一條鯨魚採取風險以太坊（ETH）位置後，超流動協議遭受流動性降低

Hyperliquid必須使用協議自身的流動性來接管160,000的ETH職位，並開始將其放鬆。

Hyperliquid protocol is dealing with a massive liquidity drawdown after one whale took a risky Ethereum (ETH) position. The DEFI protocol had to take over a 160,000 ETH position and start unwinding it, using the protocol’s own liquidity.

在一隻鯨魚處於風險的以太坊（ETH）位置之後，超流動方案正在處理大量流動性下降。 DEFI協議必須接管160,000的ETH職位，並使用協議自身的流動性開始將其放鬆。

The recent high-risk Ethereum (ETH) long position served as a stress test for Hyperliquid. A whale opened a large-scale position, liquidated a part of it in profit, and then let the position get liquidated.

最近的高風險以太坊（ETH）長位置是過度流動性的壓力測試。鯨魚打開了一個大規模的位置，清算了一部分以獲利，然後讓該位置清算。

Hyperliquid had to take over the position at $1,915 per ETH, with the task of unwinding the entire 160,000 ETH. Due to market turbulence, Hyperliquid initially absorbed a floating loss of $4M.

Hyperliquid必須以每個ETH的$ 1,915接管該職位，並完成了整個160,000 ETH的任務。由於市場動盪，高流動性最初吸收了400萬美元的浮動損失。

The protocol clarified the liquidity drain is not an exploit

該協議闡明了流動性流失不是漏洞

The protocol denied the liquidation and liquidity drain to be a deliberate exploit or a hack. The trader simply used a high-risk strategy, which allowed him to be long on ETH for a little under an hour and lock in profits. After that, the trader let the position expire, while the DEX had to absorb losses.

該協議否認清算和流動性漏氣是故意的利用或黑客。交易員只是使用了高風險的策略，這使他能夠長達一小時的時間，並鎖定利潤。之後，交易者讓該職位過期，而DEX必須吸收損失。

"Regarding commentary and questions on the 0xf3f4 user's ETH long:To be clear: There was no protocol exploit or hack. This user had unrealized PNL, withdrew, which lowered their margin, and was liquidated. They ended with ~$1.8M in PNL. HLP lost ~$4M over the past 24h. HLP's..."

“關於評論和有關0xF3F4用戶的ETH長期的問題：要清楚：沒有協議漏洞或黑客。該用戶的PNL未實現，撤回了，這降低了保證金，並已清算。他們在過去的24小時內損失了〜180萬美元。

As a result, Hyperliquid will rethink its leverage levels for Bitcoin (BTC) and Ethereum (BTC), to discourage the high-risk strategy. As a final result, the whale walked out with $1.8M, while causing $4M unrealized losses for Hyperliquid and the task of unwinding the position.

結果，超流體將重新考慮比特幣（BTC）和以太坊（BTC）的槓桿水平，以阻止高風險策略。最終結果，鯨魚以180萬美元的價格走了出去，同時造成了400萬美元的超流動損失和放鬆職位的任務。

The funds to cover the position originated from a HyperLiquidity Provider (HLP) community vault, which earns from providing funding to other traders. Currently, the vault carries over $408M in liquidity, but the removal of the top whale position erased over $4.2M in PnL.

涵蓋該職位的資金源於超級流動提供商（HLP）社區保險庫，該保險公司從向其他商人提供資金而賺錢。目前，保險庫的流動性超過4.08億美元，但在PNL中刪除了超過420萬美元的鯨魚位置。

Hyperliquid usually offers basic low leverage of 3-5X even for meme tokens, and competes with other exchanges by offering the riskiest trades. The decentralized market relies on community liquidity and decentralized vaults, hence the lack of regulation or a conservative approach to leverage.

高流動性即使對於模因令牌也通常提供3-5倍的基本低杠桿率，並通過提供最風險的交易來與其他交易所競爭。分散的市場依賴社區流動性和分散的金庫，因此缺乏法規或保守的槓桿方法。

HLP vault took on bad debt

HLP保險庫承擔壞賬

The trader’s actions were seen as more than simple risk-taking. The strategic withdrawal of the margin collateral after less than an hour of trading meant the whale managed to achieve gains while leaving the bad debt to the exchange.

交易者的行動被認為是簡單的冒險。不到一個小時的交易後，保證金抵押品的戰略撤回意味著鯨魚設法取得了收益，同時將壞賬留給了交易所。

In addition to the whale’s own actions, copy traders also took similar positions, with varying results. The whale’s long position on ETH was considered extremely risky and counter-intuitive, making use of the recent recovery from local lows.

除了鯨魚自己的行動外，副本交易者還採取了類似的職位，結果不同。鯨魚在ETH上的長期位置被認為是極其風險和違反直覺的，利用了最近從當地低點恢復。

Hyperliquid reminded traders that joining the HLP pool to make passive income from traders is not a risk-free strategy. The vault still has over $60M in gains over its lifetime.

Hyplliquid提醒交易者，加入HLP池從交易者那裡獲得被動收入並不是無風險的策略。該保險庫在其一生中仍然具有超過6000萬美元的收益。

The biggest fear for Hyperliquid is that the whale’s actions were deliberate, and were amplified by the involvement of copy-traders. For many analysts, the liquidation of a 160K ETH position was an exploit aiming to cause the HLP vault to take over the toxic position. The initial withdrawal of the margin collateral also helped bring about the liquidation for the main trader and for anyone copying the position.

對超流體的最大恐懼是鯨魚的行為是故意的，並且被複製交易者的參與所擴大。對於許多分析師來說，160k ETH位置的清算是一種利用，旨在導致HLP保管庫接管有毒位置。保證金抵押品的最初撤回還有助於為主要交易者和任何復制該職位的人提供清算。

The large long liquidation exploited the HLP vault. The liquidity pool works by distributing profits and losses to all participants, so now the liquidity providers would be saddled with the large-scale loss to cover the long position. There are also suspicions the whale may have also held a short position to benefit from the liquidation, though there were no known corresponding whales shorting ETH at that same moment.

大型長清算利用了HLP庫。流動性池通過向所有參與者分配利潤和損失來發揮作用，因此現在流動性提供者將遭受大規模損失，以覆蓋長期的職位。儘管沒有已知的相應鯨魚在同一時刻，鯨魚也可能會受益於清算中，但也可能懷疑鯨魚也可能受益於清算。

Reportedly, the trader used 13X to 19X leverage to maximize the early earnings. The whole operation was performed with $23M in underlying capital, though the final liquidation was for over $306M.

據報導，交易者使用13倍至19倍的槓桿作用來最大化早期收益。整個運營的基礎資本為2300萬美元，儘管最終清算的價格超過3.06億美元。

Soon after the news of the large liquidation at the expense of the HLP pool, the native HYPE token lost up to 10% of its price in a temporary dip.

在以HLP池為代價的大型清算消息後不久，本地炒作令牌暫時下降了高達其價格的10％。

HYPE fell towards $12.80 before recovering to $13.35. The high-level liquidation position also affected Ethereum (ETH). The asset fell to $1,915.83, around the levels where the large whale position was liquidated. The recent Hyperliquid risky trade may affect the larger crypto market, stopping the recent ETH rally above $2,000.

炒作跌至12.80美元，然後恢復至13.35美元。高級清算位置也影響了以太坊（ETH）。資產跌至1,915.83美元，圍繞著清算大鯨魚位置的水平。最近的超流動風險貿易可能會影響更大的加密市場，從而阻止了最近的ETH Rally超過2,000美元。