A trader reportedly earned $1.28 million by exploiting the x1,000 leverage offered by Papertrade, a perpetual contracts platform built on HyperEVM using Hyperliquid’s price feeds. By purchasing 6,060 ETH for approximately $15 million, he moved Ethereum’s price by just $3, or 0.12%, generating $12,000 on a $10 million position. In total, the wallet generated $3.18 billion in volume on Papertrade and withdrew $2.48 million from an initial deposit of $1.2 million. Papertrade acknowledged that its position limits were too high at launch and has begun reducing them, claiming the trader ultimately returned most of his gains through other accounts.
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