Papertrade drained of $1.28M on launch day as trader exploits 1000x leverage

• —Trader bought 6,060 ETH on Hyperliquid, lifting the price 0.12% — at 1000x leverage that meant a 120% gain
• —An hour later he opened a 660x short on 30 ETH worth $297 million notional and sold 6,590 ETH
• —Hyperliquid fees totaled $52,000 while withdrawals from Papertrade reached $1.28 million
• —The address has traded on Hyperliquid since February 2025, netting $13.1 million on $14.2 billion volume