# Papertrade

> Track Papertrade's fees, revenue and TVL with daily on-chain data across 2 chains. Compare Papertrade with other derivative exchanges. Updated daily.

Source: [Papertrade on Token Terminal](https://tokenterminal.com/explorer/projects/papertrade). This page has no metric values. For current values, use the [Token Terminal API](https://tokenterminal.com/docs/api-reference/introduction) or the [MCP server](https://tokenterminal.com/docs/mcp/introduction).

- Token: PAPER
- Sectors: Derivative exchanges
- Chains: hypercore, hyperevm

## About

### What it is

Papertrade is a perpetual futures exchange on HyperEVM where every position is a trade against a single protocol-owned USDC pool, with no outside liquidity providers. Traders enter at the HyperCore mid price with no spread, slippage or funding. Losing traders are minted PAPER, which stakers lock to earn the protocol's USDC distributions.

### Who uses it

Papertrade is a perpetual futures exchange on HyperEVM. Its contracts are upgradeable, owned by a timelock with a 7-day delay that is controlled by a 2-of-3 multisig.

### How it works

Fees are 2% of a trader's gain after the price-impact haircut, plus 2% of the margin of liquidated positions, and half goes to PAPER stakers and half to the dev fee recipient. Profit the protocol-owned USDC pool earns above a $5 million cap is also paid to PAPER stakers.

## Metrics

Token Terminal tracks these metrics for Papertrade daily. Each page has a chart with the full history.

- [Token holders](https://tokenterminal.com/explorer/projects/papertrade/metrics/tokenholders)
- [Total value locked](https://tokenterminal.com/explorer/projects/papertrade/metrics/tvl)
- [Fees](https://tokenterminal.com/explorer/projects/papertrade/metrics/fees)
- [Supply-side fees](https://tokenterminal.com/explorer/projects/papertrade/metrics/fees-supply-side)
- [Revenue](https://tokenterminal.com/explorer/projects/papertrade/metrics/revenue)
- [Active addresses (daily)](https://tokenterminal.com/explorer/projects/papertrade/metrics/active-addresses-daily)
- [Active addresses (weekly)](https://tokenterminal.com/explorer/projects/papertrade/metrics/active-addresses-weekly)
- [Active addresses (monthly)](https://tokenterminal.com/explorer/projects/papertrade/metrics/active-addresses-monthly)
- [Transaction count (contracts)](https://tokenterminal.com/explorer/projects/papertrade/metrics/transaction-count-contracts)
- [Gas used](https://tokenterminal.com/explorer/projects/papertrade/metrics/gas-used)
- [Take rate](https://tokenterminal.com/explorer/projects/papertrade/metrics/take-rate)

## Links

- [website](https://papertrade.xyz)
- [twitter](https://twitter.com/papertrade_xyz)
- [docs](https://docs.papertrade.xyz)