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PaperTrade flags attempts to manipulate Ether prices on Hyperliquid affecting synthetic BTC and ETH contracts.

Protocol Fundamentals
21 Oct 2026
Tokenpost
View Source
Neutral
PaperTrade flags attempts to manipulate Ether prices on Hyperliquid affecting synthetic BTC and ETH contracts.

PaperTrade has acknowledged reports of attempts to manipulate Ether (ETH) price quotes on Hyperliquid, a platform whose prices are used to set reference prices for PaperTrade's synthetic Bitcoin (BTC) and Ether contracts. The reference price for each contract is set midway between Hyperliquid's highest buy and lowest sell quotes, meaning changes in ETH quotes can impact both BTC and ETH synthetic contract prices. PaperTrade uses a protocol-owned pool, so its contracts reflect external price movements without direct trader matching on Hyperliquid. The platform has previously tightened exposure limits and approved relayers to manage risk and maintain contract integrity.

The story on PaperTrade's use of Hyperliquid midpoint pricing is presented here with Pluang's market data as context. As of Oct 22, 2026 08:21 WIB, 40 out of 50 major cryptocurrencies on Pluang rose while 9 fell. Notable price changes include ATOM at Rp31.864 with a 2.36% increase, ETC at Rp145.721 up 2.35%, and FIL at Rp19.139 rising 2.18%.

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