A trader lost $979,000 on the first day of papertrade, then made a net profit of $762,000 by staking the PAPER token.
According to data monitored by on-chain analytics platform Lookonchain (@lookonchain), on the launch day of papertrade (@papertrade_xyz), an on-chain perpetual futures exchange built on Hyperliquid, one trader executed $10.1 billion in trading volume. Although his trades incurred a loss of $979,000, he was awarded 252 million PAPER tokens. He subsequently ceased trading and staked all 252 million PAPER tokens, having already claimed $1.73 million in USDC staking rewards to date. Over the past three days, he has averaged earnings of approximately $220,000 per day. After factoring in his trading losses, his current cumulative profit is approximately $762,000.
