Pricing: BBO precompile

Papertrade reads execution prices directly from Hyperliquid native order book through a HyperEVM read precompile.

BBO precompile

The documented BBO system contract returns best bid and best ask for the Hyperliquid market. Papertrade derives the execution reference from their midpoint.

Why use HyperCore state

The pricing source is consensus-observable HyperCore order-book state rather than a separate operator-controlled feed.

No independent deviation breaker

The docs explicitly describe BBO manipulation as a residual protocol risk. Zero or crossed books are rejected, but a non-zero manipulated inside quote can still be accepted.

Deadband, asymmetric impact and directional OI caps are economic and exposure controls rather than a proof that manipulation cannot occur.

Market retirement and trading pause

The protocol includes scoped controls for stopping new opens and, when retiring a market, freezing the reference BBO used for existing positions.