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Project Overview
Hyperliquid is a performant L1 optimized from the ground up. The vision is a fully onchain open financial system with user built applications interfacing with performant native components, all without compromising end user experience. The Hyperliquid L1 is performant enough to operate an entire ecosystem of permissionless financial applications – every order, cancel, trade, and liquidation happens transparently on-chain with block latency <1 second. The flagship native application is a fully onchain order book perpetuals exchange, the Hyperliquid DEX.
Analysis: The AI Agent Era May Drive a Revaluation of Blockchain, as Traditional Finance and the Crypto World Converge
Citrini Research has stated that the barriers between traditional finance and the crypto industry are gradually dissolving, and with the proliferation of AI Agents, blockchain may be approaching a true inflection point for adoption.Citrini Research suggests that in the future, personal AI agents may be able to manage all of a user's financial assets, including allocating idle funds, executing investment decisions, and finding loan solutions. However, the existing financial system is built on manual processes, intermediaries, and compliance frameworks, making it difficult to adapt to round-the-clock, automated machine interaction needs.The firm believes that AI agents require financial infrastructure that is programmable, operates in real time, and requires no human intervention. After more than a decade of development, blockchain happens to possess characteristics such as asset digitization, on-chain settlement, and open financial applications. Previously, the crypto industry faced issues such as a complex user experience and a lack of real asset applications, but with the advancement of real-world asset (RWA) tokenization, traditional financial assets are gradually moving on-chain.Citrini Research points out that the development of tokenized equities, U.S. Treasuries, credit, and other assets, along with changes in the regulatory environment, is driving the convergence of traditional finance and crypto markets. The firm notes that recent developments — including Robinhood launching stock tokens, regulators exploring rules for tokenized assets, and on-chain markets such as Hyperliquid gaining attention from traditional finance — all indicate that the market is undergoing a shift.Citrini Research states that investors should focus not merely on whether assets will be tokenized, but rather on "who can capture the economic value in the tokenization wave." The firm believes that blockchain may ultimately become critical financial infrastructure in the AI agent era.
HyperLink Completes $2.5 Million Funding Round, Aims to Capture 10% of Hyperliquid's Trading Volume
HyperLink announced on X that it has completed a $2.5 million funding round, with investors including Alliance, North Island Ventures, Reverie, Node Capital, Breed, and smartestmoney.hl. HyperLink stated that the protocol's routed trading volume reached $254 million last month, accounting for 0.1% of Hyperliquid's trading volume, with the next phase targeting 10% of trading volume.
Analyst: Variational's $1.5B FDV valuation is overly optimistic, conservative scenario could put it at just $167M
Odaily News: Blockworks analyst Shaunda Devens posted on X that Polymarket's current FDV valuation of approximately $1.5 billion for Variational is somewhat overly optimistic. This pricing directly applies Hyperliquid and Lighter-level valuation-to-revenue multiples to a platform that still relies on points subsidies. By comparison, the median first-day "FDV / annualized revenue" ratio for recently launched Perp DEX tokens is only 6.3x (Variational is currently around 57x), and within the first month after TGE, trading volume typically drops sharply by a median of 54%.Shaunda added that if conservative assumptions based on historical precedents are adopted (using the median first-day "FDV/annualized revenue" ratio of 6.3x), Variational's fair valuation would be only $167 million, corresponding to a points price of $4.8–$5.4. Even using the highest recent ratio precedent (Lighter's approximately 21.1x), its valuation would still only be about $558 million, corresponding to a points price of $16–$18.However, Shaunda also explained: "To be clear, given that current market risk appetite is clearly in a Risk-on state, we do not believe Variational's valuation at TGE will fall to the extremely conservative range mentioned above. These historical multiples are listed to illustrate that current pre-market OTC pricing may be overly optimistic."
