Ethereum's 24-hour trading volume has overtaken Bitcoin, reaching approximately $1.1 billion on Hyperliquid. Market participants attribute this surge to suspected mechanism exploitation involving the PaperTrade protocol, which may have driven elevated demand for ETH as traders responded to the incident. Crypto trader Rune noted that PaperTrade's official documentation had previously disclosed risks related to its pricing mechanism. The identified vulnerability involves potential price manipulation using the Best Bid and Offer (BBO) of Hyperliquid's order book, highlighting unresolved issues concerning contract economic mechanisms, exposure control, and operational safeguards.