Reminder: @papertrade_xyz deposits open up today
Would deposit early if you are looking to trade when platform launches as they are prioritizing trading over depositing on launch on 10.10
papertrade launch details
papertrade is a fair launched smart contract exchange built on the hyperevm blockchain. as a fully onchain protocol, papertrade has significant advantages - decentralization, reliability, composability, transparency. it also has the usual onchain constraint - throughput. trades on papertrade are atomic opens/closes with no orderbook, so during normal trading sessions congestion will not be an issue. however, during launch we expect extreme chain congestion.
10.08.2026 - phase zero: predeposit only
two days before live trading begins, https://t.co/AdIx336QsD will open for user deposits. trading will be paused during this period. this allows separation of the deposit and account creation transactions from live trading. if a user does not complete these steps, they are likely to face long delays during launch, as active trading will be heavily prioritized over deposit processing. there is no further advantage to depositing earlier during this phase.
10.10.2026 - phase one: frontend only live trading
in order to prevent an onchain race and remove the incentive skew that mev creates, all transactions during the launch must go through the https://t.co/AdIx336QsD frontend, using the whitelisted relayers. the contract itself will not be open for direct interaction during this phase. this ensures that real frontend users are the first participants, flattening the technical skill curve as far as is appropriate.
during this phase, all trader activity on papertrade lives in an intent system, and carries a priority weighting. in almost all cases this ordering is done by transaction type and notional value, and is always indiscriminate of user/account. for instance, liquidations are more important than position opens and this is reflected in both activity types' respective weightings. that said the exact mechanics and weightings of the relayer intent system are adaptive, and will change over time as trader activity is processed. trades can be cancelled while still pending within the relayer intent system.
the paper token will begin minting on user losses at the start of live trading, from an initial supply of 0. it will not be transferable at the start beyond staking and unstaking, in order to encourage trading adoption and mitigate onchain congestion.
after launch - phase 2: open contract
once the launch congestion has passed and there is no longer any risk of mev wars, the papertrade smart contract will open up to everyone, allowing any human, contract or agent to write and receive an onchain atomic position. at this point papertrade becomes a fully decentralized, composable onchain liquidity primitive.
after launch - phase 3: builder codes
builder codes allow any frontend or router to receive the 1% frontend fee by sending trades to the papertrade smart contract, further decentralizing the protocol and incentivizing integration.
after launch - phase 4: token transferrability
at launch, paper will not be transferable. this is to encourage accumulation through trading participation and reduce onchain congestion load. transfers will be enabled after a sufficient period of time has passed.
even with this staged rollout, the launch congestion will be significant. expect lengthy confirmation delays during launch especially for smaller notional trades. predeposit if you want to trade at launch for the best chance at a smooth experience.
learn more about how papertrade works at: https://t.co/XCo1VHBoEe
@gsm739 https://t.co/yGQO0n7lr6
Bullish. back to spot
Sometimes read is wrong and get lucky ๐
Not discounting overall market weakness but my idea was invalidated
update: hype strat publicly said it was not them which invalidates my idea.
closed out my shorts for a nice stimmy
Will likely just stay spot long until further notice
De risked 50% of my hyperliquid:native stack after the hyperliquid event for the first time since I went all in at the start of 2026
My on-chain analysis is pointing to PURR dat being the OTC buyer (which is bearish to me cause thatโs 300m they would ape on the market)
Derisked using perps so either I farm basis , or eventually close out my shorts and buy back lower
Time will tell
Hyperliquid
update: hype strat publicly said it was not them which invalidates my idea.
closed out my shorts for a nice stimmy
Will likely just stay spot long until further notice