Hyperliquid's fully diluted valuation surpasses Nasdaq and the London Stock Exchange
According to Solid Intel, the fully diluted valuation (FDV) of decentralized derivatives trading platform Hyperliquid has surpassed Nasdaq and the London Stock Exchange Group.
trade.xyz Launches Events Feature, Initial Up/Down Markets Cover Stocks, Commodities, and Pre-IPO Assets
trade.xyz posted on X that it has launched Events, aiming to develop Hyperliquid into a unified trading system for trading financial assets and real-world outcomes. Users can deposit spot BTC into their unified trade.xyz account, borrow USDC through portfolio margin, open pre-IPO perpetual contract positions on SpaceX, use event markets to hedge against the upcoming SK Hynix earnings event, and pick the US Open champion. Events will cover sports, politics, economics, and financial markets; the initial Up/Down markets cover stocks, commodities, and pre-IPO assets, with liquidity provided by trade.xyz perpetual contracts on HIP-3, whose continuous price discovery mechanism serves as the source for contract settlement.
Hyperliquid Strategies Increases Equity Funding Facility to $2.5 Billion
Odaily Odaily News: Nasdaq-listed digital asset treasury company Hyperliquid Strategies has increased its equity funding facility with New York investment bank and broker-dealer Chardan Capital Markets from $1 billion to $2.5 billion. The agreement allows Chardan to purchase newly issued common shares of Hyperliquid Strategies in stages, subject to conditions such as pricing and trading volume, and resell them on the public market.Hyperliquid Strategies has previously raised $647 million through this funding mechanism and expanded its treasury holdings to approximately 29.3 million HYPE tokens. The $2.5 billion figure represents the maximum capacity of the facility, not the amount already raised; the company's ability to obtain funds by issuing new shares may dilute existing shareholders' equity.Hyperliquid Strategies stated that although it shares the same name as Hyperliquid and holds its native token, it operates independently and has no affiliation with Hyperliquid. (Cointelegraph)
Blockchain.com seeks approval to launch prediction markets and crypto derivatives trading
Blockchain.com is seeking approval in the U.S. market to launch prediction markets and crypto derivatives trading.
Analysis: The AI Agent Era May Drive a Revaluation of Blockchain, as Traditional Finance and the Crypto World Converge
Citrini Research has stated that the barriers between traditional finance and the crypto industry are gradually dissolving, and with the proliferation of AI Agents, blockchain may be approaching a true inflection point for adoption.Citrini Research suggests that in the future, personal AI agents may be able to manage all of a user's financial assets, including allocating idle funds, executing investment decisions, and finding loan solutions. However, the existing financial system is built on manual processes, intermediaries, and compliance frameworks, making it difficult to adapt to round-the-clock, automated machine interaction needs.The firm believes that AI agents require financial infrastructure that is programmable, operates in real time, and requires no human intervention. After more than a decade of development, blockchain happens to possess characteristics such as asset digitization, on-chain settlement, and open financial applications. Previously, the crypto industry faced issues such as a complex user experience and a lack of real asset applications, but with the advancement of real-world asset (RWA) tokenization, traditional financial assets are gradually moving on-chain.Citrini Research points out that the development of tokenized equities, U.S. Treasuries, credit, and other assets, along with changes in the regulatory environment, is driving the convergence of traditional finance and crypto markets. The firm notes that recent developments — including Robinhood launching stock tokens, regulators exploring rules for tokenized assets, and on-chain markets such as Hyperliquid gaining attention from traditional finance — all indicate that the market is undergoing a shift.Citrini Research states that investors should focus not merely on whether assets will be tokenized, but rather on "who can capture the economic value in the tokenization wave." The firm believes that blockchain may ultimately become critical financial infrastructure in the AI agent era.
