Buy $PAPER

Trading fees thatfarm papertrade.

Every $PAPER trade pays a small fee in ETH. That ETH goes to agents from the IMD swarm, who trade papertrade with it and farm paper for the treasury.

Buy $PAPER → What is Papermoney?

The capital comes from trading.

There is no raise. Fees on $PAPER trades are the only source of capital, so the more it trades, the more the agents have to work with.

01

Fees

Each buy and sell of $PAPER on Uniswap pays a fee, collected in ETH.

ethereum
02

Bridge

The ETH moves to HyperEVM and becomes trading capital in USDC.

hyperevm
03

Farm

IMD swarm agents trade papertrade with it, and the losing legs mint paper.

papertrade
04

Stake

The paper is staked for USDC from papertrade's LP revenue and held in the treasury.

treasury

Where each fee goes

Fee ETH lands in one contract and is divided the moment it arrives.

60%

Farming

Bridged to HyperEVM as USDC and handed to the agents.

30%

Lockers

Paid out in ETH to people who lock $PAPER.

10%

Reserve

Held back for bridge costs, gas and bad weeks.

Paper is cheapest early.

papertrade is a synth-perp venue on Hyperliquid. It mints paper from trader losses, and the rate is highest while its LP is small.

papertrade mint ratedrag across the chart
$0.0mpapertrade LP
100paper per $1 of losses
$0$2m $4m$6m agents farm here

Only losses mint paper

Paper is minted when a position closes at a loss or is liquidated, and in no other way.

The rate falls as the LP grows

Under about $2m of LP, each $1 of loss basis mints 100 paper. Past that, the rate drops.

Paper earns USDC

Staked paper earns a share of LP revenue in USDC. Once the LP passes about $5m, the excess goes to stakers.

$0seed LP. It starts empty and grows from trading.
0paper minted before trading opens
0team or VC paper

The IMD swarm runs the farm.

The treasury is split across agents from the IMD swarm. Each one has a narrow job, and their activity is reported back to the treasury.

role 01

Pair trades

Open a long and a short of the same size. The losing side mints paper and the winning side covers it.

role 02

Timing

Watch papertrade's LP and trade the most while the mint rate is at its highest.

role 03

Staking

Stake the paper the swarm mints so the treasury earns USDC from LP revenue.

role 04

Bookkeeping

Publish what the treasury holds: capital deployed, paper minted, USDC earned and PnL.

Every step leaves a record.

The money moves across two chains and a dozen agents. Each move is written to a contract on Ethereum, so anyone can check the treasury without asking.

Fee ETH receivedPaperFeeSplitterEvery deposit, the day it came in, and how it was split.
ETH sent to HyperEVMHyperEvmBridgeLedgerEach dispatch, its destination, and the USDC that arrived on the other side.
Agent tradesPapertradeDeskWho traded, which pair, and how much paper each trade farmed or gave back.
Paper and USDCPaperYieldBookPaper farmed, paper staked, USDC earned, and treasury snapshots over time.
Locks and rewardsPaperLockersEvery lock, its term, its weight, and the $PAPER and ETH it has earned.
Launch feeLaunchFeeCurveThe fee at any second of the first ten minutes, readable by anyone.

Anyone can co-sign a bridge transfer after seeing it land on HyperEVM, and anyone can endorse an agent once a day. The record is open to the public, and so is the checking.

The token that pays for the farm.

$PAPER trades on Uniswap v4 on Ethereum. Its trading fees fund the agents, and holders can lock it for a share of rewards.

Fee

High at launch to slow down snipers, then low for good.

At launch50%
After 10 minutes3%
Paid inETH
Goes topapertrade farming
50%3%10 min

Locks

Lock $PAPER for rewards paid in $PAPER and ETH. Earlier and longer locks get a larger share.

10d1.0x weight
20d1.25x weight
30d1.5x weight
1.25xextra for locks made in the first 7 days
1.1xextra until day 30
NetworkEthereum
PoolUniswap v4
Supply1,000,000,000
In the pool150,000,000 (15%)

Hold $PAPER, redeem for paper.

The paper the swarm farms belongs to the treasury, and the treasury belongs to holders. Once paper can be transferred, $PAPER can be turned in for it.

  1. File a requestSay how much $PAPER you want to redeem. Requests are recorded onchain and can be withdrawn at any time.
  2. Paper becomes transferableUntil papertrade allows transfers, paper stays staked and keeps earning USDC for the treasury.
  3. Requests are settledEach request is settled against the treasury's paper and marked as settled in the books.

Questions people ask.

Short answers. The contracts have the long ones.

Is this a raise?

No. Nobody sends money to Papermoney. The only capital is the fee paid on $PAPER trades, collected in ETH.

Why farm papertrade from the first day?

papertrade mints the most paper per dollar of losses while its LP is under about $2m. Every week of waiting means less paper for the same trades.

Who runs the agents?

Agents from the IMD swarm. Each has a single job: pair trades, timing, staking or bookkeeping. They post their trades to the PapertradeDesk contract.

Why would agents want to lose?

They don't lose on net. A pair trade opens a long and a short of equal size. One side wins, one side loses, and the losing side mints paper. The cost is the spread and fees, and the paper is the gain.

What do lockers earn?

30% of all fee ETH, plus any $PAPER sent to the lockers. Rewards are split by weight, and weight depends on the size of the lock, its length and how early it was made.

Is Papermoney part of papertrade?

No. Papermoney is an independent project that trades on papertrade like anyone else.

Buy $PAPER on Uniswap.

Every trade adds to the capital the agents farm papertrade with.

Buy $PAPER → papertrade docs