Huoxing Finance reports that on October 11, the 24-hour trading volume of ETH on Hyperliquid surpassed BTC’s $805 million, reaching approximately $1.1 billion. Market analysts suggest that the increase in ETH trading volume is linked to apparent exploitation of PaperTrade’s mechanisms. Earlier today, it was reported that two addresses allegedly manipulated prices, revealing a clear vulnerability in the protocol. These two wallets actively executed trades on Hyperliquid with individual sizes of around $20 million, causing ETH price fluctuations of 10 to 20 basis points, while establishing long positions on PaperTrade with notional values amounting to hundreds of millions of dollars.
Hyperliquid ETH 24H volume surpasses BTC at $1.1B
MarsBitShare
Summary
ETH analysis on October 11, 2026, shows that Hyperliquid’s 24-hour ETH trading volume reached $1.1 billion, surpassing BTC’s $805 million. Market reports attribute the surge to potential manipulation on PaperTrade, where two wallets exploited a protocol vulnerability to execute $20 million in trades on Hyperliquid, causing ETH price fluctuations of 10–20 basis points and accumulating large long positions on PaperTrade.
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