過度流動的市場操縱嘗試可能會使交易員花費近100萬美元

交易者試圖通過一系列計算的交易來利用果凍紀念物的價格變動。

A trader accused of market manipulation on crypto trading platform Hyperliquid could lose nearly $1 million, according to blockchain analytics firm Arkham Intelligence.

根據區塊鏈分析公司阿卡姆情報公司（Arkham Intelligence）的數據，一名被指控在加密交易平台上進行市場操縱的交易者可能會損失近100萬美元。

The trader attempted to exploit price movements of the JELLY memecoin through a series of calculated trades. However, Hyperliquid responded by freezing accounts, limiting actions, and shutting down the JELLY token market.

交易者試圖通過一系列計算的交易來利用果凍紀念物的價格變動。但是，超流動的回應是通過凍結帳戶，限制行動並關閉果凍代幣市場的回應。

According to Arkham, the trader created three different accounts within minutes. Two of those accounts placed large bets that the price of JELLY would go up, known as long positions. These positions were valued at $2.15 million and $1.9 million. The third account opened a short position worth $4.1 million, which was a bet that the price would go down.

根據阿卡姆（Arkham）的說法，交易員在幾分鐘內創建了三個不同的帳戶。其中兩個說明果凍的價格會上漲，稱為長位置。這些職位的價值為215萬美元和190萬美元。第三個帳戶開設了一個價值410萬美元的短職位，這是一個賭注，價格將下跌。

This setup allowed the trader to increase leverage—essentially borrowing more funds based on collateral—to gain more exposure to potential price movements. This move was likely intended to threaten the platform’s liquidation system and withdraw profits before it could react, explained Arkham.

這種設置使交易者可以增加槓桿作用（基於抵押品基於抵押品的更多資金），以增加對潛在價格變動的影響。阿卡姆解釋說，這一舉動可能旨在威脅平台的清算系統並在其反應之前撤回利潤。

JELLY Price Spike Triggered Liquidation of the Short Position

果凍價格尖峰觸發了短位置的清算

The scheme began to unravel when the price of JELLY rose over 400%. The large short position then became vulnerable to liquidation. On trading platforms, when a position becomes too risky, it is automatically sold to prevent further losses. In this case, the short position was too large to be handled instantly and was passed to Hyperliquid’s liquidity protection system, known as the Hyperliquidity Provider Vault (HLP).

當果凍的價格上漲超過400％時，該計劃開始瓦解。然後，較大的短位置變得容易被清算。在交易平台上，當職位變得過於危險時，它會自動出售以防止進一步的損失。在這種情況下，較短的位置太大而無法立即處理，並傳遞給了Hyperliquid的流動性保護系統，稱為超流動性提供商庫（HLP）。

At the same time, the trader withdrew collateral from the two accounts that showed large paper profits. At that point, the trader had a seven-figure unrealized profit, said Arkham.

同時，交易員從兩個顯示大量紙質利潤的帳戶中退出了抵押品。阿卡姆說，那時，交易者獲得了七位數未實現的利潤。

Hyperliquid quickly responded by placing restrictions on the trader’s accounts. The accounts were limited to “reduce-only” orders, meaning they could only sell existing positions and not open new ones. This move was meant to prevent the trader from exploiting the situation any further.

高流動性很快就對交易者帳戶施加限製做出了回應。這些帳戶僅限於“僅減少”訂單，這意味著他們只能出售現有職位而不開放新的職位。此舉旨在防止交易者進一步利用局勢。

The trader then attempted to recover funds by selling tokens from one of the accounts. However, Hyperliquid soon closed the JELLY market and set the final price at $0.0095—the same as the short position price. This erased all floating profit and loss from the two accounts, effectively canceling out the gains the trader had tried to extract.

然後，交易者試圖通過從其中一個帳戶中出售令牌來收回資金。但是，Hyperliquid很快就關閉了果凍市場，並將最終價格定為0.0095美元，與短頭價相同。這消除了兩個帳戶中的所有浮動利潤和損失，有效地取消了交易者試圖提取的收益。

$1 Million Still Stuck in the Hyperliquid System

100萬美元仍然卡在超流動系統中

The trader managed to withdraw $6.26 million from the platform before restrictions were applied, explained Arkham. However, around $1 million remains frozen in the affected accounts.

Arkham解釋說，交易者在施加限制之前設法從該平台上撤回了626萬美元。但是，在受影響的帳戶中，約有100萬美元仍然凍結。

“If he can withdraw this in the future, the total loss would be around $4,000. But if not, the trader could be facing a loss close to $1 million,” explained the blockchain analytics firm.

“如果他將來可以撤回這一點，總損失將約為4,000美元。但是，如果沒有，則交易者可能面臨接近100萬美元的損失，”區塊鏈分析公司解釋說。

This isn’t the first time Hyperliquid has dealt with aggressive trading tactics. Earlier in March, the platform increased margin requirements after a large Ether (ETH) liquidation caused serious losses.

這不是Hyplliquid首次處理積極的交易策略。 3月初，該平台在大量以太（ETH）清算後增加了利潤率的要求。

On March 12, a whale trader deliberately liquidated a $200 million long position in ETH, leading to a $4 million loss for the platform’s liquidity pool. In response, Hyperliquid decided to make trading conditions stricter to reduce future risks.

3月12日，一名鯨魚交易員故意在ETH上清算了2億美元的長度，導致該平台的流動性池損失了400萬美元。作為回應，超流動性決定使貿易條件更加嚴格，以降低未來的風險。