Delphi Digital analyst warns of challenges for Papertrade after 93% staking revenue drop

Staker payouts on the HyperEVM perpetuals exchange fell from about $1.28 million to roughly $84.5K in a day as PAPER farmers head for the exit Papertrade had a launch most protocols would envy. Within days it briefly ranked second globally for daily revenue and racked up more than $1.3 trillion in cumulative notional volume. Then the farmers started packing up. Staking revenue paid to PAPER holders dropped 93% in a single day, and a Delphi Digital analyst is now openly questioning whether the exchange can keep the lights on through organic activity alone. Jason Pagoulatos, an analyst at Delphi Digital, summed up the mood on X. Papertrade is an onchain perpetuals decentralized exchange built on the HyperEVM. It opened for trading on October 10, 2026.

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