🚨 $910B IN 24H: THE PERP DEX YOU'VE NEVER HEARD OF JUST OUT-EARNED HYPERLIQUID
Papertrade (@papertrade_xyz) generated $6.01M in protocol revenue in 24 hours, per DefiLlama data flagged by @lookonchain — ranking it #3 across all of DeFi, ahead of Hyperliquid itself.
The numbers behind the flip:
• $910B in 24h trading volume — staggering for a name most traders hadn't heard of last month
• $28.4B in liquidation volume, meaning the flow is ultra-leveraged and extremely active
• Revenue now trails only Tether and Circle in the protocol revenue rankings
For context: Hyperliquid was doing ~$3M/day at its peak just weeks ago and was considered untouchable on on-chain perp revenue. It just got lapped in a single day.
The footnote nobody should skip: days earlier, a wallet extracted $1.28M on Papertrade by moving ETH prices against Hyperliquid's reference price — a manipulation the platform has since tightened position limits over. Some of that "revenue" may be wash-adjacent, not organic flow.
Rotation of perp volume, or a one-day spike that vanishes by next week?
$PAPER #DeFi #Hyperliquid
Not financial advice. DYOR.
Papertrade (@papertrade_xyz) generated $6.01M in protocol revenue in 24 hours, per DefiLlama data flagged by @lookonchain — ranking it #3 across all of DeFi, ahead of Hyperliquid itself.
The numbers behind the flip:
• $910B in 24h trading volume — staggering for a name most traders hadn't heard of last month
• $28.4B in liquidation volume, meaning the flow is ultra-leveraged and extremely active
• Revenue now trails only Tether and Circle in the protocol revenue rankings
For context: Hyperliquid was doing ~$3M/day at its peak just weeks ago and was considered untouchable on on-chain perp revenue. It just got lapped in a single day.
The footnote nobody should skip: days earlier, a wallet extracted $1.28M on Papertrade by moving ETH prices against Hyperliquid's reference price — a manipulation the platform has since tightened position limits over. Some of that "revenue" may be wash-adjacent, not organic flow.
Rotation of perp volume, or a one-day spike that vanishes by next week?
$PAPER #DeFi #Hyperliquid
Not financial advice. DYOR.