Security Incident · ETH Ecosystem
Papertrade Price Manipulation: $1.28M Reported Loss
Papertrade, a synthetic perpetuals platform with up to 1000x leverage built on Hyperliquid’s HyperEVM, suffered a ~$1.28 million loss about 8 hours after its Oct.
- Reported loss
- $ 1,280,000
- Attack category
- Price Manipulation
Incident Overview
10, 2026 launch. A wallet moved ETH prices on Hyperliquid (via large buys/sells) while holding highly leveraged positions on Papertrade that settled against the manipulated BBO midpoint, extracting profits from the platform’s shared USDC liquidity pool. Papertrade attributed it to overly permissive open-interest limits at launch and tightened them.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.