Papertrade, a decentralized perpetual futures exchange built on HyperEVM, briefly ranked second worldwide by daily revenue after launching on October 10, 2026, with more than $1.3 trillion in cumulative notional volume. Within 24 hours, its open interest fell 93.7% from about $11 billion to $693 million, while total value locked dropped by $48 million in two days. Payouts to PAPER holders collapsed from $1.28 million to roughly $84,500, a decline attributed partly to the October 20 decision to make the token non-transferable. After the change, daily revenue reached around $178,000 and Papertrade fell outside the top 20 protocols, raising concerns from analyst Jason Pagoulatos about the exchange’s ability to sustain organic activity.
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