PaperStrategy
- Tax
- 10%, buys and sells
- Team share
- 1 of 10 points, plus 10% of the staking income
- Buy with
- HYPE on HyperSwap, 12% slippage advised
- Method
- withheld
- PAPER held
- withheld for now
- Market cap
- $3.27M
- 24 h volume
- $2.0M
- Live since
- 2026-10-07
A Solana token · launched on COOP · farms Papertrade on Hyperliquid
Own the house.
From Solana.
Papertrade is a 1000× casino on Hyperliquid where the losers are paid in PAPER, the token that owns the house's profits. You cannot buy PAPER. Only losing mints it. Papermill takes 3.5% of every $MILL trade and runs a treasury that mints PAPER on purpose, at size, and stakes all of it.
Launching on COOP. The contract address will appear here, in the X bio and the Telegram pin, nowhere else.
Papertrade, live
as of —
—PAPER per $1 lost right now. 100 at the open
—PAPER minted so far
—house profit banked, the number that sets the rate
—since trading opened, 2026-10-10 14:00 UTC
The rate fell from 100 to 74 per dollar in the first two hours. Every day of delay mints less PAPER per dollar.
Too small to farm Papertrade yourself? Same.
Minting PAPER well is a job. This is what it takes to do it alone.
- $10,000 minimum notional per position. A hedge needs two of them.
- Two wallets on HyperEVM, HYPE for gas, session keys, a bridge from Solana.
- A bot that watches BTC all day, opens both sides, closes on the move, rotates.
- The haircut math: Papertrade shaves winning closes on small moves. Cycle too small and you pay more per PAPER than an honest loser.
- Custody of a token you cannot move: PAPER is non-transferable until an undated phase four.
or
Buy $MILL on Jupiter with SOL. Every trade feeds one treasury that does all of the above, at size, and publishes every step.
How the mill runs
- 1
A trade pays the tax
5% on every buy and sell, taken by the token itself (a Token-2022 transfer fee). 3.5% goes to the mill's treasury, 1.5% to the team that runs it. Frozen on the launch curve.
- 2
The treasury goes to Papertrade
Each epoch the tax is converted to USDC and bridged from Solana to the treasury's Papertrade accounts over Circle's CCTP, the same route the Papertrade app uses.
- 3
Delta-neutral pairs mint PAPER
The treasury is long and short at the same time. Whichever side loses mints PAPER on the full loss. The other side keeps its gain after Papertrade's haircut. Net cost per PAPER: a fraction of what an honest loser pays.
- 4
All PAPER is staked
Papertrade pays PAPER stakers in USDC: half of every 2% fee, and every dollar of house profit past the $5M bankroll cap. The cap was passed on launch day.
- 5
Payouts buy $MILL and burn it
Every USDC the staked PAPER is paid buys the token on its pool and burns it. Weekly, announced in advance, in slices. Never the tax, never the treasury's working capital.
Why the mill pays less per PAPER
Papertrade mints PAPER per $1 lost at a rate that falls as the house banks profit, and shaves winning closes on small moves. Losing on one side and winning on the other turns cash into PAPER at a fraction of the honest loser's price. The cycle size sets the ratio; leverage and size do not.
Dollar figures below are at the mint rate in force right now.
| Who | How | Cost per PAPER | vs honest loser |
|---|---|---|---|
| Honest loser | loses $1, mints 100 PAPER | $0.0100 | 1× |
| The mill | pair closed on a 0.2% move | $0.0020 | 5× cheaper |
| The mill | pair closed on a 0.5% move | $0.0015 | 6.5× cheaper |
| The mill | pair closed on a 1% move | $0.0014 | 7.3× cheaper |
Model from Papertrade's published formulas (launch parameters, BTC) at the live mint rate. The ratio does not depend on the rate; the dollar cost does, and it rises for everyone as the house banks profit. The real number is whatever the ledger says: realised cost per PAPER is published for every cycle.
The clock is running
PAPER's mint rate was a flat 100 per $1 lost until the house had banked $2M. On launch day that took about 30 minutes. The rate then decays on a $120M scale, and the house banked $20M in its first two hours. Right now it is 74 per dollar; at $120M it is 25. The cheap PAPER is minted in the first days, by whoever is already running. The marker below is live.
The tax, in full
5%
on every buy and sell, taken by the token. No way around it, no exemptions, frozen on the launch curve.
- 3.5% → the mill's treasury. Converted to USDC every epoch, bridged, farmed.
- 1.5% → the team. For running the mill and for the people who run it: bots, bridges, gas, keys, hosting, their time.
0
presale, team allocation, airdrop. The whole supply is sold on the curve or sits in the pool.
- Liquidity is locked or burned by the launchpad at graduation.
- Mint authority revoked at creation. The supply can only shrink.
For comparison: PaperStrategy on HyperEVM taxes 10% both ways and keeps 10% of the staking income for its team. Here the team's share is 1.5 of the 5 points of tax and nothing from the buybacks.
What comes back
From Papertrade to the treasury
Staked PAPER is paid in USDC from two sources: half of every 2% trading fee, and every dollar of house profit past the $5M bankroll cap. The cap was passed about an hour after trading opened, so the second source is already flowing to stakers.
