Papertrade's 1000x launch draws $596B first-day volume and price-manipulation claims
- —Pre-deposits: 11,465 addresses funded about $138 million before trading began
- —24-hour notional volume hit $596.28 billion; 14,158 positions were liquidated
- —Net realized trader losses reached $30.24 million, with $23.12 million in isolated-margin losses
- —Allegations: two wallets moved ETH 10–20 bps on Hyperliquid while opening nine-figure longs
Why it matters: A no-LP model where the protocol is the sole counterparty and profits are paid on a queue raises solvency and oracle-manipulation risks.
Source: 動區 BlockTempo