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Papertrade hits $55 million in weekly revenue after launch on Hyperliquid

Synthetic perpetuals platform Papertrade generated $55.18 million in seven-day revenue shortly after debuting on Hyperliquid, trailing only Tether across crypto protocols.

A 7-day crypto revenue leaderboard ranking Papertrade second with $55.18 million, behind Tether and ahead of Circle and Hyperliquid.
Image: @jussy_world

Synthetic perpetuals protocol Papertrade recorded $55.18 million in seven-day revenue within days of its launch on Hyperliquid, according to DefiLlama data shared by Crypto Banter. DefiLlama metrics also show Papertrade accumulating $59.31 million in cumulative fees, $4.13 million in 24-hour fees, $51.11 million in 30-day holders revenue, and a total value locked of $67.51 million.[1]

A seven-day revenue leaderboard shared by social media user jussy ranked Papertrade second across all tracked crypto protocols, trailing only Tether's $122.82 million. Papertrade's $55.18 million mark surpassed Circle's $49.06 million and stood at more than triple Hyperliquid's $16.16 million, a milestone also noted by Market Insider.[2][3]

Much of the platform's earnings have reportedly passed directly to tokenholders. Crypto Banter stated that nearly all protocol revenue has flowed to PAPER stakers. Jussy similarly reported that traders on the venue were down an aggregate $60 million across $1.25 trillion in cumulative trading volume since its launch five days earlier, with almost all of those trader losses distributed to PAPER stakers.[1][2]

Key facts

  • DefiLlama data shows Papertrade generated $55.18 million in seven-day revenue and $59.31 million in cumulative fees.
  • DefiLlama records $67.51 million in total value locked and $51.11 million in 30-day holders revenue for Papertrade.
  • A seven-day revenue leaderboard ranked Papertrade second among crypto protocols behind Tether ($122.82M) and ahead of Circle ($49.06M) and Hyperliquid ($16.16M).
  • Papertrade's weekly revenue exceeded Hyperliquid's total by more than three times.
  • Crypto Banter and jussy both reported that nearly all revenue and trader losses have flowed to PAPER stakers.
  • Jussy reported that Papertrade logged $1.25 trillion in cumulative volume and $60 million in aggregate trader losses five days after launch.

Sources 路 3 sources

  1. CB

    Crypto Banter@crypto_banterPost on X 路

    馃毃PAPERTRADE PRINTS $55M IN ITS FIRST WEEK! Papertrade, the synthetic perps protocol that launched on Hyperliquid exactly one week ago today, has generated $55.18 million in 7-day revenue and roughly $60 million cumulative, according to @DefiLlama. Nearly all of it has flowed to $PAPER stakers. A venue that is still days old is already running higher revenue than most established protocols.

    Open source
  2. JU

    jussy@jussy_worldPost on X 路

    WTF is going on with @papertrade_xyz $55M in weekly revenue ahead of Circle, more than 3x of Hyperliquid That's #2 in ALL of crypto right now, only behind Tether $1.25T in cumulative volume since launch 5 days ago Traders are collectively down $60M, almost all of that loss has flowed to $PAPER stakers Did anyone expect them to keep cooking like this?

    Open source
  3. MI

    Market Insider@MrketInsiderPost on X 路

    JUST IN: PAPERTRADE CROSSES $55M IN WEEKLY REVENUE MORE THAN 3X THAT OF HYPERLIQUID https://t.co/FQjhb07Mxu

    Open source