溢流：分散的永久交換指南

Hyperliquid是一種在其自身高性能層層鍊鍊（HypereVM）上運行的分散的永久交換。它專門從事永久期貨交易

Hyperliquid is a decentralized perpetual exchange that operates on its own high-performance layer-1 blockchain, HyperEVM. It specializes in perpetual futures trading, allowing users to speculate on crypto prices without holding the underlying assets. The platform combines the benefits of both centralized and decentralized exchanges, offering a seamless, high-speed trading experience tailored for modern decentralized finance (DeFi) users.

超流動性是一種分散的永久交換，它以其自身的高性能層區塊鏈HypereVM運行。它專門從事永久期貨交易，使用戶可以推測加密價格而不持有基本資產。該平台結合了集中式和分散交流的好處，為現代分散融資（DEFI）用戶提供了無縫的高速交易經驗。

Hyperliquid boasts a unique architecture that sets it apart from other DEXs. It boasts an onchain order book, which enables real-time, transparent trading with minimal latency. The exchange also supports a wide range of cryptocurrencies, including BTC, ETH, SOL, AVAX, BNB, MATIC, DOT, UNI, SUSHI, CRV, LDO, BAL, FTT, GMT, APE, QUICK, SAND, MANA, ENJ, GALA, IMX, X2Y2, LOOKS, CEEK, and HYPE.

Hyperliquid擁有獨特的體系結構，使其與其他DEX區分開。它擁有一本OnChain Order Book，可實現實時的，透明的延遲。該交易所還支持廣泛的加密貨幣，包括BTC，ETH，SOL，AVAX，BNB，MATIC，DOT，UNI，UNI，UNI，CRV，LDO，LDO，BAL，BAL，FTT，FTT，GMT，GMT，GMT ，APE，SAND，SAND，SAND，MANA，MARA，ENG，GALA，GALA，GALA，GALA，GALA，GALA ，IMX，X2Y2，外觀，Ceek和Hype。

A key feature of Hyperliquid is its community-driven approach. The platform has rejected venture capital funding, allocating 70% of its tokens to users and redistributing all revenue back to the community. As of Feb. 5, Hyperliquid has a market capitalization of approximately $8.92 billion.

超流動性的一個關鍵特徵是其社區驅動的方法。該平台拒絕了風險投資資金，將其代幣的70％分配給用戶，並將所有收入重新分配給社區。截至2月5日，超級流動性的市值約為89.2億美元。

How does Hyperliquid function?

高流動性如何功能？

Hyperliquid operates on a layer-1 blockchain that is explicitly designed for derivatives trading. For rapid transaction processing, Hyperliquid uses HyperBFT, a proprietary consensus algorithm. This system ensures that trades, orders and liquidations occur in real-time, with all transactions transparently recorded onchain.

高流動性在1層區塊鏈上進行操作，該區塊鍊是針對衍生品交易設計的。對於快速交易處理，超流動性使用HyperBFT，一種專有共識算法。該系統可確保實時進行交易，訂單和清算，所有交易都透明地記錄了OnChain。

Perpetual order book DEX

永久訂單書dex

A fully onchain perpetual order book exchange is a core feature of the platform. Unlike decentralized exchanges (DEXs) that rely on automated market makers (AMMs), Hyperliquid adopts a traditional order book system. This approach allows traders to place bids and asks for various assets, resembling the experience of centralized exchanges (CEXs).

完全的永久訂單交換是該平台的核心功能。與依賴自動化做市商（AMM）的分散交易所（DEX）不同，超流動性採用了傳統的訂單系統。這種方法允許交易者放置投標並索取各種資產，類似於集中交易所（CEXS）的經驗。

As of Feb. 5, Hyperliquid supports up to 100,000 orders per second. Orders are matched using a price-time priority mechanism, ensuring fair execution for all market participants.

截至2月5日，超流動液支持每秒多達100,000個訂單。使用價格時間優先級機制匹配訂單，以確保所有市場參與者的公平執行。

Margining system

邊緣系統

Hyperliquid has a decentralized clearinghouse that manages users’ margin balances and positions. The exchange supports both cross-margin and isolated-margin trading. Cross-margin allows traders to distribute collateral across multiple positions, while isolated-margin dedicates specific collateral to each trade, reducing liquidation risks for other holdings. This system enhances traders’ flexibility and risk management.

