Papertrade placed second in a daily revenue ranking on Oct. 15 as cumulative net losses among its traders reached $49.5 million. The revenue tally also counted pool funds held for stakers, alongside trading charges.
The ranking put Papertrade below Tether and above Circle. Its calculation included liquidity-pool balances exceeding $5 million, which go to stakers. That means the total covered more than fees from trading activity.
By Oct. 15, traders’ cumulative net losses on the platform stood at $49.5 million. The comparable total for Papertrade’s first two days was $32.4 million. These figures describe trader outcomes separately from the protocol’s revenue ranking.
Papertrade charged 2% of a trader’s realized profit or loss when a position settled. Liquidations carried a separate 2% charge on collateral lost. Stakers and developers split the proceeds from the 2% fee evenly, while stakers received all pool balances above the $5 million threshold.
The arrangement directs trading-fee proceeds to both stakers and developers, with excess pool funds going to stakers. Traders face the stated charges, while the revenue tally combines those charges with pool balances. It therefore does not represent fee income alone.
