Papertrade derivatives protocol launches today at 2pm UTC with 10M position limits and asymmetric PnL fee structure.
DeFi & Yields ·
Papertrade, a derivatives protocol, launched today at 2pm UTC with initial operational constraints designed to manage risk during early trading. The platform enforces 10 million position limits per user and carries 1 billion in open interest headroom per market. Rollbit-style asymmetric profit-and-loss fees apply to positions, with a fee structure that charges different rates depending on whether traders are profitable or loss-making.
The protocol required predeposits ahead of launch, reflecting expectations of high network congestion during the initial rollout. Open interest per market sits capped at $1 billion, and transaction ordering is controlled by relayers rather than automated market makers or permissionless sequencing. These architectural choices represent a deliberate trade-off between decentralization and operational control during the critical launch phase.
The specific fee mechanics beyond the asymmetric PnL structure, the collateral acceptance criteria, and how the position limits will scale or adjust post-launch remain unclear. Whether the 1 billion OI ceiling applies network-wide or per-market individually has not been explicitly stated in available materials.