Ask about Cardboard Trade · freeTotal Value Locked$976,360
TVL by Chain
Solana$976,360
Key Metrics
Fees 30d$478,415
Fees 30d by chain
Solana$478,415
Fees 7d$328,649
Solana$328,649
Fees 24h$971
Solana$971
Cumulative Fees$479,386
Solana$479,386
Revenue 30d$478,415
Revenue 30d by chain
Solana$478,415
Revenue 7d$328,649
Solana$328,649
Revenue 24h$971
Solana$971
Cumulative Revenue$479,386
Solana$479,386
Holders Revenue 30d$239,199
Holders Revenue 30d by chain
Solana$239,199
Holders Revenue 7d$164,320
Solana$164,320
Holders Revenue 24h$484
Solana$484
Cumulative Holders Revenue$239,683
Solana$239,683
Collateral Liquidated 30d$1.42m
Collateral Liquidated 30d by chain
Solana$1.42m
Collateral Liquidated 7d$776,174
Solana$776,174
Collateral Liquidated 24h$9,425
Solana$9,425
Cumulative Collateral Liquidated$1.43m
Solana$1.43m
Protocol Information
Leveraged trading protocol on Solana offering leverage up to 1000x.
Methodology
TVL: TVL is the USDC held by the Cardboard program: house LP funds, trader margin and balances, and fees not yet withdrawn.View code on GitHubFees: Fees charged when positions settle: a 0.5 basis point close charge on the order value plus the market fee (currently 2%) on the gain of winning trades and on the loss of losing and liquidated trades. Opening a position is free and there are no funding payments.View code on GitHubRevenue: All settlement fees, split between the protocol and CARDBOARD stakers.View code on GitHubHolders Revenue: Half of settlement fees, distributed in USDC to CARDBOARD stakers. Referral bonuses are paid from the same budget and are not separated.View code on GitHubCollateral Liquidated: USDC margin forfeited by liquidated positions, including closes that executed at or past the bust price, which are settled as liquidations: a liquidation takes the whole isolated margin of the position.View code on GitHubUser Activity
Active Addresses (24h)49
New Addresses (24h)5
Competitors
Cardboard Trade history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 17, 2026 to Oct 25, 2026.
All-time high TVL: $1.84m on Oct 20, 2026. All-time low TVL: $982,338 on Oct 25, 2026.
Daily TVL, Oct 17, 2026 to Oct 25, 2026
| Date | TVL |
|---|---|
| Oct 17, 2026 | $1.17m |
| Oct 18, 2026 | $1.44m |
| Oct 19, 2026 | $1.58m |
| Oct 20, 2026 | $1.84m |
| Oct 21, 2026 | $1.81m |
| Oct 22, 2026 | $1.25m |
| Oct 23, 2026 | $1.07m |
| Oct 24, 2026 | $985,130 |
| Oct 25, 2026 | $982,338 |
TVL at each month end, Oct 2026 to Oct 2026
| Date | TVL |
|---|---|
| Oct 25, 2026 (latest) | $982,338 |
Fees, revenue and holders revenue by UTC calendar month, Oct 2026 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Oct 2026 (to date) | $479,386 | $479,386 | $239,683 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/cardboard-trade
Frequently asked questions
What is Cardboard Trade's TVL?
As of Oct 25, 2026, Cardboard Trade has $976,360 in total value locked.
What chains does Cardboard Trade operate on?
Cardboard Trade operates on Solana. Solana holds the largest share at 100%.
How much has Cardboard Trade generated in fees and revenue?
Over the past 30 days, Cardboard Trade generated $478,415 in fees. Of that, $478,415 was protocol revenue. Based on the trailing year, the annualized rate is $17.46m in fees and $17.46m in revenue.
How does Cardboard Trade's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Cardboard Trade ranks #52 by TVL. The category holds $1.973b across 425 protocols, and Cardboard Trade accounts for <0.1% of that total. Similar protocols include Jupiter Perpetual Exchange, GMX Solana, Phoenix Perp, BULK, TurboFlow Perps, Bumpin Trade, Parcl V3, Drift Trade, Lavarage, and Wasabi Perps.