Size and money locked

Papertrade holds about $24.5 million in TVL on Hyperliquid. Lighter commands roughly $784 million across four chains. The TVL gap shows Lighter is more than thirty times larger. Papertrade’s TVL fell by 13.5% over the past week, while Lighter’s TVL is essentially flat with a 0.1% increase.

Activity and fees

Papertrade recorded no 24‑hour trading volume, yet users paid about $963 k in fees, indicating fee revenue comes from other activities. Lighter saw around $11.8 million in volume and generated roughly $447 k in fees. Despite lower volume, Lighter’s fee intake is less than half of Papertrade’s.

Networks and reach

Papertrade is limited to a single network, Hyperliquid. Lighter operates on four networks: Ethereum, Arbitrum, Robinhood Chain and zkLighter, giving it broader accessibility and cross‑chain potential.

Who each platform suits

Papertrade may appeal to traders focused on synthetic BTC and ETH perpetuals within the Hyperliquid ecosystem, especially those who value a protocol‑owned liquidity pool. Lighter targets users seeking a multi‑chain, high‑security decentralized exchange with verifiable matching and liquidation mechanisms, suitable for broader market participation.