On-chain analyst Ember reported that the top three addresses by trading volume on papertrade_xyz, a Perp project on Hyperliquid, each logged more than $10 billion in volume in less than six days after the platform’s loss-mining program began on the 10th. The three addresses posted $11.6 billion, $10.3 billion, and $10.1 billion in volume, for a combined total of more than $32 billion.
Their trading losses came to $780,000, $930,000, and $980,000, adding up to about $2.69 million. In return, the three addresses received 46 million, 85 million, and 252 million PAPER tokens through the program. Their stated acquisition costs were $0.017, $0.011, and $0.0039 per PAPER, respectively.
Ember added that those token acquisition costs do not include dividends distributed from mined PAPER. After including those dividends, the acquisition cost would fall further, and the third-ranked address would see its cost turn negative.
Odaily reported that, according to monitoring by on-chain analyst Ember, papertrade_xyz, a Perp project on Hyperliquid, has seen its top three addresses by trading volume each exceed $10 billion in less than six days since its loss-mining program started on the 10th.
The top-ranked address recorded $11.6 billion in trading volume and a trading loss of $780,000. Through the loss-mining program, it received 46 million PAPER tokens, implying an acquisition cost of $0.017 per token.
The second-ranked address posted $10.3 billion in volume and a trading loss of $930,000. It received 85 million PAPER tokens through loss mining, with an acquisition cost of $0.011.
The third-ranked address logged $10.1 billion in volume and a trading loss of $980,000. It received 252 million PAPER tokens, putting its acquisition cost at $0.0039.
Based on those three addresses, combined trading volume topped $32 billion, while cumulative trading losses reached about $2.69 million. Ember said the acquisition-cost figures do not include dividends generated by mined PAPER. If those distributions are included, the cost would fall further, and the third-ranked address would have a negative acquisition cost.
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