Papertrade Ranks Fifth in Seven-Day Protocol Revenue at $13.38 Million

Papertrade generated $13.38 million in protocol revenue over a seven-day period, placing the synthetic perpetuals venue fifth among 10 protocols in an Oct. 23 ranking, behind four larger totals.

Tether led with $122.87 million, followed by Circle at $48.98 million, Hyperliquid at $15.10 million and Pump at $14.71 million. A previous seven-day revenue comparison placed Papertrade third.

Papertrade offers synthetic perpetual contracts for Bitcoin (BTC) and Ether (ETH) on HyperEVM. Traders take positions against liquidity supplied by the protocol, using the midpoint of Hyperliquid’s best bid and offer prices as a reference.

The revenue measure includes trading and liquidation fees, along with liquidity pool profits above a $5 million cap. Papertrade charges 2% on realized PnL at close and a 2% fee on margin lost to liquidations. The fees are split evenly between Papertrade (PAPER) token stakers and a developer fee recipient.