Among Papertrade's top 25 losing traders, 21 still posted losses after accounting for USDC rewards, with only 4 achieving overall profitability.

On October 20 that, according to on-chain analysis platform Lookonchain (@lookonchain), the majority of traders on Papertrade are operating at a loss. Among the top 25 largest losers, 21 have not yet broken even after factoring in USDC rewards, while only 4 are overall profitable. These 25 addresses generated a combined trading volume of $111.5 billion, received 2.06 billion PAPER tokens (accounting for 23.4% of the total supply), and claimed $11.61 million in USDC rewards (representing 20.6% of the total reward pool).