Bybit首席執行官Ben Zhou評論了由於Ether Whale的高槓桿交易而導致的超流利損失損失的400萬美元損失

Bybit首席執行官對該行業發表了評論，稱CEXS也遭受相同的情況。

A recent $4 million loss suffered by decentralized exchange (DEX) Hyperliquid due to an Ether whale’s high-leverage trade has sparked discussion on the challenges faced by both DEXs and centralized exchanges (CEXs).

由於以太鯨的高槓桿貿易，最近一次由分散式交易所（DEX）超流動損失的損失引發了人們對DEX和集中式交易所（CEXS）面臨的挑戰的討論。

On March 12, a crypto investor walked away with $1.8 million and forced the Hyperliquidity Pool (HLP) to bear a $4 million loss after a trade that used leverage on the Hyperliquid decentralized exchange (DEX).

3月12日，一位加密投資者憑藉180萬美元走開，並迫使超流動性池（HLP）在使用槓桿作用的交易中損失了400萬美元，該交易使用了超流動性分散的交易所（DEX）。

The trader used about 50x leverage to turn $10 million into a $270 million Ether (ETH) long position. However, the trader couldn’t exit without tanking their own position. Instead, they withdrew collateral, offloading assets without triggering a self-inflicted price drop, leaving Hyperliquid to cover the losses.

交易者使用約50倍的槓桿將1000萬美元變成了2.7億美元的以太（ETH）長位。但是，如果沒有自己的立場，交易者就無法退出。取而代之的是，他們撤回了抵押品，卸載資產而不會觸發自我損失的價格下降，從而使超級流動損失彌補損失。

Smart contract auditor Three Sigma said the trade was a “brutal game of liquidity mechanics,” not a bug or an exploit. Hyperliquid also clarified that this was not a protocol exploit or a hack.

Smart Contract Auditor Thrim Sigma表示，該交易是“流動性機制的殘酷遊戲”，而不是錯誤或漏洞。 Hyperliquid還澄清說，這不是協議利用或黑客。

This is a trader using ~50x leverage to put $270M in ETH LONG and get liquidated when price drops below entry. It's a brutal game of liquidity mechanics but no exploit at all. We prefer to highlight this as a learning moment for the industry. From a smart contract auditor (3Sigma). pic.twitter.com/3r6990M88c

這是一個使用〜50倍槓桿的交易者，以將2.7億美元的ETH長期投入，並在價格下降時被清算。這是一個殘酷的流動性機制遊戲，但根本沒有利用。我們希望強調這是行業的學習時刻。來自智能合同審核員（3sigma）。 pic.twitter.com/3R6990M88C

— Three Sigma (@three_sigma) March 10, 2024

- 三個Sigma（@three_sigma）2024年3月10日

Hyperliquid lowers leverage trading for BTC and ETH

超流動性降低了BTC和ETH的槓桿交易

In response to the trade, Hyperliquid lowered its Bitcoin (BTC) leverage to 40x and its ETH leverage allowance to 25x. This increases the maintenance margin requirements for larger positions on the DEX. “This will provide a better buffer for backstop liquidations of larger positions,” Hyperliquid stated.

為了響應貿易，超流動性將其比特幣（BTC）的槓桿降低到40倍，其ETH槓桿津貼津貼降至25倍。這增加了DEX上較大位置的維護保證金要求。 “這將為較大位置的後排清算提供更好的緩衝，” Hyperliquid說。

In an X post, the Bybit CEO commented on the trade, saying that CEXs are also subjected to the same situation. Zhou said their liquidation engine takes over whale positions when they get liquidated. While lowering the leverage may be an effective solution, Zhou said this could be bad for business:

在X帖子中，Bybit首席執行官對該行業發表了評論，稱CEXS也遭受相同的情況。周說，他們的清算發動機在清算時接管了鯨魚位置。雖然降低杠桿可能是一個有效的解決方案，但周說這可能對企業不利：

We are seeing the same situation in the industry recently. When a huge position gets liquidated, our liquidation engine takes over the position.

我們最近在行業中看到了同樣的情況。當巨大的位置被清算時，我們的清算發動機接管了該位置。

Lowering the leverage may be an effective solution but it could be bad for business. We may want to consider a more dynamic risk limit mechanism that reduces the overall leverage as the position grows. For a centralized platform, the trader would go down to 1.5x leverage with the huge amount of open positions. Though users can still use multiple accounts to achieve the same results. We are capable of handling it. It will be interesting to see how Hyperliquid manages it.

降低杠桿可能是一個有效的解決方案，但可能對企業不利。我們可能需要考慮一種更具動態的風險極限機制，該機制會隨著位置的增長而降低總體槓桿作用。對於一個集中式平台，交易者將降至1.5倍的槓桿作用，並擁有大量的開放位置。儘管用戶仍然可以使用多個帳戶來獲得相同的結果。我們有能力處理它。看到過度流動性如何管理它會很有趣。

It seems that the lowered leverage capabilities could still be abused unless they have risk management measures such as surveillance and monitoring to spot "market manipulators" on the same level as a CEX to mitigate risks. It is a common practice for CEXs to intervene in extreme market conditions to protect the stability of the platform and ensure the continuity of operations. It would be interesting to see how far they are willing to go to intervene in such a situation.

似乎降低的槓桿功能仍然可以濫用，除非他們採取了風險管理措施，例如監視和監測，以與CEX相同的水平來發現“市場操縱器”以減輕風險。 CEXS在極端市場條件下進行干預以保護平台的穩定性並確保運營的連續性是一種常見的做法。有趣的是，他們願意在這種情況下進行干預多遠。

The Bybit executive suggested a more dynamic risk limit mechanism that reduces the overall leverage as the position grows. The executive said that in a centralized platform, the whale would go down to a leverage of 1.5x with the huge amount of open positions. Despite this, the executive recognized that users could still use multiple accounts to achieve the same results.

BYBIT高管提出了一種更具動態的風險極限機制，隨著位置的增長，可以降低總體槓桿作用。高管說，在集中式平台中，鯨魚將達到1.5倍的槓桿作用，並擁有大量的開放位置。儘管如此，執行官還是認識到用戶仍然可以使用多個帳戶來達到相同的結果。

The Hyperliquid protocol saw a massive outflow of its assets under management following the liquidation event of the ETH whale and the losses the HLP Vault suffered.

在ETH鯨的清算事件以及HLP保險庫遭受的損失之後，超流利協議在管理中的資產大量流出。

According to Dune Analytics data, Hyperliquid had a net outflow of $166 million on March 12, the same day as the trade.

根據Dune Analytics數據，Hyproliquid在3月12日（同一天）的淨流出為1.66億美元。