Papertrade launch and price manipulation stories

Oct 11, 2026

Papertrade trader nets $1.28 million on launch day through alleged price manipulation

A trader made approximately $1.28 million on Papertrade, a new 1,000x leverage perpetuals exchange built on Hyperliquid, within hours of its Saturday launch by allegedly moving ETH prices. The platform subsequently announced tightened trading limits.

Oct 11, 20262 sources

Oct 10, 2026

Papertrade launches with 1000x leverage as traders lose $18.6 million in first hours

Papertrade, a synthetic perpetuals exchange on HyperEVM, went live October 10 with up to 1000x leverage. Traders lost approximately $18.6 million in net positions while stakers collected $12.57 million in rewards, with the platform facing oracle manipulation allegations.

Oct 10, 20267 sources

Top claims

▪Papertrade launched live trading on HyperEVM on October 10, 2026, offering up to 1,000x leverage on synthetic Bitcoin and ETH contracts
▪At 7:13 p.m. ET on October 10, 2026, wallet 0x2025...840e opened 30 ETH short positions at 660x leverage on Papertrade with a total notional value of $297 million
▪The liquidation of wallet 0x2025...840e's 30 ETH short positions minted approximately 17.6 million PAPER tokens to the account

Subtopics

Crypto market integrity & manipulation2 DeFi2 Protocol launches & ecosystem events2 Crypto derivatives1 Crypto market manipulation1 Crypto risk management1 Decentralized exchange (DEX)1 DeFi derivatives1 DeFi oracles1

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