Ask about Papertrade · freeTotal Value Locked$30.85m
TVL by Chain
Hyperliquid L1$30.85m
Key Metrics
Fees 30d$65.72m
Fees 30d by chain
Off Chain$65.72m
Fees 7d$5.39m
Off Chain$5.39m
Fees 24h$59,711
Off Chain$59,711
Cumulative Fees$65.72m
Off Chain$65.72m
Revenue 30d$65.72m
Revenue 30d by chain
Off Chain$65.72m
Revenue 7d$5.39m
Off Chain$5.39m
Revenue 24h$59,711
Off Chain$59,711
Cumulative Revenue$65.72m
Off Chain$65.72m
Holders Revenue 30d$60.65m
Holders Revenue 30d by chain
Off Chain$60.65m
Holders Revenue 7d$4.95m
Off Chain$4.95m
Holders Revenue 24h$29,849
Off Chain$29,849
Cumulative Holders Revenue$60.65m
Off Chain$60.65m
Collateral Liquidated 30d$75.48m
Collateral Liquidated 30d by chain
Off Chain$75.48m
Collateral Liquidated 7d$9.67m
Off Chain$9.67m
Collateral Liquidated 24h$480,822
Off Chain$480,822
Cumulative Collateral Liquidated$75.48m
Off Chain$75.48m
Papertrade October revenue exceeds $85M?
Quotes fetched just now.
Market details
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)3,101
New Addresses (24h)337
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 27, 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 27, 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 |
| 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 |
TVL at each month end, Oct 2026 to Oct 2026
| Date | TVL |
|---|---|
| Oct 27, 2026 (latest) | $30.73m |
Fees, revenue and holders revenue by UTC calendar month, Oct 2026 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Oct 2026 (to date) | $65.78m | $65.78m | $60.68m |
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 27, 2026, Papertrade has $30.85m 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 $65.72m in fees. Of that, $65.72m was protocol revenue. Based on the trailing year, the annualized rate is $1.411b in fees and $1.411b in revenue.
How does Papertrade's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Papertrade ranks #10 by TVL. The category holds $1.972b across 426 protocols, and Papertrade accounts for 1.6% of that total. Similar protocols include Hyperliquid HLP, Bounce.Tech, Derive V2, SIR, Racks, Jupiter Perpetual Exchange, GMX EVM, Lighter Robinhood Perps, Extended Perps, and Lighter LLP.
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.