About $3. That’s how much they nudged the price $ETH on Hyperliquid spot, and about $1.28 million left the Papertrade pool
Papertrade is an app on HyperEVM with up to 1000x leverage. It takes its trade prices from the midpoint between Hyperliquid’s best bid and ask. It has no price of its own
On launch day, October 10, one wallet:
1. With a 1000x long on Papertrade, bought about 6060 ETH on spot, pushing the price up by $3
2. Sold about 6590 ETH
3. Paid about $52000 in fees and took the winnings from the pool
Papertrade says the position limits at launch were too high; they’re already cutting them
Hyperliquid itself was just the price source here: the order book worked like an order book. $HYPE
Over the day, by the way, +3.0%
There’s also a story going around about two wallets with $20 million in orders — for now, that’s just a claim from anonymous accounts on X, with no confirmation and no loss amount
Long story short, 1000x leverage on someone else’s price is a giveaway for anyone who knows how to move the order book
#Hyperliquid #Papertrade
Papertrade is an app on HyperEVM with up to 1000x leverage. It takes its trade prices from the midpoint between Hyperliquid’s best bid and ask. It has no price of its own
On launch day, October 10, one wallet:
1. With a 1000x long on Papertrade, bought about 6060 ETH on spot, pushing the price up by $3
2. Sold about 6590 ETH
3. Paid about $52000 in fees and took the winnings from the pool
Papertrade says the position limits at launch were too high; they’re already cutting them
Hyperliquid itself was just the price source here: the order book worked like an order book. $HYPE
Over the day, by the way, +3.0%
There’s also a story going around about two wallets with $20 million in orders — for now, that’s just a claim from anonymous accounts on X, with no confirmation and no loss amount
Long story short, 1000x leverage on someone else’s price is a giveaway for anyone who knows how to move the order book
#Hyperliquid #Papertrade