Papertrade Architecture: Execution and Settlement Layers

Papertrade is a set of contracts on HyperEVM that uses Hyperliquid HyperCore precompiles for pricing and cross-layer USDC movement.

Official Papertrade documentation · Updated November 5, 2026 · Canonical domain: papertrade.finance

Core HyperEVM contracts

Exchange tracks balances, positions, PnL, LP state and payout-queue accounting.

BatchExecutor processes signed user intents through the configured relayer path.

PaperToken, PaperStaking and PaperTokenomics implement PAPER supply, staking and mint mechanics.

SessionKeyManager handles delegated trading keys and nonce and signature validation.

HyperCore precompiles

Papertrade uses Hyperliquid system precompiles for best-bid and ask pricing and cross-layer USDC movement. The BBO precompile is the execution-price source described by the docs.

A trade end-to-end

A signed intent reaches the relayer and batch executor, then the Exchange reads BBO state, settles PnL against LP accounting and updates balances. Eligible realised losses can invoke PAPER tokenomics.

Frontend integration

The relayer-only deployment profile keeps the configured relayer and batcher as the trading submitter while still using user-signed intents checked onchain.

HyperEVM and HyperCore state boundaries

Papertrade spans two important environments. HyperEVM hosts the protocol contracts and trading logic; HyperCore provides the market and balance primitives exposed through Hyperliquid system precompiles. The architecture therefore depends on both contract state and cross-layer system state.

Signed-intent flow

In the documented relayer profile, a user signs an intent, the configured execution path validates and submits it, the Exchange reads BBO state and market controls, then protocol accounting updates positions and balances. PAPER tokenomics can be invoked later when an eligible loss settles.

This separation explains why frontend availability, relayer availability and onchain protocol state are related but not identical components.