Odaily News: Machi (Huang Licheng) posted on X platform: "Papertrade is profitable. No useless points. You can immediately get PAPER tokens, stake them to earn fees. There is now absolutely no reason to use any other perpetual contract protocol."

Odaily report: A wallet linked to TechnoRevenant staked 744,000 HYPE on Hypercore, borrowed 3 million USDC, then lost $1.7 million on Papertrade, and as a result received 136 million PAPER, becoming the second-largest PAPER holder and the trader with the largest realized perpetual contract loss on the platform.As of now, the wallet has earned back 1.051 million USDC through staking rewards, with a net loss of approximately $650,000. Before accounting for staking rewards, its average cost for PAPER was about $0.0125 per token, the highest among the top five holders.

Odaily reports: Tom Lee, Chairman of Ethereum treasury company Bitmine Immersion Technologies, stated that the intergenerational wealth transfer occurring over the coming years could become a significant factor driving demand in the next round of the crypto market.Citing data from the IRS and Fundstrat research, Lee noted that between 2026 and 2028, approximately $1.5 trillion to $2 trillion in wealth is expected to be transferred between generations. Since younger investors inheriting this wealth typically have a higher risk appetite, they may increase allocations to risk assets such as crypto assets and equities. Additionally, Wall Street's accelerating adoption of blockchain technology for asset tokenization, the development of AI applications, and treasury companies that hold crypto assets long-term could also become drivers of future market growth.Meanwhile, Bitmine released its latest treasury data, showing it purchased an additional 12,532 ETH last week, worth approximately $32 million, bringing its total ETH holdings to 6,028,946, or about 4.9% of Ethereum's total supply. The company is still approximately 76,000 ETH short of its previously set target of holding 5% of ETH's supply. Based on its recent accumulation pace, the company is expected to reach this target within the coming weeks. Tom Lee previously stated that Bitmine will stop accumulating ETH once it reaches the 5% target. Currently, Bitmine has staked approximately 5.07 million ETH, accounting for about 84% of its holdings. Based on current yield rates, this is expected to generate approximately $336 million in annualized staking revenue. (CoinDesk)

Odaily News: Bitmine Immersion Technologies (BMNR) announced on October 12 that it holds approximately 6.03 million ETH, accounting for about 4.9% of the total ETH supply. The company added 12,532 ETH last week, further growing its holdings beyond 6 million, putting it just one step away from its goal of holding 5% of the total ETH supply. In addition to ETH, the company's crypto assets, cash, marketable securities, and other investments total approximately $16.2 billion. The company has staked 5,067,309 ETH, valued at approximately $12.9 billion based on the announcement data, representing about 84% of its total ETH holdings.Tom Lee stated that since launching its ETH treasury strategy on June 30, 2025, the company has continued to buy ETH every week. He expects that once all of the company's ETH holdings are staked through MAVAN and partners, annualized staking revenue could reach approximately $400 million based on the current 2.61% seven-day yield. In addition, the company's perpetual preferred stock BMNP closed at $99.53, above its issuance price of $80 per share. Tom Lee believes that tokenization, wealth transfer, and AI-related demand will drive the crypto market forward, and Bitmine is poised to benefit from the next bull market.

Odaily reports that according to Lookonchain monitoring, an address made 1,012 trades on Papertrade, with a cumulative trading volume of $10.1 billion, incurring a loss of $979,000; the address received 252 million PAPER tokens due to trading losses, and earned 997,000 USDC in staking rewards, ultimately making a profit of $17,800.

Odaily reports: According to SoSoValue data, HYPE spot ETFs recorded a net outflow of $9.4269 million during last week's trading days (October 5 to October 9, US Eastern Time).The HYPE spot ETF with the largest net outflow last week was the 21Shares ETF THYP, with a weekly net outflow of $12.4103 million. THYP's total historical net inflow now stands at $42.44 million.The HYPE spot ETF with the largest net inflow last week was the Grayscale Hyperliquid Staking ETF HYPG, with a weekly net inflow of $1.9517 million. HYPG's total historical net inflow now stands at $155 million.As of press time, the total net asset value of HYPE spot ETFs stands at $452 million, with the ETF net asset ratio (market value as a proportion of HYPE's total market value) reaching 2.42%, and cumulative historical net inflows totaling $336 million.

Odaily reports that PaperTrade posted on X stating that trading volume in the first 6 hours after launch exceeded stock market trading volume; one day after launch, PaperTrade has become a trading platform supporting 1000x leverage, with liquidity pool (LP) size reaching $5 million and $25 million in rewards distributed to staking users.In response to community concerns about the fair launch mechanism and BTC/ETH market manipulation, PaperTrade stated that due to the need to prevent frontend congestion and spam request attacks, small orders cannot enjoy exactly the same priority as large orders, and the team has maximized fairness within these constraints. Some users exploiting the Hyperliquid BBO mechanism to manipulate BTC/ETH was not an oversight in mechanism design, but rather resulted from opening a higher OI cap during the initial launch period to alleviate queuing pressure. As traffic has declined, the team has begun tightening position limits at both the on-chain and relay levels to reduce the profit space for manipulation.PaperTrade added that no system can completely eliminate manipulation, and the goal is to make attacks nearly unprofitable through parameter adjustments, noting that in the relevant incidents, some users ultimately returned most of their profits to the platform due to persistent manipulation attempts.

Odaily reports that Papertrade has now been live for 24 hours since launching at 22:00 Beijing time yesterday, with cumulative notional trading volume exceeding $678 billion and TVL at $77.8 million. Open interest stands at $1.3 billion, down about 60% from $3.3 billion 12 hours earlier; margin corresponding to all existing positions totals $14.34 million, down about 30% from $20.29 million 12 hours earlier.Papertrade is built on Hyper EVM, reads prices from the BBO midpoint of the Hyperliquid order book, and has users trade directly against protocol LPs as counterparties, offering high leverage, zero slippage, and no funding rates. Its native token PAPER has an initial supply of zero, with no pre-mine or team and VC allocations, and the only minting source is user losses or liquidations; in the early stage after launch, it cannot be freely transferred and is mainly used for staking.

According to Odaily, a certain whale has accumulated a trading volume of approximately $10.301 billion, with historical trading losses of about $933,200, and currently holds no positions. All 1,058 settled positions of this whale used 1000x leverage, of which 37 were liquidated, resulting in cumulative margin losses of approximately 361,000 USDC, involving Bitcoin and Ethereum. Meanwhile, this whale has staked approximately 84.98 million PAPER tokens, accounting for about 1.59% of the platform's total staked amount, and has claimed approximately 223,900 USDC in cumulative rewards.

According to the official website, Papertrade, a synthetic perpetual protocol built on HyperEVM, has officially launched. Its pre-deposit phase has closed, with 11,473 addresses depositing $137 million.Papertrade is a fully onchain synthetic perpetual trading platform deployed on HyperEVM. It reads the BBO midpoint price from the Hyperliquid order book, and users trade directly against the protocol's LP as the counterparty rather than through traditional order book matching. It focuses on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only minting source is user losses or liquidations. In the early stage after launch, PAPER is not freely transferable and is primarily used for staking.