TREE NEWS reports: Papertrade, a synthetic perpetuals platform on HyperEVM, recorded $42.24 million in protocol revenue over the past seven days, ranking third across all protocols behind only Tether and Circle, DefiLlama data show. The figure exceeds Pump.fun’s $16.06 million and Hyperliquid’s $14.56 million. The platform ties token issuance to traders’ realized losses: one trader generated $2.84 billion in notional volume and lost about $1.71 million, offset partly by $1.07 million in USDC staking rewards, for a net cash loss of roughly $637,000.
Papertrade 7-day revenue hits $42.24M, third behind Tether and Circle
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AI take
Papertrade's revenue ranking is notable less for the headline figure than for its mechanism: revenue is tied to traders' realized losses, meaning the top-line number is a direct read on customer pain rather than activity alone. That the platform out-earns Pump.fun and Hyperliquid on this metric puts it in a different category of scrutiny, since loss-linked revenue invites questions about sustainability and trader outcomes. Whether this model holds up as volumes and loss rates shift is the open question worth watching.
Generated by AI for reference only.
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