Người dùng Papertrade khai thác cơ chế định giá để kiếm được 1,28 triệu USD trong 8 giờ

The Huoxing Finance report states that on October 11, according to Butler monitoring, Papertrade was上线仅约 8 小时, when an address exploited its pricing mechanism to profit approximately $1.28 million. A trader has accumulated over $13 million in historical profits on Hyperliquid, with a trading volume of $14 billion. Since Papertrade prices trades based on Hyperliquid’s real-time ETH price, the attacker repeatedly opened large long and short positions on Papertrade while simultaneously buying and selling ETH on Hyperliquid, briefly pushing the price up or down before closing positions for profit. Data shows the trader executed a total of 305 trades, with 296 profitable trades, yielding a win rate of approximately 97%. The typical holding time was only 98 seconds, and cumulative trading profits once reached $1.73 million. However, the attacker subsequently established 30 short positions on Papertrade at $2,507.35, with a notional value of approximately $297 million, while selling around 6,600 ETH on Hyperliquid, driving the price down to $2,504.40—but this closing attempt failed. Thereafter, ETH’s price rose to $2,509.95, triggering full liquidation of all 30 short positions, resulting in a loss of approximately $450,000, leaving a net profit of about $1.28 million. The Papertrade team may have prevented the attacker from closing positions to halt the attack, but this remains speculative and unconfirmed. Analysts note that if the platform continues to directly use Hyperliquid’s BBO (best bid and offer) as its pricing source, the risk of underlying manipulation persists; they recommend considering the use of Hyperliquid’s official oracle price, which aggregates quotes from multiple exchanges to reduce the risk of manipulation from a single order book.