# Hyperliquid liquidated — X 热门讨论 (2026-10-11 10:10 UTC)

## @btlrtrades (butler) · 10-11 03:50 · ♥171 ↻14 💬17 papertrade got exploited for $1.28M by 0x2025137a136bea7446deba681cbfc7cf1970840e within just 8 hours of being live.

here is the on-chain breakdown of how a clever attacker with more than $13M all time PnL and $14B volume on hyperliquid exploited @papertrade_xyz

how it works: papertrade prices every trade off hyperliquid's ETH price at that exact second. so if you can move hyperliquid's price for a few seconds, papertrade pays you for it.

that's exactly what 0x2025.. did, manipulating hyperliquid's price to move their papertrade positions into profit.

22:01 opens $200M of longs on papertrade 22:01 buys 6,055 ETH on hyperliquid, price goes up $3 22:03 closes the longs → +$168k 22:03 flips to $160M of shorts 22:03 sells 5,260 ETH on hyperliquid, price drops $3 22:04 closes the shorts → +$97k 22:04 flips long again

the exploiter repeats this pattern over and over: long on papertrade, pump the price on hyperliquid, close the longs and open shorts on papertrade, dump the ETH back on hyperliquid, close the shorts.

they won 97% of their trades 296 wins out of 305 trades typical hold: 98 seconds total pnl: $1.73M

then it went wrong:

23:13 opens 30 shorts on papertrade, $297M at 2507.35 23:13 sells ~6,600 ETH on hyperliquid, price drops to 2504.4

same move as before. but this time the close never goes through. the short is stuck

02:31 ETH hits 2509.95. all 30 shorts liquidated, -$450k

leaving them with $1.28m of profit.

my guess is the team blocked 0x2025's closes to stop the attack. this is a temporary fix, the underlying oracle of papertrade is still identical, and vulnerable to the exact same manipulation which anyone could re-create from a fresh wallet.

it seems papertrade needs to upgrade their oracle system from using the BBO to possibly using hyperliquid's official oracle system which is less subject to manipulation as it uses a combination of exchange's price feeds.

papertrade address: https://t.co/BCWyHEHHCF

hyperliquid address: https://t.co/Gb89XXZGTj https://x.com/btlrtrades/status/2109129513078567221

## @zkTuring (zkTuring.hl) · 10-10 15:00 · ♥27 ↻0 💬1 So papertrade is only for the whales to get liquidated and then get richer?

Sure, as long as it pumps my HYPE bags.

Hyperliquid https://x.com/zkTuring/status/2108935743426990439