超流動侵蝕集中式交易的合同市場

具有萬億美元的交易量，60％的永久性合同市場份額，平均每日鍊子為4億美元

Author: Frank, PANews

作者：弗蘭克，潘尤斯

Trillion-dollar trading volume, 60% perpetual contract market share, and an average of $400 million in daily on-chain settlements - Hyperliquid (HYPER:CRYPTOCURRENCY), a decentralized exchange that has been established for less than two years, is eroding the contract market of centralized exchanges with a series of disruptive data.

萬億美元的交易量，60％的永久合同市場份額以及平均每日鏈上的4億美元的鍊鍊定居點 - 超流動性（Hyper：Cryptocurrency），這是一種分散的交換，已建立了不到兩年的分散交換，正在侵蝕一系列破壞性數據的中央群體交易所的合同交換。

Whales are playing a "life-and-death gamble" with 50x leverage. Institutional funds are frantically buying orders with low fees, while retail investors continue to wait and see due to the lack of token categories. While Binance (BNB:CRYPTO) and Coinbase (NASDAQ:COIN) still dominate the industry, Hyperliquid has opened up a new battlefield for DEX counterattack with its extreme efficiency and risk coexistence model. However, the "slow" mechanism of the Dutch auction and the dilemma of the governance token HYPE being cut in half also make this subversion full of variables.

鯨魚正在用50倍的槓桿作用“生死攸關的賭博”。機構資金瘋狂地購買了低費用的訂單，而由於缺乏代幣類別，散戶投資者繼續拭目以待。儘管Binance（BNB：Crypto）和Coinbase（NASDAQ：COIN）仍然主導該行業，但Hyperliquid以其極端的效率和風險共存模型為Dex Rounter Attract開闢了一個新的戰場。但是，荷蘭拍賣的“緩慢”機制和治理令牌炒作的困境也被切成一半，也使這種顛覆性充滿了變量。

Trading volume exceeds one trillion, Hyperliquid becomes the 'dark horse' of contracts

交易量超過1萬億，超級流動成為合同的“黑馬”

Since the airdrop detonated the market in 2024, Hyperliquid's contract trading volume has increased exponentially, completely breaking the industry curse of "decline after airdrop". On the contrary, in the recent market fluctuations, Hyperliquid has already established its position as a leading exchange.

自Airdrop於2024年引爆市場以來，Hyproliquid的合同交易量已成倍增加，完全打破了行業的詛咒“ Airdrop後下降”。相反，在最近的市場波動中，Hyproliquid已經確立了其作為領先交流的地位。

Data from March 5 showed that Hyperliquid's total trading volume exceeded $1 trillion for the first time. According to Coinglass data, Hyperliquid's contract trading volume on that day was about $8.5 billion, and Hyperliquid's contract trading volume ranked sixth among all exchanges, only lower than five centralized exchanges including Binance, OKX, Bitget, Bybit, and Gate.io. Binance's contract trading volume was about $91.7 billion. Although the gap is still obvious, Hyperliquid seems to have become a new force that Binance cannot underestimate.

3月5日起的數據表明，超流動性的總交易量首次超過1萬億美元。根據Coinglass Data，當天Hyplliquid的合同交易量約為85億美元，在所有交易所中，Hypliquid的合同交易量排名第六，僅低於五個集中式交易所，包括Binance，OKX，BITGET，BYBIT，BYBIT和GATE.IO。 Binance的合同交易量約為917億美元。儘管差距仍然很明顯，但混血似乎已成為binance不能低估的新力量。

According to data from hypurrscan, Hyperliquid's fee income is annualized to $746 million. In comparison, Coinbase's full-year trading revenue in 2024 is $4 billion.

根據Hyburrscan的數據，超流動性的費用收入年齡為7.46億美元。相比之下，Coinbase在2024年的全年交易收入為40億美元。

Among decentralized exchanges, Hyperliquid has become the dominant player in the perpetual contract market. According to data provided by analyst WarDaddyCapital on February 8, Hyperliquid's market share in perpetual contracts has reached 60.5%, while on November 1, 2024, its market share was only 33.2%, and in March 2023, its market share was less than 2%. This growth rate is unique among decentralized exchanges.

