Ask about Papertrade · freeTotal Value Locked$48.77m
TVL by Chain
Hyperliquid L1$48.77m
Key Metrics
Fees 30d$60.33m
Fees 30d by chain
Off Chain$60.33m
Fees 7d$28.54m
Off Chain$28.54m
Fees 24h$1.47m
Off Chain$1.47m
Cumulative Fees$61.8m
Off Chain$61.8m
Revenue 30d$60.33m
Revenue 30d by chain
Off Chain$60.33m
Revenue 7d$28.54m
Off Chain$28.54m
Revenue 24h$1.47m
Off Chain$1.47m
Cumulative Revenue$61.8m
Off Chain$61.8m
Holders Revenue 30d$55.7m
Holders Revenue 30d by chain
Off Chain$55.7m
Holders Revenue 7d$25.93m
Off Chain$25.93m
Holders Revenue 24h$1.31m
Off Chain$1.31m
Cumulative Holders Revenue$57.01m
Off Chain$57.01m
Collateral Liquidated 30d$65.81m
Collateral Liquidated 30d by chain
Off Chain$65.81m
Collateral Liquidated 7d$32.34m
Off Chain$32.34m
Collateral Liquidated 24h$2.63m
Off Chain$2.63m
Cumulative Collateral Liquidated$68.44m
Off Chain$68.44m
Papertrade October revenue exceeds $85M?
- Activity
- 10.2K TYD
- Liquidity
- 15.9K TYD
- Fees
- 0.29 TYD
Rules & activity
This market will resolve to “Yes” if the total revenue of Papertrade for the calendar month of October 2026 (October 1, 2026 - 00:00 UTC to November 1, 2026 - 00:00 UTC) exceeds $85,000,000, as reported by DefiLlama. Otherwise this market will resolve to “No.” For the purposes of this market: • “Revenue” is defined as the “Revenue” metric for Papertrade on DefiLlama (not gross “Fees”), summed over all days in October 2026. • If DefiLlama methodology changes, the figure as reported by DefiLlama at resolution will be used.
Market activity includes traded volume and minted collateral.
Quotes are in TYD; Yes and No pools are priced independently. 100% = 1 TYD.
Resolution source: • DefiLlama Papertrade analytics page
Earliest possible resolution: Nov 1, 2026, 12:00 AM UTC. This is not the event deadline or a trading cutoff.
Resolution history
- CreatedOct 20, 2026, 5:10 AM UTC
Recent activity
- No trade · 1.34 TYD at 46.5%Oct 20, 2026, 8:19 PM UTC
- Market activityOct 20, 2026, 3:50 PM UTC
- Market activityOct 20, 2026, 3:50 PM UTC
- Market activityOct 20, 2026, 3:50 PM UTC
- Market activityOct 20, 2026, 3:49 PM UTC
Quotes fetched 13s ago.
Protocol Information
Synthetic BTC and ETH perpetuals on HyperEVM, where traders trade against a protocol-owned liquidity pool using Hyperliquid's BBO mid price.
Methodology
TVL: USDC held in the Papertrade Exchange contract's HyperCore spot account: trader trading balances plus the protocol-owned LP that takes the other side of every position.View code on GitHubFees: 2% fee on realized PnL at close, 2% fee on margin lost in liquidations, and LP profits above the $5M cap swept to PAPER stakers. Trader wins and losses that stay in the LP are not counted.View code on GitHubRevenue: All fees: half of the 2% fees to PAPER stakers, half to the dev fee recipient, and LP profits above the $5M cap to PAPER stakers.View code on GitHubHolders Revenue: Half of the 2% close and liquidation fees plus LP profits above the $5M cap, paid in USDC to PAPER stakers.View code on GitHubCollateral Liquidated: USD margin forfeited by liquidated BTC and ETH positions: a liquidation takes the position's whole isolated margin. Liquidated notional is not reported.View code on GitHubUser Activity
Active Addresses (24h)7,160
New Addresses (24h)834
Hacks
Date: Oct 10, 2026
Amount: $1.28m
Classification: Oracle Manipulation
Technique: Spot Price Manipulation
Chains: Hyperliquid L1
Language: Solidity
Target Type: DeFi Protocol
Competitors
Papertrade history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 9, 2026 to Oct 20, 2026.
All-time high TVL: $102.09m on Oct 11, 2026. All-time low TVL: $14.33m on Oct 9, 2026.
Daily TVL, Oct 9, 2026 to Oct 20, 2026
| Date | TVL |
|---|---|
| Oct 9, 2026 | $14.33m |
| Oct 10, 2026 | $101.8m |
| Oct 11, 2026 | $102.09m |
| Oct 12, 2026 | $64.45m |
| Oct 13, 2026 | $61.69m |
| Oct 14, 2026 | $66.09m |
| Oct 15, 2026 | $60.88m |
| Oct 16, 2026 | $66.67m |
| Oct 17, 2026 | $68.71m |
| Oct 18, 2026 | $66.74m |
| Oct 19, 2026 | $63.76m |
| Oct 20, 2026 | $61.92m |
TVL at each month end, Oct 2026 to Oct 2026
| Date | TVL |
|---|---|
| Oct 20, 2026 (latest) | $61.92m |
Fees, revenue and holders revenue by UTC calendar month, Oct 2026 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Oct 2026 (to date) | $61.8m | $61.8m | $57.01m |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/papertrade
Frequently asked questions
What is Papertrade's TVL?
As of Oct 20, 2026, Papertrade has $48.77m in total value locked.
What chains does Papertrade operate on?
Papertrade operates on 2 chains: Hyperliquid L1 and Off Chain. Hyperliquid L1 holds the largest share at 100%.
How much has Papertrade generated in fees and revenue?
Over the past 30 days, Papertrade generated $60.33m in fees. Of that, $60.33m was protocol revenue. Based on the trailing year, the annualized rate is $2.202b in fees and $2.202b in revenue.
How does Papertrade's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Papertrade ranks #9 by TVL. The category holds $1.953b across 423 protocols, and Papertrade accounts for 2.5% of that total. Similar protocols include Hyperliquid HLP, Bounce.Tech, Derive V2, SIR, Racks, Jupiter Perpetual Exchange, GMX EVM, Extended Perps, Lighter Robinhood Perps, and dYdX V4.
Has Papertrade ever been exploited?
Papertrade has 1 recorded security incident. The most recent incident occurred on Oct 10, 2026 and involved $1.28m. It was classified as Oracle Manipulation.