Hyperliquid CEO: Wall Street's Wealth Creation Model Is Unsustainable for Most Participants
Odaily News — Jeff Yan, co-founder and CEO of decentralized exchange Hyperliquid, said at Token2049 Singapore that Wall Street's traditional wealth creation model is unsustainable for most participants. Assets such as company stocks are often only opened to the public after listing, causing retail investors to miss the main growth gains before listing.Jeff Yan stated that Hyperliquid's primary goal is to expand wealth creation opportunities and participation in the financial system, and that revenue is merely a byproduct of delivering user value, not an optimization target. Its perpetual contracts have no expiration date, which can reduce the number of decisions traders need to make and avoid liquidity fragmentation.Hyperliquid generated $72 million in revenue over the past 30 days, ranking third among the highest-revenue DeFi protocols. In July this year, Pantera said that onchain perpetual contracts may become a mainstream trading tool in global financial markets due to their structural advantages.Jeffrey Sprecher, CEO of Intercontinental Exchange, the parent company of the New York Stock Exchange, previously called on regulators to create a level playing field for around-the-clock onchain perpetual contracts. In March this year, NYSE partnered with tokenization platform Securitize to develop blockchain-based stock trading infrastructure. (Cointelegraph)
Headquartered in Singapore, Hyperliquid is not within the MAS's regulatory jurisdiction
Odaily News: Hyperliquid Labs has confirmed that its headquarters are located in Singapore. Corporate documents show Singapore as its registered headquarters, and recent job postings also indicate that it has an office locally. The Monetary Authority of Singapore (MAS) previously stated that it does not consider Hyperliquid to fall within its regulatory jurisdiction, and said it is unclear whether Hyperliquid is regulated by any major jurisdiction. Hyperliquid Labs stated that Hyperliquid is currently unregulated and has never claimed to be licensed or authorized by the MAS. Hyperliquid-related products allow users to trade on the price movements of assets such as cryptocurrencies, crude oil, and equities.
Hyperliquid Policy Committee Submits MiCA Regulatory Feedback to the EU, Calls for Clarity on Perpetual Contract Regulations
HPC recommends that the EU adjust MiCA based on the existing financial regulatory framework, and advocates bringing on-chain perpetual contracts under MiFID II regulation.
US House Oversight Committee Expands Investigation into Insider Trading on Prediction Markets, Involving Platforms Including Hyperliquid
Odaily News: James Comer, Chairman of the U.S. House Oversight Committee and Republican Representative from Kentucky, has expanded an investigation into insider trading on prediction markets, requesting that Hyperliquid Labs, Crypto.com, and Aristotle Exchange Inc., the operator of PredictIt, explain their identity verification procedures as well as measures to identify and prevent insider trading.In letters sent Tuesday to the CEOs of the three companies, Comer requested relevant documents and information, stating that the committee is investigating whether these platforms are fulfilling their legal obligations and taking sufficient measures to identify and stop insider trading before it occurs.
Analysis: ETH 24-hour trading volume surpasses BTC, possibly affected by PaperTrade pricing mechanism
Odaily reports: Hyperliquid News has disclosed that ETH's trading volume over the past 24 hours has surpassed BTC, reaching approximately $1.1 billion. Analysts suggest that this increase in ETH trading volume may be related to a recent incident in which PaperTrade was allegedly exploited through its mechanism, and the associated trading activity may have driven up demand for ETH in the market.Community user boblob previously disclosed that two wallets were suspected of actively "attacking" the PaperTrade platform, using trades worth approximately $20 million to briefly trigger a small fluctuation in ETH price on the Hyperliquid platform (about 10-20 basis points), and established a "9-figure" long position on PaperTrade. boblob further added that there are clear issues with the current protocol that need to be fixed as soon as possible, otherwise it could affect the protocol's long-term sustainability.Crypto trader Rune pointed out that PaperTrade's official documentation has in fact already disclosed that its pricing mechanism carries an "attack" risk, noting that the main risk at the protocol level lies in the use of Hyperliquid's order book BBO (Best Bid and Offer) for price manipulation. This risk involves unresolved price manipulation pathways, contract economic mechanisms and risk exposure control, as well as operational-level protective measures and permission management mechanisms.
Mystery New Wallet Goes Long on STRK via Hyperliquid, Gains $850K Unrealized Profit in One Day
According to on-chain analyst Ai Yi (@ai9684xtpa), a new wallet opened a long position for STRK with 440,000 USDC on Hyperliquid yesterday morning. The STRK price subsequently climbed from $0.072 to $0.12, a gain of over 67%, yielding approximately $850,000 in unrealized profits for the address within a day. Back-calculating the position size indicates roughly $1.27 million with leverage under 3x, reflecting a trading style that leans toward calculated confidence rather than gambling.
