Calling `define-obsolete-variable-alias' without a when argument was obsoleted in Emacs 27, and has been deleted from Emacs 28. SLIME, or at least the version in NonGNU ELPA, still does this in hyperspec.el, causing a failure to build in Emacs 28. According to Stefan Monnier:

The fix is a small matter of adding the WHEN argument (if they really can't figure out what this WHEN should be (like a release version or a year), they can just put a nil in there (or remove the thing altogether since it's probably a sign that it happened long enough ago that it's of no importance any more)).

Thanks.