DefiLlama data shows Papertrade surpassing Circle in daily protocol revenue
Papertrade, a synthetic perpetuals platform on Hyperliquid launched six days ago, moved ahead of stablecoin issuer Circle in 24-hour protocol revenue on DefiLlama, generating over $7 million in a single day.
Papertrade, a synthetic perpetuals exchange built on Hyperliquid, climbed above Circle in 24-hour protocol revenue on DefiLlama, placing second behind Tether. Dashboard captures shared by crypto market commentator TylerD and Degen News showed Papertrade recording $7.5 million in daily revenue compared to Circle's $7.06 million, while Tether maintained first place at $17.63 million. A subsequent DefiLlama snapshot cited by Crypto Banter showed Papertrade's 24-hour revenue at $7.21 million, which still edged out Circle.[1][2][3]
Papertrade launched on Hyperliquid six days earlier and allows users to trade with up to 1000x leverage, according to Degen News and Crypto Banter. Degen News reported that the platform's liquidity pool is funded by trader losses under a model that incentivizes users to lose money, with cumulative trader profit and loss reaching -$49.8 million.[2][3]
The protocol has quickly amassed more than $42 million in total revenue since launch, with DefiLlama tracking identical seven-day and 30-day figures of $42.24 million. Nearly all of those funds have flowed directly to PAPER stakers, according to Crypto Banter.[1][3]
Key facts
- DefiLlama snapshots showed Papertrade generating between $7.21 million and $7.5 million in 24-hour revenue, surpassing Circle's $7.06 million.
- Tether ranked first on DefiLlama's daily revenue leaderboard at $17.63 million, ahead of both Papertrade and Circle.
- Papertrade launched on Hyperliquid six days before the leaderboard snapshots and offers leverage of up to 1000x.
- Papertrade's liquidity pool is funded by trader losses, and total trader PnL was -$49.8 million, per Degen News.
- Papertrade accumulated $42.24 million in 7-day and 30-day revenue on DefiLlama, with Crypto Banter noting over $42 million cumulative since launch.
- Crypto Banter reported that nearly all protocol revenue from Papertrade has been distributed to PAPER stakers.
Sources · 3 sources
- T�
TylerD 🧙♂️@Tyler_Did_ItPost on X ·
Papertrade flips Circle with $7.5M revenue on the day, leading all onchain protocols https://t.co/diNK29dnK6
Open source - DN
DEGEN NEWS@DegenerateNewsPost on X ·
BREAKING: @papertrade_xyz FLIPS @circle IN 24H REVENUE Papertrade is a synthetic perpetuals platform built on Hyperliquid that offers up to 1000x leverage, with a liquidity pool funded by trader losses and a design that incentivizes users to lose money. Total trader PNL is currently -$49.8M.
Open source - CB
Crypto Banter@crypto_banterPost on X ·
🚨SIX DAY OLD PAPERTRADE JUST OVERTOOK CIRCLE IN DAILY REVENUE! Papertrade, a synthetic perps protocol that launched only six days ago on Hyperliquid, recorded $7.21 million in 24-hour revenue, edging past Circle’s $7.06 million, per @DefiLlama data. The platform has already generated more than $42 million cumulative since launch, with nearly all of it flowing to $PAPER stakers.
Open source