Hyperliquid有一個分散的交換所，可以管理用戶的邊緣餘額和位置。該交易所支持交叉利潤和孤立利潤的交易。交叉利潤使交易者可以在多個職位上分配抵押品，而孤立利潤則專門針對每個交易，從而降低了其他持股的清算風險。該系統增強了交易者的靈活性和風險管理。

Pricing mechanism

定價機制

To maintain accurate pricing, Hyperliquid uses a decentralized oracle system, with validators updating spot prices from major exchanges every three seconds, ensuring price integrity and reducing manipulation risks.

為了保持準確的定價，Hyproligid使用分散的Oracle系統，驗證者每三秒鐘都會從主要交易所更新現貨價格，從而確保價格完整性並降低操縱風險。

The system determines funding rates, margin calculations and liquidation processes using these price updates, ensuring price integrity and reducing manipulation risks.

該系統使用這些價格更新確定資金率，保證金計算和清算過程，從而確保價格完整性並降低操縱風險。

Order types and options available on Hyperliquid

訂購類型和選項

Hyperliquid L1 maintains an order book for each asset. The order book integrates with the clearinghouse, which handles all positions and margin checks.

Hypliquid L1為每個資產保留訂單簿。訂單簿與交換所集成在一起，該匯集處理所有位置和保證金檢查。

These checks occur when a new order is placed and again for the resting side upon order matching. This process ensures a consistent margin system, even amid oracle price fluctuations.

這些檢查在訂單匹配時再次下訂單時進行這些檢查。此過程確保了穩定的保證金系統，甚至在甲骨文價格波動中。

Order types and options available on Hyperliquid include:

在超流動式上可用的訂單類型和選項包括：

Order types

訂單類型

Order options

訂單選項

What are vaults in Hyperliquid?

超流動液中的保險庫是什麼？

Hyperliquid vaults provide a flexible way for users to participate in trading strategies while benefiting from the platform’s advanced features, such as liquidation management and high-speed market making.

超流水庫為用戶提供了一種靈活的方式，可以從平台的高級功能（例如清算管理和高速市場製造）中受益的同時參與交易策略。

Unlike traditional vaults that only rebalance between two assets, Hyperliquid vaults allow users — including decentralized autonomous organizations (DAOs), institutions and individuals — to deposit funds and share the profits. Vault owners receive 10% of total profits, except for protocol vaults, which operate without fees or profit sharing.

與僅在兩個資產之間重新平衡的傳統保險庫不同，超流動庫允許用戶（包括分散的自主組織（DAOS），機構和個人）存入資金並分享利潤。除協議保險庫（Protastion Vaults）外，保管庫所有者獲得了總利潤的10％，該協議保險庫無需費用或利潤分配。

Hyperliquidity Provider (HLP)

超流動提供者（HLP）

HLP is a protocol vault that engages in market-making and liquidation processes, earning a portion of trading fees. It democratizes strategies usually reserved for institutional traders, allowing the community to contribute liquidity and share profit and loss (PNL).

HLP是一個協議保險庫，從事營銷和清算流程，並獲得了一部分交易費用。它使通常為機構交易者保留的策略民主化，使社區能夠貢獻流動性和股票損益（PNL）。

HLP does not have additional profit-sharing for vault owners, as it is fully community-owned. The deposit lock-up period for HLP is four days.

HLP對保險城的所有者沒有額外的利潤分擔，因為它是完全社區所有的。 HLP的存款鎖定期為四天。

Creating and managing vaults

創建和管理保險庫

Anyone can create a vault by choosing a name, writing a description, and depositing at least 100 USD Coin (USDC). Vault leaders must always maintain at least 5% ownership of their vault.

任何人都可以通過選擇名稱，編寫描述和存放至少100美元的硬幣（USDC）來創建保險庫。保險庫領導者必須始終保持至少5％的保險庫。

Depositors earn a share of vault profits, with proportional withdrawals ensuring liquidation prices remain stable. Users can browse and assess vaults via Hyperliquid’s platform to make informed investment decisions.

儲戶賺取了一部分保險庫利潤，並進行比例提款，以確保清算價格保持穩定。用戶可以通過Hyperliquid的平台瀏覽和評估保險馬，以做出明智的投資決策。

Deposits and withdrawals

存款和提款

Depositing into a vault is straightforward, with tracking on the “Portfolio” page. Withdrawals can be requested after the lock-up period, which is one day for user vaults and four days for HLP. If there are specific traders you admire or support, you can make deposits into their vault to get exposure to their trading strategies.

將存放在保險庫中很簡單，並在“投資組合”頁面上進行跟踪。可以在鎖定期間要求提取提款，這是用戶保險庫的一天，而HLP的四天。如果您欣賞或支持有特定的交易者，則可以將存款存入其保管庫中，以獲取其交易策略。