在分散的交流中，超流動性已成為永久合同市場中的主要參與者。根據分析師Wardaddycapital在2月8日提供的數據，Hypliquid在永久合同中的市場份額已達到60.5％，而2024年11月1日，其市場份額僅為33.2％，在2023年3月，其市場份額不到2％。這種增長率在分散交流中是獨一無二的。

Trump's new casino under the giant whale deal

特朗普在巨大的鯨魚協議下的新賭場

The rise of Hyperliquid is inseparable from institutions and high-net-worth traders. Especially recently, the frequent opening of orders by whales has triggered market discussions. Hyperliquid seems to have become a public place for whales to open orders, including cases of smart money that takes unconventional actions and shows off its strength.

超流動性的興起與機構和高淨值商人密不可分。特別是最近，鯨魚經常開放訂單引發了市場討論。混血似乎已成為鯨魚打開命令的公共場所，包括採取非常規行動並炫耀其力量的智能貨幣案件。

On March 2, before Trump announced that five crypto assets including BTC, ETH, SOL, ADA, and XRP would be added to the strategic reserve of crypto assets, a whale held $6 million in assets and used 50 times leverage to go long on ETH and BTC. The opening price of ETH was $2,197 and the liquidation price was about $2,149. After the order was opened, the price of ETH fell to as low as $2,171, and it almost went bankrupt. Fortunately, a few minutes later, the market surged with the help of Trump's favorable news, and the user eventually made a profit of more than $6.8 million in a single day. Many people on social media believe that this extreme operation may have been done by insiders around Trump. However, this statement was later denied by Conor Grogan, director of Coinbase, who found that the funds came from phishing and the user was a user of the crypto gambling platform Roobet. This risky operation seems to be just a gambler's exciting way to play.

3月2日，在特朗普宣布將包括BTC，ETH，SOL，ADA和XRP在內的五個加密資產將被添加到加密貨幣資產的戰略儲備中，一條鯨魚持有600萬美元的資產，並使用了50倍的槓桿作用，以長期使用ETH和BTC。 ETH的開頭價格為2,197美元，清算價格約為2,149美元。打開訂單後，ETH的價格下跌至2,171美元，幾乎破產了。幸運的是，幾分鐘後，在特朗普的好消息的幫助下，市場湧現出來，用戶最終在一天內獲得了超過680萬美元的利潤。社交媒體上的許多人認為，這種極端的行動可能是由特朗普周圍的內部人士完成的。但是，後來，Coinbase的總監Conor Grogan否認了這一說法，他發現資金來自網絡釣魚，用戶是加密賭博平台Roobet的用戶。這種冒險的操作似乎只是賭徒的激動人心的比賽方式。

In addition to this extreme speculation, some whales have also gained huge profits from long-term holdings. According to on-chain analyst @ai_9684xtpa, a whale opened an Ethereum short position with 50x leverage in January, with an opening price of $3,169 and a maximum floating profit of over $78 million. As of March 5, the order is still held, and the current floating profit is still $69 million. The user has also become the user with the most profit on Hyperliquid. According to information provided by social media users, the address belongs to the new stablecoin protocol Resolv, which may be an order from its hedge fund.

除了這種極端的猜測外，一些鯨魚還從長期持有中獲得了巨大的利潤。根據鍊鍊分析師 @ai_9684xtpa的說法，一條鯨魚在一月份以50倍的槓桿作用開了一個以太坊的短頭位，開盤價為3,169美元，最高浮力利潤超過7,800萬美元。截至3月5日，該訂單仍在舉行，目前的浮動利潤仍然為6,900萬美元。用戶也已成為超級流動率最高的用戶。根據社交媒體用戶提供的信息，該地址屬於新的Stablecoin協議Resolv，這可能是其對沖基金的訂單。

In addition, it is not uncommon to hear news about whales spending millions of dollars to open orders and build positions on Hyperliquid. From the data, the average transaction volume

此外，聽到關於鯨魚花費數百萬美元打開訂單並在超流動性上建立職位的新聞並不少見。從數據中，平均交易量