Ask about Papertrade · freeTotal Value Locked$64.15m
TVL by Chain
Hyperliquid L1$64.15m
Key Metrics
Fees 30d$32.5m
Fees 30d by chain
Off Chain$32.5m
Fees 7d$32.5m
Off Chain$32.5m
Fees 24h$5.38m
Off Chain$5.38m
Cumulative Fees$37.89m
Off Chain$37.89m
Revenue 30d$32.5m
Revenue 30d by chain
Off Chain$32.5m
Revenue 7d$32.5m
Off Chain$32.5m
Revenue 24h$5.38m
Off Chain$5.38m
Cumulative Revenue$37.89m
Off Chain$37.89m
Holders Revenue 30d$29.77m
Holders Revenue 30d by chain
Off Chain$29.77m
Holders Revenue 7d$29.77m
Off Chain$29.77m
Holders Revenue 24h$4.97m
Off Chain$4.97m
Cumulative Holders Revenue$34.74m
Off Chain$34.74m
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 GitHubUser Activity
Active Addresses (24h)6,481
New Addresses (24h)885
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
Frequently asked questions
What is Papertrade's TVL?
Papertrade currently has $64.15m 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 $32.5m in fees. Of that, $32.5m was protocol revenue. Based on the trailing year, the annualized rate is $3.955b in fees and $3.955b in revenue.
How does Papertrade's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Papertrade ranks #7 by TVL. The category holds $2.003b across 420 protocols, and Papertrade accounts for 3.2% of that total. Other leading protocols include Hyperliquid HLP, Bounce.Tech, Derive V2, SIR, Racks, Jupiter Perpetual Exchange, GMX V2 Perps, 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.