PaperTrade, a new decentralized exchange (DEX) developed on HyperEVM, has been launched by crypto trader Jez, igniting discussions within the crypto community. The platform offers zero fees, no slippage, and no funding rates, drawing comparisons to early 1900s bucket shops. Unlike traditional exchanges, PaperTrade settles trades directly with its public liquidity pool, bypassing Hyperliquid's matching engine. The DEX operates on a unique model where user losses fund the liquidity pool, and profits are queued for payout. The platform's native token, PAPER, is minted based on user losses, with staking rewards tied to the liquidity pool's balance. This model raises questions about sustainability, especially if the pool's funds are depleted. PaperTrade's reliance on HyperEVM's infrastructure also poses challenges, as similar platforms could replicate its mechanism with alternative oracles and blockchain networks.