House profit banked: —.
From the treasury to the token
Every USDC the treasury's PAPER is paid buys $MILL on its pool and burns it. Weekly, announced the day before, executed in small slices so it cannot be front-run. Each buyback and burn is listed in the ledger with its transactions.
If PAPER ever becomes transferable, what to do with the treasury's PAPER is decided then, in public: hold, sell into buybacks, or distribute.
Everything on the table
The tax side is already public by construction: COOP publishes every epoch's snapshot, allocation and transaction. The mill adds the Papertrade side. This is the ledger's shape; rows appear from the first epoch.
| Field | What it shows | Where to verify |
|---|---|---|
| Tax collected | per epoch, in the token and in USDC | COOP token page, Solana explorer |
| Treasury wallet | USDC balance, every in and out | Solana explorer |
| Bridges | each tranche Solana → Papertrade, both transactions | Solana explorer, HyperEVM explorer |
| Farm accounts | balances, open positions, PAPER minted | Papertrade leaderboard, HyperEVM reads |
| Cycles | each pair: move, cost, PAPER minted, realised cost per PAPER | this ledger, signed intents |
| PAPER staked | total staked, USDC paid, claims | PaperStaking contract |
| Buybacks and burns | USDC spent, tokens bought, tokens burned, supply after | Solana explorer |
No epochs yet. The first row lands with the first tax epoch after launch.
Nothing like it on Solana
Two wrappers exist on Papertrade's own chain. Both show the demand. Neither is reachable with SOL and a Jupiter tab.
paperdao
- Model
- pooled deposits, not a tax token
- Capital
- an ETH raise on daos.world
- Tax
- 3% after a 10-minute launch window
- Buy with
- ETH on Robinhood Chain
- Method
- a range of strategies, lock-ups for rewards
- PAPER
- redeemable by holders once it can move
Papermill
- Tax
- 5%, buys and sells
- Team share
- 1.5 of 5 points, nothing from the buybacks
- Buy with
- SOL on Jupiter. No bridge, no HYPE, no deposits, no lock-ups
- Method
- published
- Accounts
- published, with PAPER held and staked
- Cycles
- published, with realised cost per PAPER
- Market cap
- launching on COOP
PaperStrategy figures from DexScreener and its own site, paperdao's from its site, both read 2026-10-10.
What can go wrong
- Papertrade breaks. An exploit, a keeper outage, a contract bug or an intervention can send PAPER and queued claims to zero. The treasury only ever holds on Papertrade what it can lose; the rest stays in USDC on Solana.
- Papertrade refuses the treasury's trades. All trading goes through its relayer, which can throttle or reject accounts. The mill uses several accounts and has a fallback venue. If it is shut out, farming stops and the treasury says so.
- The haircut changes. Papertrade's owner can retune fees and impact parameters at any time. The ledger shows the realised cost per PAPER every cycle; a cost above 1.5× the model pauses the mill.
- Payouts follow the house. Stakers are paid from fees and from house profit past the cap; a quiet week pays little. No buyback is promised before the first USDC lands in the treasury.
- PAPER may never move. Phase four has no date. Until then the treasury's PAPER is a claim on payouts, nothing else.
- Late is expensive. The mint rate falls as the house banks profit; PAPER minted next week costs more per unit than PAPER minted today. The mill starts with the treasury's first tranche and runs while the rate justifies it.
- Volume fades. Most tokens trade less within days. The treasury keeps its PAPER either way; the team's share covers the running costs.
- This token can go to zero. Nothing here is a promise of anything. No returns are promised to anyone.
Questions
Is this Papertrade?
No. Papermill is independent and not affiliated with Papertrade, Hyperliquid, Raydium, COOP's partners or Jupiter. It is a user of Papertrade, like any trader.
Do I get PAPER?
No. PAPER cannot be transferred, so it stays in the treasury's accounts, staked. What you hold is $MILL, whose supply shrinks with every buyback and burn.
Why 5%?
Because 3.5 points is enough to run the mill at size and 1.5 keeps it running without touching the buybacks. PaperStrategy's 10% shows the market accepts more; we would rather be traded.
Why not launch on HyperEVM like the others?
Solana has thirty times the crowd, Jupiter routes SOL into anything, and COOP publishes every tax epoch by construction. Papertrade already accepts deposits from Solana and pays withdrawals back to it.
When is the first buyback?
When the first USDC is paid to the treasury's staked PAPER and has been bridged back. Papertrade's bankroll passed its $5M cap on launch day, so stakers are already paid from house profit; what remains is the treasury minting and staking its PAPER. The date is announced the day before.
What is COOP?
A launchpad on Raydium LaunchLab for taxed tokens. The tax goes where the launch says it goes, every epoch's snapshot and payout are published, and liquidity is locked or burned at graduation. Papermill launches there and uses its treasury sink.
Who runs this?
A small team. Keys are split: trading keys cannot withdraw, withdrawal keys cannot trade. What the team does is on the ledger: accounts, cycles, payouts, burns.
Buy $MILL
Not live yet. When it is, the contract address appears here first.
contract address: pending launchCheck the address against the X bio and the Telegram pin. Anything else using this name is not us.