超平液衍生品交換上的一筆數百萬美元的貿易出錯了，果凍jellyjelly memecoin交易者損失了數百萬美元

在超級流動衍生品交換上，明顯的數百萬美元交易出錯了，果凍jellyjelly memecoin交易者損失了數百萬美元，從

A multi-million dollar trade went awry on the Hyperliquid derivatives exchange as one JELLYJELLY memecoin trader lost millions, gained it all back, and then had it all given away again.

一筆數百萬美元的交易在超流利衍生品交易所出現了問題，因為一位果凍jellyjelly memecoin交易者損失了數百萬美元，獲得了全部收益，然後再次贈送了。

Onlookers to the topsy-turvy David v Goliath battle with the exchange’s liquidity provider were enthralled as the trader opened a leveraged position and removed liquidity from its own account in order to increase its leverage ratio even higher.

當交易員開設了槓桿率的職位並從其自身的帳戶中取出流動性，以提高其槓桿率的比率甚至更高，因此對與交易所流動性提供商的圍觀者進行了與交易所流動性提供商的戰鬥。

With margin reaching nose-bleeding territory, even the smallest fluctuation in price would force a liquidation. It duly did.

隨著邊緣到達鼻子流血的領域，即使價格最小的波動也會迫使清算。它適當地做到了。

After a slight wick in price, the trader’s memecoin was transferred to an experienced Hyperliquid market-maker, a so-called Hyperliquidity Provider (HLP).

經過略微的價格，交易者的成員被轉移到經驗豐富的超流動性營銷商，這是一個所謂的超流動性提供商（HLP）。

Seemingly down millions of dollars, the trader then executed the next leg of the trade. Knowing that JELLYJELLY was a particularly small and thinly traded memecoin, and armed with the ability to arbitrage its price cross-exchange via a newly-announced 25X perpetuals contract on Binance, the trader began building a position to take back its ostensibly forfeited property.

交易員似乎降低了數百萬美元，然後執行了下一個交易。知道Jellyjelly是一個特別小且交易稀少的Memecoin，並且能夠通過新近宣布的25倍永久性合同對Binance的價格進行交叉交叉交易的能力。

At this point, the trader began to build an even larger position against the HLP. Funded and protected with arbitrage funds on the third-party Binance, the trader began squeezing Hyperliquid’s HLP toward its pre-programmed loss limit.

在這一點上，交易者開始對HLP建立更大的位置。該交易員受到第三方binance的套利資金的資助和保護，開始將超流動性的HLP擠壓到其預編程的損失限制。

Although rare, individual traders can actually liquidate market-makers if collateral ratios fall below specified thresholds designed to protect the Hyperliquid exchange itself.

儘管很少見，但單個交易員實際上可以清算營銷商，如果附帶比率低於旨在保護超流動交易所本身的特定閾值。

Read more: HyperLiquid lets influencers experience blowing up a fund

閱讀更多：超流動性讓影響者體驗炸毀基金

Gone too far: Hyperliquid went on to make users whole for the HLP’s losses.

走得太遠了：超級流動性繼續使用戶整體損失HLP的損失。

Before this leg of the trade could reach its dramatic climax, however, Hyperliquid insiders began to take notice. In an act of dramatic betrayal, someone at the exchange force-closed the JELLYJELLY market — including a brazen override of the oracle price.

然而，在這條交易的腿達到其戲劇性的高潮之前，超流利的內部人開始注意到。在一個戲劇性的背叛行為中，交換部隊封鎖的果凍市場的某人，包括甲骨文價格的大膽覆蓋。

Although a normal oracle had been attesting to the price of JELLYJELLY near $0.50 just moments prior, the trade actually settled at $0.0095. That difficult-to-believe price left the trader with a small loss despite all of its efforts.

儘管正常的Oracle已證明Jellyjelly的價格在$ 0.50 $ 0.50左右，但該交易實際上定為0.0095美元。儘管付出了很多努力，但難以置信的價格使交易者造成了微小的損失。

At one of its worst points, the market-making HLP could have lost as much as $6.5 million. Meanwhile, the trader’s unrealized gains briefly neared an ulcer-inducing $8.2 million.

在最糟糕的地方之一，建築HLP可能會損失多達650萬美元。同時，交易者未實現的收益短暫接近了潰瘍，造成了820萬美元。

Delisting a coin that Binance just listed at 25X

將binance剛剛列為25倍的硬幣推送

As of a midday update, Hyperliquid itself has delisted the obviously problematic JELLYJELLY. Binance, meanwhile, listed JELLYJELLY perpetual contracts with up to 25X leverage.

截至中午更新，雜種本身已經脫穎而出了明顯有問題的果凍。同時，Binance列出了Jellyjelly永久合同，槓桿率高達25倍。

Binance’s new listing could have been coincidental, but many social media speculators were understandably skeptical of the timing of the announcement.

Binance的新清單本來是偶然的，但是許多社交媒體投機者對公告的時機表示懷疑。

Several people speculated that Binance could have encouraged the liquidation of Hyperliquid itself, noting that Binance has used vengeful tactics against its competitors before. Famously, founder Changpeng Zhao used a series of expertly-crafted tweets and allegations to nudge FTX a bit more off the cliff.

有幾個人推測，二手體可能會鼓勵過度流動的清算本身，並指出Binance以前對其競爭對手使用了復仇的策略。著名的是，創始人Changpeng Zhao使用了一系列專業製作的推文和指控，將FTX推出了懸崖。

A post-mortem statement by Hyperliquid stated that the HLP relevant to this trade had an overall 24-hour profit of just 700,000 USDC. Hyperliquid promised to make all users whole using funds from the Hyper Foundation, excepting certain misbehaving users that it flagged.

Hypliquid的驗屍聲明說，與此交易相關的HLP總體利潤僅為700,000 USDC。 Hyperliquid承諾將使用Hyper Foundation的資金使所有用戶整體進行，但其標記的某些不當行為的用戶除外。

It also promised to make technical improvements to reduce the risk of such an incident happening again.

它還承諾將進行技術改進，以減少再次發生此類事件的風險。