PaperTrade acknowledged attempts to manipulate Hyperliquid’s best bid and offer, which serves as a reference for synthetic execution. The attempts aimed to shift Hyperliquid’s ETH quotes and influence the reference prices used for PaperTrade’s BTC and ETH executions. The platform responded by tightening open-interest limits on the blockchain and through relayers. No breach of Hyperliquid’s native system has been reported, but concerns remain about PaperTrade’s reliance on external price feeds and exposure controls. The upcoming launch of its token will also be closely watched as a measure of market confidence.
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