Risk

The project documentation identifies BBO manipulation on Hyperliquid order book as a major residual protocol-level risk.

BBO jitter and manipulation risk

Because Papertrade reads live Hyperliquid BBO state, changing the inside bid or ask can move the midpoint used by the protocol. The docs explicitly state that there is no independent reference-price deviation check.

Economic and exposure controls

The documentation describes a small jitter-protection deadband, asymmetric impact on profitable closes and configurable long and short OI caps.

These can reduce payoff or limit incremental exposure, but the docs do not claim they make manipulation impossible.

Operational guards

Keepers monitor market and position state and run public maintenance paths. Market retirement can stop future opens on an instrument and freeze the BBO snapshot used for its remaining closes.

Gated and public surfaces

The relayer-only profile gates selected trading and staking submission paths while withdrawals still require the user wallet authority and liquidation and harvest-style maintenance remains public.

Admin roles

The documentation separates pause-guardian, owner and timelock, and market-keeper powers, with different scopes over opens, market configuration, upgrades and OI caps.