Papertrade flips Hyperliquid in 24-hour revenue, hitting $6M

Derivatives protocol Papertrade flipped Hyperliquid in 24-hour revenue, according to an initial report from Market Insider on October 12, 2026. Data shared the following day by market commentator TylerD showed Papertrade leading onchain protocols with $5.9 million in revenue the prior day, surpassing Hyperliquid's $2.36 million and Pump's $2.29 million. Papertrade placed third overall across the market, trailing only stablecoin issuers Tether ($17.47 million) and Circle ($6.98 million).^[3][2]

Subsequent DefiLlama metrics shared by on-chain analytics account Lookonchain on October 13 pegged Papertrade's 24-hour revenue at $6.01 million, well clear of Hyperliquid at $2.36 million. The listing showed Papertrade had accumulated $32.5 million in both 7-day and 30-day revenue. Alongside the revenue figures, Lookonchain noted Papertrade platform metrics reporting $910 billion in daily trading volume, $28.4 billion in liquidations, 451,460 trades, 17,395 users, and -$38.8 million in 24-hour trader PnL, with total value locked at $62.7 million.^[4]

Protocol revenue also translated to significant staker distributions. Market observer rciv reported that Papertrade had paid more than $30 million to $PAPER stakers, adding that Papertrade's three-day revenue exceeded twice Hyperliquid's weekly total of $14.3 million. An attached staking revenue chart illustrated a high of roughly $25 million on October 9, followed by $2.17 million recorded on October 13.^[1]