Could it be that you have added to much water? I recently built two boards for a gaming table and was really careful to mix the paint as thickly as possible because I had experienced major warpage in the past as well...
Another thing, you might try using only PVA glue and basing material for starters: "stipple" on the glue, ie don´t brush it, since the regular brushstrokes will ease the warping; however if you apply and brush the glue in a "roughly circular motion", the warp is less.
Finally, when dry, paint using as little water as possible.