Papertrade BBO Oracle — Hyperliquid Pricing
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.
Related Papertrade Guides
Frequently Asked Questions
What does BBO mean in Papertrade?
BBO refers to best bid and offer state. Papertrade uses the midpoint of Hyperliquid best bid and ask as the documented execution reference.
Is the Papertrade price a separate offchain oracle?
The documentation describes onchain access to HyperCore state through HyperEVM precompiles rather than a separate signed offchain oracle.
Why does BBO pricing matter?
It ties Papertrade execution to Hyperliquid market state while avoiding a separate Papertrade orderbook.