Trader Rune: PaperTrade Documentation Mentions Protocol-Level BBO Price Manipulation "Vulnerability" Risk
Odaily reports: Crypto trader Rune stated on X platform that PaperTrade's official documentation has actually disclosed a "vulnerability" risk in the protocol-level pricing mechanism. According to the document screenshots he shared, attackers can exploit the BBO (Best Bid and Offer) of the Hyperliquid order book for price manipulation. This risk involves unresolved price manipulation paths, contract economic mechanisms and risk exposure controls, as well as operational-level protective measures and permission management mechanisms.Additionally, Rune retweeted a post by community user boblob, which revealed that two wallets were suspected of actively exploiting and "attacking" the PaperTrade platform, conducting trades worth approximately $20 million that briefly caused ETH price fluctuations of about 10-20 basis points on the Hyperliquid platform. boblob further added that the obvious issues currently present in the PaperTrade protocol need to be fixed as soon as possible, otherwise they may affect the protocol's long-term sustainability.
Hyperliquid Whale Holds $32.36M Bitcoin Short Position, 13x Leverage, Entry Price $82,863
Odaily News — A whale trader on Hyperliquid holds a short position of 391.48 BTC, valued at $32.36 million, with an average entry price of $82,863.10. The account has $7.19 million in equity, uses cross margin with 13x leverage, and has a liquidation price of $99,801.20.According to Hyperbot data, the account has executed a total of 4,726 trades, with perpetual contract profits of $952,200 over the past week and a maximum drawdown of 11.03%. As of the time of disclosure, the short position is profitable by approximately $75,500, with funding fees of $64,249.75.This position emerged on the one-year anniversary of the massive crypto market liquidation event on October 10, 2025. Hyperliquid's Bitcoin market open interest is approximately 38,040 BTC, with this account's position accounting for about 1% of it.Coinglass data shows that if Bitcoin rises to $85,000, approximately $3.3 billion in short positions would face liquidation. Polymarket data indicates that the probability of Bitcoin reaching $100,000 before December 31, 2026, is 27.5%. On October 9, spot Bitcoin ETFs saw net inflows of $21.13 million, with BlackRock's IBIT leading the way. (Bitcoin.com News)
A mysterious address opened a 40x leveraged short position on approximately $25.38 million worth of BTC, with unrealized profit of about $160,000 and a liquidation price of $84,088
according to on-chain analyst Yu Jin's monitoring, an address received 263 ETH from Tornado Cash yesterday, then swapped it for approximately 643,000 USDC and deposited it into Hyperliquid.The address opened a 40x leveraged cross-margin short position on 305.5 BTC, with a position size of approximately $25.38 million, an average entry price of $83,068, and a liquidation price of $84,088. The current unrealized profit is about $160,000. The source of the address's funds involves Tornado Cash, but it cannot yet be confirmed whether it is related to hacker activity.
Cumulative long positions of $50 million in BTC and ETH, diamondbull.eth opens a 25x ETH long position
according to on-chain analyst Ai Yi's monitoring, two addresses belonging to the same whale are accumulating long positions worth $50 million in BTC and ETH. diamondbull.eth opened a 25x long position on 11,500 ETH during the rebound, worth $28.72 million, ranking 7th among Hyperliquid ETH long positions, with a current unrealized loss of $109,000. Its funding source address samurai.eth additionally holds long positions of 200 BTC and 2,000 ETH, worth $21.58 million, with a current unrealized profit of $753,000.
Analysis: ETH 24-hour trading volume surpasses BTC, possibly affected by PaperTrade pricing mechanism
Odaily reports: Hyperliquid News has disclosed that ETH's trading volume over the past 24 hours has surpassed BTC, reaching approximately $1.1 billion. Analysts suggest that this increase in ETH trading volume may be related to a recent incident in which PaperTrade was allegedly exploited through its mechanism, and the associated trading activity may have driven up demand for ETH in the market.Community user boblob previously disclosed that two wallets were suspected of actively "attacking" the PaperTrade platform, using trades worth approximately $20 million to briefly trigger a small fluctuation in ETH price on the Hyperliquid platform (about 10-20 basis points), and established a "9-figure" long position on PaperTrade. boblob further added that there are clear issues with the current protocol that need to be fixed as soon as possible, otherwise it could affect the protocol's long-term sustainability.Crypto trader Rune pointed out that PaperTrade's official documentation has in fact already disclosed that its pricing mechanism carries an "attack" risk, noting that the main risk at the protocol level lies in the use of Hyperliquid's order book BBO (Best Bid and Offer) for price manipulation. This risk involves unresolved price manipulation pathways, contract economic mechanisms and risk exposure control, as well as operational-level protective measures and permission management mechanisms.
