妙蛙种子 | CapitalismLab|Oct 11, 2026 04:58
Papertrade got attacked. Using hyperliquid prices to settle bet outcomes means once the volume gets big, people can manipulate hyperliquid prices to drain LPs
This thing is essentially a GMX with 10x the risk. Even GMX, which uses prices from multiple top exchanges, has been exploited like this before. This model doesn’t have much capacity—once it scales up, there’s arbitrage space to easily drain LPs.
If you don’t get it, search for our GMX tweets to understand the mechanics.
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