[1] Paper Rex was founded in January 2020 by Harley "dsn" Örwall, an ex-professional Counter-Strike player and Nikhil "nikH" Hathiramani, the founder and chief editor of CSGO2ASIA, Matthew Djojonegoro, a video game designer and team manager, and Gad Tan, a creative director who graduated from the University of New South Wales.

On 8 February, Paper Rex started their 2021 season by announcing the move of their Counter-Strike: Global Offensive roster into Valorant, a team consisting of Kumaresan "Tommy" Ramani, Aaron "mindfreak" Leonhart, Jason "f0rsakeN" Susanto, Benedict "Benkai" Tan, Jorell "Retla" Teo and Khalish "d4v41" Rusyaidee and Alex "alecks" Salle as their coach.

[6] On 28 September 2021, Paper Rex announced the signing of Wang "Jinggg" Jing Jie, moving shiba to a substitute position due to his compulsory military service.

[16] On 22 March 2023, midway through the VCT Pacific season in Seoul, Paper Rex signed Ilya "something" Petrov, a Russian player who previously played for Sengoku Gaming.

[18] Shortly after finishing first in the VCT Pacific League championship, Paper Rex announced their decision to make newly signed player Iylia "something" Petrov permanent by moving their In-Game Leader, Benedict "Benkai" Tan, to an inactive position on the roster.

[19] During VCT Masters Tokyo 2023, the team had to call upon their substitute player Patiphan "CGRS" Posri as Ilya "Something" Petrov was unable to secure a visa to participate in the tournament.

During the aforementioned Champions event, after Paper Rex's 2-1 victory over LOUD, Round Up Gamers interviewed Coach Alex "alecks" Salle, who revealed that Wang "Jinggg" Jing Jie would be departing the roster for the 2024 season due to his compulsory military service.

Paper Rex announced on 29 March 2024 that Wang "Jinggg" Jing Jie will be able to participate in further tournaments due to him being medically unfit for military service.

[citation needed] In the VCT Champions 2024 group stage, Paper Rex were met with an early loss to G2, an opponent they previously lost to in Masters Shanghai.