A trader made a profit of $1.28 million on the Papertrade platform by manipulating the ether price on Hyperliquid by just $3. With 1,000x leverage, a 0.12% move on ETH was enough to collect over 100% margin on his long positions. He bought 6,060 ETH to push the price up, resold 5,210 ETH within a minute, and then withdrew $1.54 million. The platform’s shared pool, which serves as counterparty to traders, dropped from $5 million to $2.4 million. A second operation in the opposite direction then cost him $450,000, bringing his net profit to $1.28 million on an initial deposit of $1.2 million.
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