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Trader nets $1.28 million on new 1,000x exchange Papertrade by moving Hyperliquid's ETH prices, later loses $450,000; Papertrade tightens limits
A trader made about $1.28 million on Papertrade, a new perpetuals exchange built on Hyperliquid (HYPE) offering up to 1,000x leverage, by moving ETH prices on Hyperliquid shortly after its Saturday launch. The same wallet later lost $450,000 when 30 short positions were liquidated on Saturday night. Papertrade announced on Sunday it is tightening limits on open positions in response to these trades.
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