Solidus Labs identified a pattern consistent with spoofing in Hyperliquid’s oil perpetual contracts, according to a BlockBeats report citing Bloomberg. The analysis did not establish manipulative intent.
Historical order activity under scrutiny
BlockBeats said the analysis concerned more than $170 million in suspicious orders submitted through two accounts during March 8–10. The reported activity centered on Brent crude perpetuals and also involved WTI crude and natural gas contracts.
The pattern involved large orders being placed and canceled while trades were executed on the other side of the order book. The $170 million figure describes submitted orders.
Hyperliquid Labs said the platform’s orders, cancellations and trades are publicly recorded on the blockchain for participants and regulators to review, according to the report.
Sources: BlockBeats English report and the original Chinese flash, published October 28, 2026, at 17:08:13 UTC (October 29 in China).