Trader Rune: PaperTrade Documentation Mentions Protocol-Level BBO Price Manipulation "Vulnerability" Risk
Odaily reports: Crypto trader Rune stated on X platform that PaperTrade's official documentation has actually disclosed a "vulnerability" risk in the protocol-level pricing mechanism. According to the document screenshots he shared, attackers can exploit the BBO (Best Bid and Offer) of the Hyperliquid order book for price manipulation. This risk involves unresolved price manipulation paths, contract economic mechanisms and risk exposure controls, as well as operational-level protective measures and permission management mechanisms.Additionally, Rune retweeted a post by community user boblob, which revealed that two wallets were suspected of actively exploiting and "attacking" the PaperTrade platform, conducting trades worth approximately $20 million that briefly caused ETH price fluctuations of about 10-20 basis points on the Hyperliquid platform. boblob further added that the obvious issues currently present in the PaperTrade protocol need to be fixed as soon as possible, otherwise they may affect the protocol's long-term sustainability.
A mysterious address opened a 40x leveraged short position on approximately $25.38 million worth of BTC, with unrealized profit of about $160,000 and a liquidation price of $84,088
according to on-chain analyst Yu Jin's monitoring, an address received 263 ETH from Tornado Cash yesterday, then swapped it for approximately 643,000 USDC and deposited it into Hyperliquid.The address opened a 40x leveraged cross-margin short position on 305.5 BTC, with a position size of approximately $25.38 million, an average entry price of $83,068, and a liquidation price of $84,088. The current unrealized profit is about $160,000. The source of the address's funds involves Tornado Cash, but it cannot yet be confirmed whether it is related to hacker activity.
$25.4 Million in Value: Suspected Gambler or Hacker Wallet Opens 40x Short Position on 305.51 BTC
According to Lookonchain monitoring, a wallet (0xf15d...bddf) suspected to belong to a gambler or hacker sold 262.78 ETH 40 minutes ago, obtained $643,000 USDC and deposited it into Hyperliquid, then opened a 40x leveraged short position on 305.51 BTC, with a notional value of $25.4 million and a liquidation price of $84,086.03.
738,600 USDC Transferred Out, Hyperliquid User Account Compromised with Over 10,000 HYPE Unstaked
Odaily News – A Hyperliquid user's account was compromised through unauthorized access, with approximately 738,600 USDC transferred out and an additional 10,287 HYPE unstaked. The affected account is identified by a specific address, with some of the stolen funds flowing to an address suspected to be associated with Bitget. As of the time of verification, the 10,287 HYPE remained in the staking balance and had not yet entered the withdrawal queue. If the attacker proceeds to initiate cWithdraw, the affected assets would be further transferred after a 7-day waiting period. In two similar recent cases, staked assets were stolen a second time due to the lack of a user-triggerable emergency pause mechanism, resulting in losses exceeding $1.1 million. Relevant recommendations include introducing a Guardian or Recovery mechanism that users can pre-enable, which would only temporarily pause withdrawals, transfers, and authorization changes. The pause would expire automatically, and restoration would require a time lock and evidence review, with all actions recorded on-chain.
North Korean hackers active on Hyperliquid, Trump pushes platform to move to US
Investigations reveal that North Korean hackers have moved tens of millions of dollars in funds on the decentralized exchange Hyperliquid; meanwhile, the Trump administration is pushing for the protocol to launch in the United States and seeking compliance.
