PaperTrade is a synthetic perpetuals protocol on HyperEVM that utilizes a unique $PAPER token mechanism where the liquidity provider (LP) is funded entirely by trader losses. Users can accumulate $PAPER by losing trades or stake it to earn USDC dividends from LP revenue, with all surplus gains going to stakers once the LP exceeds $5 million. Holding or staking $PAPER acts as a bet on protocol volume and trader losses, serving as a potential hedge for active traders.