Ethereum · The Block
Trader nets $1.28 million on new 1,000x exchange Papertrade by moving Hyperliquid’s ETH prices
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A trader made about $1.28 million on Papertrade, a perpetuals exchange built on Hyperliquid (HYPE) that offers up to 1,000x leverage on trades, within hours of its Saturday launch by moving ETH prices on Hyperliquid, 's review of Hyperliquid trading data and Papertrade's own account records.
Key facts
- ET, the wallet opened 30 ETH shorts at 660x leverage with a combined notional value of $297 million, then sold about 6,590 ETH on Hyperliquid over the next three minutes, pushing the price down
- ET on Saturday, it bought about 6,060 ETH on Hyperliquid as the price rose roughly $3, or 0.12%
- Papertrade said its liquidity pool holds $5 million and that it has paid $25 million to PAPER stakers
- Papertrade's portfolio page for the wallet shows $1.28 million in profit on $3.18 billion in volume
Summary
Papertrade went live at 10 a.m. The wallet, 0x2025.840e, repeatedly opened large positions on Papertrade, then bought or sold thousands of ETH (ETH) on Hyperliquid, moving that reference price, before closing, according to Hyperliquid and Papertrade data reviewed by The Block. At 1,000x leverage, a 0.1% price move equals the full margin on a position. Papertrade's portfolio page for the wallet shows $1.28 million in profit on $3.18 billion in volume.