Ask about Papertrade · freeTotal Value Locked$20.8m
TVL by Chain
Hyperliquid L1$20.8m
Key Metrics
Fees 30d$37.46m
Fees 30d by chain
Off Chain$37.46m
Fees 7d$3.38m
Off Chain$3.38m
Fees 24h$1.21m
Off Chain$1.21m
Cumulative Fees$73.77m
Off Chain$73.77m
Revenue 30d$37.46m
Revenue 30d by chain
Off Chain$37.46m
Revenue 7d$3.38m
Off Chain$3.38m
Revenue 24h$1.21m
Off Chain$1.21m
Cumulative Revenue$73.77m
Off Chain$73.77m
Holders Revenue 30d$34.24m
Holders Revenue 30d by chain
Off Chain$34.24m
Holders Revenue 7d$3.25m
Off Chain$3.25m
Holders Revenue 24h$1.15m
Off Chain$1.15m
Cumulative Holders Revenue$68.17m
Off Chain$68.17m
Collateral Liquidated 30d$52.12m
Collateral Liquidated 30d by chain
Off Chain$52.12m
Collateral Liquidated 7d$4.67m
Off Chain$4.67m
Collateral Liquidated 24h$2.18m
Off Chain$2.18m
Cumulative Collateral Liquidated$90.88m
Off Chain$90.88m
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)3,928
New Addresses (24h)366
Hacks
Date: Oct 10, 2026
Amount: $1.28m
Classification: Oracle Manipulation
Technique: Spot Price Manipulation
Papertrade, a perpetual trading protocol on HyperEVM, reportedly suffered an oracle manipulation attack shortly after launch. The attacker manipulated Hyperliquid’s ETH order-book midpoint through external trades while opening and closing highly leveraged synthetic positions on Papertrade. Because the protocol used the instantaneous BBO midpoint without TWAP, deviation limits, or independent price validation, manipulated prices were accepted for execution and PnL settlement, transferring approximately $1.28M from the Martingaler LP
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 Nov 13, 2026.
All-time high TVL: $102.09m on Oct 11, 2026. All-time low TVL: $14.33m on Oct 9, 2026.
Daily TVL, Oct 15, 2026 to Nov 13, 2026
| Date | TVL |
|---|---|
| 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 |
| Oct 21, 2026 | $45.81m |
| Oct 22, 2026 | $41.64m |
| Oct 23, 2026 | $39.24m |
| Oct 24, 2026 | $33.22m |
| Oct 25, 2026 | $32.28m |
| Oct 26, 2026 | $31.52m |
| Oct 27, 2026 | $30.73m |
| Oct 28, 2026 | $30.86m |
| Oct 29, 2026 | $30.38m |
| Oct 30, 2026 | $29.81m |
| Oct 31, 2026 | $28.32m |
| Nov 1, 2026 | $27.4m |
| Nov 2, 2026 | $26.61m |
| Nov 3, 2026 | $26.03m |
| Nov 4, 2026 | $25.36m |
| Nov 5, 2026 | $23.9m |
| Nov 6, 2026 | $23.95m |
| Nov 7, 2026 | $24.51m |
| Nov 8, 2026 | $24.23m |
| Nov 9, 2026 | $24.16m |
| Nov 10, 2026 | $23.96m |
| Nov 11, 2026 | $23.6m |
| Nov 12, 2026 | $23.09m |
| Nov 13, 2026 | $22.78m |
TVL at each month end, Oct 2026 to Nov 2026
| Date | TVL |
|---|---|
| Oct 31, 2026 | $28.32m |
| Nov 13, 2026 (latest) | $22.78m |
Fees, revenue and holders revenue by UTC calendar month, Oct 2026 to Nov 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Oct 2026 | $68.88m | $68.88m | $63.61m |
| Nov 2026 (to date) | $6.1m | $6.1m | $5.72m |
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 Nov 13, 2026, Papertrade has $20.8m in total value locked. TVL has decreased 68.5% over the past 30 days.
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 $37.46m in fees. Of that, $37.46m was protocol revenue. Based on the trailing year, the annualized rate is $791.94m in fees and $791.94m in revenue.
How does Papertrade's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Papertrade ranks #15 by TVL. The category holds $1.753b across 425 protocols, and Papertrade accounts for 1.2% of that total. Similar protocols include Hyperliquid HLP, Bounce.Tech, Derive V2, Hyper Tokens, SIR, Jupiter Perpetual Exchange, GMX EVM, Lighter Robinhood Perps, Lighter LLP, and Extended Perps.
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.