Papertrade’s trading funds have dwindled to just $6.4 million, plunging nearly 70% in 24 hours.

According to official data, HyperEVM-based synthetic perpetual protocol Papertrade has been live for 36 hours since its Saturday evening launch. After an initial boom, trading has cooled sharply, with trading volume and open interest (OI) plummeting. The platform’s cumulative notional trading volume exceeds $770 billion, while its total value locked (TVL) stands at $62.6 million, down 37% in 24 hours. Open interest positions hit $510 million, a roughly 85% drop from $3.3 billion 24 hours prior.

@tonmelonfest