According to CoinMeta, a user on platform boblob stated that the perpetual contract platform papertrade, which is based on hyperevm, appears to have been exploited by two wallets for price manipulation arbitrage. These wallets are accused of using orders totaling approximately 20 million US dollars on hyperliquid to drive the price of ETH to change by 10–20 basis points (0.1%–0.2%), while simultaneously establishing long positions worth hundreds of millions of dollars on papertrade. Since papertrade uses the mid-price from the hyperliquid order book's best bid and ask prices (BBO) as the trading price, such operations may affect the platform's position profits and losses. Crypto trader rune pointed out that papertrade's official documentation has listed BBO price manipulation as an unresolved protocol risk. Currently, these allegations of manipulation have not been independently verified, and the platform has not yet confirmed the specific amount of losses.