Papertrade.xyz Attracts $118 Million in Deposits, Offers Up to 1000x Leverage
Odaily News — Papertrade.xyz, a synthetic perpetual contract DEX built on Hyperliquid HyperEVM, has attracted $118 million in deposits, reaching a total value locked (TVL) of $118 million, with the platform supporting up to 1000x leverage.As of 11:45 AM ET on October 10, data from Papertrade.xyz shows that the platform's 2,349 positions have open interest of approximately $11 billion, but the funds backing these positions amount to only $54 million.The platform does not charge slippage, funding rates, spreads, or traditional notional trading fees. Trades are executed through synthetic swaps between users and a shared protocol liquidity pool. Losing traders receive PAPER tokens, while profitable traders may experience delayed withdrawals when liquidity is insufficient.Papertrade.xyz was founded by Jez and Blurr, who operate under partial anonymity. The project also sold 100 pairs of custom paper pants at $2,000 each, which sold out in approximately 40 minutes, generating $200,000 in sales. (Bitcoin.com News)
Papertrade has officially launched, with 11,473 addresses depositing $137 million
According to the official website, Papertrade, a synthetic perpetual protocol built on HyperEVM, has officially launched. Its pre-deposit phase has closed, with 11,473 addresses depositing $137 million.Papertrade is a fully onchain synthetic perpetual trading platform deployed on HyperEVM. It reads the BBO midpoint price from the Hyperliquid order book, and users trade directly against the protocol's LP as the counterparty rather than through traditional order book matching. It focuses on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only minting source is user losses or liquidations. In the early stage after launch, PAPER is not freely transferable and is primarily used for staking.
Pre-deposits exceed $90 million, Papertrade expected to launch at 22:00 tonight, with 7,280 addresses already participating
Odaily reports: According to an official announcement, Papertrade, a synthetic perpetual protocol built on HyperEVM, is expected to launch for trading at 22:00 tonight, with deposits set to be paused at 13:45 UTC. As of now, the protocol's pre-deposits have exceeded $90 million, with a total of 7,280 addresses participating. Papertrade opened pre-deposits on the 9th, and once trading begins, the priority for account creation and deposits will be lowered.Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It reads the BBO mid-price from the Hyperliquid order book, and users trade directly against the protocol's LP as the counterparty, rather than using traditional order book matching. It features high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only source of minting is user losses or liquidations. In the initial launch phase, PAPER cannot be freely transferred and is primarily used for staking.
Blockchain.com seeks approval to launch prediction markets and crypto derivatives trading
Blockchain.com is seeking approval in the U.S. market to launch prediction markets and crypto derivatives trading.
Papertrade opens pre-deposits, official trading expected to launch on October 10
Odaily reports: Papertrade, a synthetic perpetual protocol built on HyperEVM, has announced that pre-deposits are now live, allowing users to complete deposits and account creation over the next two days. According to the team, once official trading begins, the priority for account creation and deposits will be significantly reduced. Depositing early helps avoid congestion at launch, though there is no additional advantage to depositing earlier during the pre-deposit period.Papertrade uses Hyperliquid's order book BBO mid-price, with users trading directly against the protocol's LP. It focuses on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only source of minting is user losses or liquidations. In the initial phase after launch, PAPER will not be freely transferable and will primarily be used for staking. According to the official timeline, official trading is expected to begin approximately one hour after the HyperEVM network upgrade is completed on October 10, with the exact time subject to announcements on the Hyperliquid Discord. During the opening phase, trading must be conducted through the official website frontend and whitelisted relayers, while direct contract interaction will be opened once congestion eases.
Hyperliquid's next step is to develop options products, supporting hedging within the same order book
at the TOKEN2049 event in Singapore that Hyperliquid founder Jeff Yan stated that options will become the next component of Hyperliquid, allowing traders to hedge options with spot and perpetual contracts on the same order book.
Related news
Analysis: ETH 24-hour trading volume surpasses BTC, possibly affected by PaperTrade pricing mechanism
Odaily reports: Hyperliquid News has disclosed that ETH's trading volume over the past 24 hours has surpassed BTC, reaching approximately $1.1 billion. Analysts suggest that this increase in ETH trading volume may be related to a recent incident in which PaperTrade was allegedly exploited through its mechanism, and the associated trading activity may have driven up demand for ETH in the market.Community user boblob previously disclosed that two wallets were suspected of actively "attacking" the PaperTrade platform, using trades worth approximately $20 million to briefly trigger a small fluctuation in ETH price on the Hyperliquid platform (about 10-20 basis points), and established a "9-figure" long position on PaperTrade. boblob further added that there are clear issues with the current protocol that need to be fixed as soon as possible, otherwise it could affect the protocol's long-term sustainability.Crypto trader Rune pointed out that PaperTrade's official documentation has in fact already disclosed that its pricing mechanism carries an "attack" risk, noting that the main risk at the protocol level lies in the use of Hyperliquid's order book BBO (Best Bid and Offer) for price manipulation. This risk involves unresolved price manipulation pathways, contract economic mechanisms and risk exposure control, as well as operational-level protective measures and permission management mechanisms.
