PaperTrade is making the rounds with pre-deposits opening today ahead of its much-anticipated launch, one of the more exciting onchain game-theory experiments we’ve seen in a while for perp enjoyooors and gamblooors. The basic TLDR is onchain Rollbit-style synthetic crypto perps with up to 1000x on BTC & ETH, no traditional maker/taker trading fees, no slippage, no funding fees, with an LP fee-claim token ($PAPER) that you earn via losses and stake to receive a share of protocol profits – built atop the HyperEVM.

While the trading UX/casino aspect is pretty interesting on its own, I’ve seen alot more discourse on CT about farming PAPER, what the most efficient strats could be, even some new side projects spun up to accumulate as much PAPER as possible. Of course, the performance and benefits of farming PAPER ultimately depend on the protocol’s success and how many people actually trade on it. 

Rollbit can give us a pretty clear precedent for this sort of synthetic product with 1000x lev. According to Rollshare.io, Rollbit has had about $608M in total futures wager volume (not notional) in the last 180D, generating nearly $9M in revenue for the casino. The broader crypto casino audience is incredibly broad as well, Stake advertises over 60M registered customers and $30B in monthly wagers across its platform. 

To me, PaperTrade’s appeal is bringing