The allegation follows a volatile debut on Oct. 10, where the venue saw open interest exceed $10B on only $45M of open margin within the first hour. Papertrade's support for up to 1,000x leverage contributed to high volatility, resulting in net trading losses of $18.2M in an Oct. 10 snapshot. Of those losses, $12.6M were distributed as cumulative rewards to $PAPER token stakers.
Tuesday, October 20, 2026
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El33 Alleges Trader Manipulated Prices to Profit on Papertrade
Crypto10 days ago
A trader shifted asset prices on the Hyperliquid network to secure illegitimate gains on the newly launched Papertrade synthetic perpetual exchange, according to a claim by user El33. The platform uses Hyperliquid's mid-price to value its pool of synthetic contracts, and the winners' pool showed approximately $3.14M with no queued payout debts on Oct. 10.
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