PAPER tokens for realized losses, which can be staked to earn $USDC rewards. With future $PAPER trading planned, follow @Papertrade_xyz on 𝕏 for official updates and announcements.
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