Papertrade's 7-Day Protocol Revenue Hits $13.38 Million, Ranking Fifth Overall

DeFiLlama's Friday Fee Table

Papertrade's trailing seven-day protocol revenue reached roughly $13.38 million in the table published on Friday, October 23, enough for fifth place overall. The figure settles one question: where the protocol now ranks against the industry's largest fee earners. What it leaves open is how that money is made, because the tracker behind the ranking publishes the weekly total without any split by product line, market or user segment.

DeFiLlama, the analytics tracker whose seven-day revenue tables serve as the sector's standard benchmark for protocol cash flow, compiled the ranking. The metric counts fees attributed to a protocol itself rather than the gross volume traded on it, and the tables span DeFi and every fee-collecting business built around it. The ranking, as compiled, includes stablecoin issuers alongside derivatives trading services and token launch platforms, a mix that puts companies with conventional revenue models and on-chain venues on a single list. The top of Friday's table kept its familiar order. Tether, the issuer of USDT, led with about $123.00 million in seven-day revenue, and Circle, which issues USDC, followed at roughly $48.98 million. Hyperliquid, a perpetuals trading venue running on its own chain, ranked third on about $15.10 million, while the token launch platform Pump took fourth at approximately $14.71 million.

That leaves Papertrade about $1.33 million short of fourth place, a margin narrow enough that a single strong session could reorder the two positions. The snapshot covers the seven days ending with the Friday publication, so the positions describe the week to October 23 rather than any single day. Whether Papertrade holds the position beyond this window is not something one snapshot can say.

The gap in both directions gives the table its shape. Papertrade's $13.38 million sits about $7.82 million above TRON, which recorded roughly $5.56 million in sixth place over the same seven days. Collector Crypt followed in seventh at about $5.20 million, Grayscale took eighth at roughly $4.08 million, Polymarket ninth at about $3.68 million and Sky tenth at roughly $3.13 million. From Hyperliquid's $15.10 million down to Sky's $3.13 million, the top and bottom of the table are separated by a factor of nearly five, and Papertrade's single total clears the entire sixth-to-tenth spread with room to spare.

The list also mixes business models that rarely share a leaderboard. Stablecoin issuers earn from reserve income and redemption flows, which is why dollar-pegged issuers dominate the top two spots. Derivatives venues collect fees from trading activity, whether on an order book or through an automated market maker, and launch platforms, which package sales once handled through the ICO model, filled the remaining places in the top five. An asset manager, a prediction market and a savings protocol occupied three of the positions from eighth to tenth.

What the snapshot does not record is as telling as what it does. DeFiLlama's page shows the weekly total but not a daily curve, no count of active traders and no split between revenue sources. Whether the $13.38 million accrued evenly across the week or in a handful of sessions cannot be read from the ranking, and Papertrade's standing on longer or shorter timeframes is not presented alongside it. The table likewise does not disclose how the protocol's revenue is distributed, if it is distributed at all.

The Gap Below Fifth

Our reading of the Friday table: weekly fee capture no longer tracks chain visibility. The highest-ranked blockchain on the list, Hyperliquid, sits third, while TRON, long among the most active networks by fees, lands sixth. For fee-driven narratives built around specific ecosystems, Sui included, the five-place spread between the top two chains is a measure of how far cash flow and mindshare can drift apart. Weekly fee competition across altcoin networks has become its own beat, and it now has a daily scoreboard. The fee story has also run alongside capital flows elsewhere in the sector; our earlier coverage tracked Sui ETF inflows across five straight weeks. The table states who earned what across the seven days to October 23. It does not state how Papertrade's $13.38 million was generated, and the tracker's page does not say either.