Mystery New Wallet Goes Long on STRK via Hyperliquid, Gains $850K Unrealized Profit in One Day
According to on-chain analyst Ai Yi (@ai9684xtpa), a new wallet opened a long position for STRK with 440,000 USDC on Hyperliquid yesterday morning. The STRK price subsequently climbed from $0.072 to $0.12, a gain of over 67%, yielding approximately $850,000 in unrealized profits for the address within a day. Back-calculating the position size indicates roughly $1.27 million with leverage under 3x, reflecting a trading style that leans toward calculated confidence rather than gambling.
Trader Rune: PaperTrade Documentation Mentions Protocol-Level BBO Price Manipulation "Vulnerability" Risk
Odaily reports: Crypto trader Rune stated on X platform that PaperTrade's official documentation has actually disclosed a "vulnerability" risk in the protocol-level pricing mechanism. According to the document screenshots he shared, attackers can exploit the BBO (Best Bid and Offer) of the Hyperliquid order book for price manipulation. This risk involves unresolved price manipulation paths, contract economic mechanisms and risk exposure controls, as well as operational-level protective measures and permission management mechanisms.Additionally, Rune retweeted a post by community user boblob, which revealed that two wallets were suspected of actively exploiting and "attacking" the PaperTrade platform, conducting trades worth approximately $20 million that briefly caused ETH price fluctuations of about 10-20 basis points on the Hyperliquid platform. boblob further added that the obvious issues currently present in the PaperTrade protocol need to be fixed as soon as possible, otherwise they may affect the protocol's long-term sustainability.
Papertrade.xyz Attracts $118 Million in Deposits, Offers Up to 1000x Leverage
Odaily News — Papertrade.xyz, a synthetic perpetual contract DEX built on Hyperliquid HyperEVM, has attracted $118 million in deposits, reaching a total value locked (TVL) of $118 million, with the platform supporting up to 1000x leverage.As of 11:45 AM ET on October 10, data from Papertrade.xyz shows that the platform's 2,349 positions have open interest of approximately $11 billion, but the funds backing these positions amount to only $54 million.The platform does not charge slippage, funding rates, spreads, or traditional notional trading fees. Trades are executed through synthetic swaps between users and a shared protocol liquidity pool. Losing traders receive PAPER tokens, while profitable traders may experience delayed withdrawals when liquidity is insufficient.Papertrade.xyz was founded by Jez and Blurr, who operate under partial anonymity. The project also sold 100 pairs of custom paper pants at $2,000 each, which sold out in approximately 40 minutes, generating $200,000 in sales. (Bitcoin.com News)
Papertrade has officially launched, with 11,473 addresses depositing $137 million
According to the official website, Papertrade, a synthetic perpetual protocol built on HyperEVM, has officially launched. Its pre-deposit phase has closed, with 11,473 addresses depositing $137 million.Papertrade is a fully onchain synthetic perpetual trading platform deployed on HyperEVM. It reads the BBO midpoint price from the Hyperliquid order book, and users trade directly against the protocol's LP as the counterparty rather than through traditional order book matching. It focuses on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only minting source is user losses or liquidations. In the early stage after launch, PAPER is not freely transferable and is primarily used for staking.
Pre-deposits exceed $90 million, Papertrade expected to launch at 22:00 tonight, with 7,280 addresses already participating
Odaily reports: According to an official announcement, Papertrade, a synthetic perpetual protocol built on HyperEVM, is expected to launch for trading at 22:00 tonight, with deposits set to be paused at 13:45 UTC. As of now, the protocol's pre-deposits have exceeded $90 million, with a total of 7,280 addresses participating. Papertrade opened pre-deposits on the 9th, and once trading begins, the priority for account creation and deposits will be lowered.Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It reads the BBO mid-price from the Hyperliquid order book, and users trade directly against the protocol's LP as the counterparty, rather than using traditional order book matching. It features high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mine, team, or VC allocation. The only source of minting is user losses or liquidations. In the initial launch phase, PAPER cannot be freely transferred and is primarily used for staking.