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Hyperliquid perp exchange Papertrade surpasses $100 million in pre-launch deposits

Pre-launch deposits for Papertrade, an upcoming perpetuals exchange built on Hyperliquid, have crossed $100 million, with tracked total value locked later climbing to $123 million.

Line chart showing Papertrade total value locked rising to 123 million dollars on October 10.
Image: @KookCapitalLLC

Papertrade, an upcoming perpetual contracts exchange built on Hyperliquid, has gathered more than $100 million in pre-launch deposits, according to DEGEN NEWS. A balance overview shared by the outlet showed $101,710,574.51 held entirely in spot positions at an address beginning with 0x6cd5661646289..., with zero balances recorded across perps, lending, vault, staked, and EVM categories.[1]

Following the milestone, a total value locked chart shared by @HYPEconomist showed Papertrade's deposits climbing from near zero on Oct. 8 to $102 million on Oct. 10. Later the same day, @KookCapitalLLC shared an updated chart displaying total value locked reaching $123 million as of 17:33. Kook noted that the nine-figure pre-launch commitments arrived during a week when the broader market declined by $170 billion, framing the inflows as capital rotation into native Hyperliquid protocols.[2][3]

Key facts

  • Papertrade is a perpetuals exchange built on Hyperliquid that collected deposits ahead of its launch.
  • DEGEN NEWS reported that Papertrade's pre-launch deposits surpassed $100 million.
  • An address overview cited by DEGEN NEWS showed $101,710,574.51 held in spot at address 0x6cd5661646289..., with zero balances across perps, lending, vault, staked, and EVM positions.
  • A TVL chart shared by @HYPEconomist showed Papertrade's total value locked rising from near zero on Oct. 8 to $102 million on Oct. 10.
  • A later TVL chart shared by @KookCapitalLLC showed Papertrade's total value locked reaching $123 million by 17:33 on Oct. 10.
  • @KookCapitalLLC stated that the pre-launch deposits occurred while the broader crypto market fell $170 billion in a week.

Sources · 3 sources

  1. DN

    DEGEN NEWS@DegenerateNewsPost on X ·

    NEW: @HyperliquidX-BASED PERP EXCHANGE @papertrade_xyz PRE-LAUNCH DEPOSITS SURPASS $100M SOURCE: https://t.co/3OGG6wQKGk https://t.co/kiDSKnveIz

    Open source
  2. HY

    HYPEconomist@HYPEconomistPost on X ·

    $102M TVL for papertrade hyperEVM season is about to kick off https://t.co/hctxNNVPv5

    Open source
  3. KO

    kook@KookCapitalLLCPost on X ·

    $100m deposited into papertrade before it even launched market down $170b this week..... and people are still lining up to give a hyperliquid perp dex nine figures thats not a bear market thats a rotation hyperliquid:native ecosystem keeps eating $100+ soon https://t.co/MjxfWXy4LP

    Open source