Trader nets $1.28 million on new 1,000x exchange Papertrade by moving Hyperliquid’s ETH prices
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Move the Ethereum price of only $3 to grab $1.3 million? That's the exploit a trader would have made by exploiting Papertrade's x1,000 leverage effect and Hyperliquid's quotes. Explanations. Article Ethereum: How a trader earned $1.3 million by moving the $3 price first appeared on Cryptoast.
Papertrade Faces BBO Price-Manipulation Allegations Following HyperEVM Launch
Papertrade, a newly launched perpetual futures platform on HyperEVM, is facing allegations that traders manipulated its reference prices by moving Ethereum quotations on Hyperliquid while maintaining substantially larger positions on Papertrade. The controversy emerged shortly after the exchange began operating on October 10, 2026, offering leverage of up to 1,000 times through a synthetic trading system. On-chain analysis published by The Block…
A portfolio recorded gains of $1.28 million in Papertrade during the early hours of the exchange, which offers up to 1,000x of leverage. According to an analysis by The Block, the operator negotiated ETH in Hyperliquid while holding positions in Papertrade; then, the account suffered a settlement of about $450,000 and the protocol announced stricter limits.
Papertrade's Wild Weekend Ends With 93.7% Open Interest Wipeout
After a whirlwind of trading activity on Papertrade, the newly launched perpetuals decentralized exchange (DEX) built on Hyperliquid, the platform’s open interest has collapsed by 93.7% over the past 24 hours. The project’s total value locked (TVL) has also taken a substantial hit, shedding $48 million over the same period. Papertrade’s $11 Billion Open Interest […]
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