# PaperTrade Uses Hyperliquid Midpoint for Synthetic Pricing By Simon Yoon Canonical URL: https://www.tokenpost.com/news/technology/37326 Published: 2026-10-22T02:15:49.000Z Updated: 2026-10-22T02:15:49.000Z Section: Technology > PaperTrade acknowledged reports of attempts to shift Ether quotes, which feed reference prices for its Bitcoin and Ether contracts. PaperTrade acknowledged reports of attempts to shift Ether (ETH) quotes on Hyperliquid, a venue whose prices inform the platform’s synthetic Bitcoin (BTC) and Ether contracts. PaperTrade sets each synthetic contract’s reference price halfway between Hyperliquid’s top buy and sell quotes. As a result, changes in ETH quotes can affect reference prices for both BTC and ETH execution, even when no matching perpetual position is opened on Hyperliquid. PaperTrade uses a protocol-owned pool, so its contracts can reflect movements in external quotes without matching traders directly on that venue. The platform previously tightened exposure limits for its on-chain contracts and approved relayers in [earlier exposure-limit changes](). ## Links in this article - [earlier exposure-limit changes](https://www.tokenpost.com/news/investing/29892)