PaperCheck

What does your PAPER really earn?

Papertrade mints PAPER to the traders who lose, then pays them USDC. PaperCheck reads the chain and tells you what you earn, what it costs to produce, and how long until you break even. Or whether you never will.

Check my wallet Simulate a farm

Live HyperEVM chain + protocol snapshot

You losetrade closed at a loss PAPER mintedon the realized loss StakingPAPER = share of the pool USDCother traders' losses PAPER THE LOSSLOOP
Wallet

Check your wallet

Connecting to the chain…

Read directly from the HyperEVM RPC in your browser. No wallet connection, no signature, and the address is never sent to any PaperCheck server. The losses field is only used to compute your break-even time.

Simulator

What does farming PAPER cost?

You lose money to mint, so the real math is: net cost of the farm versus USDC received. Defaults come from the measurements on this page (mint rate, haircut, yield). Change them if you know better.

Sum of losing closes and liquidations.

Before haircut. In a straddle, ≈ your loss.

Result at the current yield
Net cost of the farm—
PAPER minted—
Added to staked PAPER—
USDC per day (today)—
Break-even if the yield held—
Break-even with dilution—
Net after 30 days with dilution—
If the yield…USDC/dayBreak-evenNet 30 d

Protocol

Papertrade in numbers

Measured mint rate

How much PAPER per $1 lost?

Distribution

Who wins, who loses

Realized PnL per account

Accounts per bracket

Concentration

Where the money sits

Method

Where the numbers come from

Sources
  • Chain, live. Circulating PAPER, staked PAPER, and a wallet's balance, staked PAPER and claimable rewards: eth_call requests to the HyperEVM RPC, PAPER contract 0xe40f…1c0e and staking contract 0xaad6…f016.
  • Protocol snapshot (). TVL, volume, losses, rewards, users: the public API used by Papertrade's own front end. It is undocumented and may change.
  • Distribution. Full crawl of the 694 pages of the public leaderboard ( accounts). The sum of realized PnL () matches the net loss reported by the protocol ().
  • Mint rate and haircut. Sample of recent closes from 70 randomly picked active accounts: loss or liquidation events with a mint.
Limits, read this
  • The yield is a snapshot. Rewards per PAPER = rewards paid ÷ staked PAPER over 24 h. It has already dropped ~× since launch day and depends on other traders' losses.
  • PAPER has no price. Non-transferable, not listed: PaperCheck gives it no $ value, only a USDC flow.
  • Farming costs real money. The game is zero-sum: your rewards are other people's losses. At 1000x, a liquidation comes fast.
  • Realized PnL only. Open positions are not counted in the distribution.
  • PaperCheck is independent and not affiliated with Papertrade, Hyperliquid or PaperStrategy. Nothing here is financial advice.

Leverage without risking your own capital? Crypto prop firms fund the account and you keep a share of the profits. This site's publisher runs a comparison at roya-trading.com. Publisher's link

Compare prop firms