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The cumulative nominal transaction volume of Papertrade, a synthetic perpetual agreement based on HyperEVM, has exceeded 1 trillion US dollars, with a TVL of 61.8 million US dollars and an open contract position of approximately 664 million US dollars. The current position corresponds to a margin of approximately 13.28 million US dollars. Papertrade is a fully on chain synthetic perpetual trading platform deployed on HyperEVM, with prices read from the Hyperliquid order book BBO middle price. Users directly act as counterparties with the protocol LP, without using traditional order book matching.