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.

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.

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.

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Derivative exchanges

Papertrade

# Gas used Methodology

## Overview

Gas used measures the total gas consumed by an application. It reflects how much users are willing to incur transaction costs when using the application.

PapertradePAPER

Gas used

Gas used

Competitive landscape

Chain breakdown