流動性可能是一個弱點：HLP保險庫損失了400萬美元的損失

在加密交易中，流動性既可以是一種優勢又是弱點。有時，策略和剝削之間的界線變得模糊。

In the dynamic realm of crypto trading, liquidity stands as both a beacon of strength and an Achilles' heel. And sometimes, the delicate line between a smart strategy and exploitation can become remarkably blurry.

在加密交易的動態領域中，流動性既是力量的燈塔，又是阿喀琉斯的腳跟。有時，智能策略和剝削之間的微妙界限可能會變得非常模糊。

A recent trade on Hyperliquid’s (HLQ) HLP vault has unfolded into a staggering $4 million loss. But what makes this case unique is that there was no hack, no bug, and no malice. Instead, a trader executed a perfect play on the system’s mechanics to maximize profit.

最近對Hypliquid（HLQ）HLP保險庫的交易已損失驚人的400萬美元。但是使這種情況與眾不同的是沒有黑客，沒有蟲子，也沒有惡意。取而代之的是，交易員在系統的機制上執行了完美的遊戲，以最大程度地提高利潤。

Starting with $10 million USDC, the trader used it to open a $271 million Ethereum long position on HLP. By the time the trader closed their position, they had earned $1.8 million in profit while leaving HLP to absorb a $4 million loss. This marks the biggest single-day loss for the vault since its launch in May 2023.

從1000萬美元開始，該交易者用它在HLP上開設了2.71億美元的以太坊長位。當交易者關閉職位時，他們已經賺了180萬美元的利潤，同時讓HLP吸收了400萬美元的虧損。這標誌著自2023年5月推出以來保險馬的最大單日損失。

Now, analysts like Three Sigma are raising questions about whether liquidation-based protocols, like those used by DeFi protocols for liquidations, are leaving themselves vulnerable to traders who understand the protocols’ workings.

現在，像三位Sigma這樣的分析師正在提出有關基於清算協議（例如Defi協議用於清算的協議）的問題，使自己容易受到了解協議工作的交易者的影響。

How HLP Works and Why It Took the Hit

HLP的工作原理以及為何受到打擊

HLP is Hyperliquid’s main liquidity pool, where users deposit funds to earn passive income from market-making and liquidations. In essence, HLP generally benefits when traders lose. However, in this case, an advanced trader utilized automated strategies to turn the tables.

HLP是Hypliquid的主要流動性池，用戶在這裡存入資金以從營銷和清算中賺取被動收入。從本質上講，當交易者輸掉時，HLP通常受益。但是，在這種情況下，高級交易者利用自動化策略來旋轉桌子。

As the trader withdrew their collateral, it reduced their margin and triggered a forced liquidation. In this process, HLP was forced to take over a trade that was going bad, ultimately resulting in a $4 million loss for the vault.

當交易員撤回其抵押品時，它降低了利潤率並觸發了強迫清算。在此過程中，HLP被迫接管了一筆不錯的交易，最終導致了400萬美元的保險庫。

The Trader's Smart Move for Maximum Profit

交易者的明智之舉，以獲得最大利潤

Exiting a massive position without crashing the market is no small feat. Instead of selling Ethereum directly into the order book, which would have drastically lowered the price, the trader devised another tactic.

在不崩潰的情況下退出龐大的位置並不是一件小事。交易者沒有直接將以太坊直接出售到訂單簿中，這將大大降低價格，而是設計了另一種策略。

They focused on withdrawing their collateral, which in turn decreased their margin and triggered a forced liquidation by the vault. Consequently, HLP was left holding a $286 million Ethereum long position, which the vault had to close at an average price of $1558.

他們專注於撤回其抵押品，從而降低了其邊緣，並觸發了金庫的強迫清算。因此，HLP持有2.86億美元的以太坊長位，保險庫必須以1558​​美元的平均價格關閉。

However, the trader was already aware that HLP’s forced selling would push ETH prices lower. To capitalize on this knowledge, they likely hedged their position by shorting ETH on another exchange, possibly Binance, where they could short at an average price of $1568.

但是，交易者已經意識到HLP的強迫銷售將降低ETH價格。為了利用這一知識，他們可能通過在另一個交易所（可能是義務）上短路ETH來對沖自己的立場，在那裡他們可以平均價格為1568美元。

As ETH’s price dropped due to HLP’s liquidations, the trader reaped the benefits of their short position on Binance, while Hyperliquid bore the brunt of the losses.

由於HLP的清算，ETH的價格下跌，交易員在二手賽上獲得了短期位置的好處，而超流液的損失首當其衝。

Analyst View: Was This an Exploit or Smart Trading?

分析師的觀點：這是利用還是明智的交易？

Hyperliquid maintains that this wasn’t a traditional exploit like those seen with protocols like Gains Network’s GLP, which is forced to take the opposite side of trades that are closed.

Hyperliquid堅持認為，這不是像獲得GLP這樣的協議所看到的那樣的傳統利用，該協議被迫採取關閉的交易的相反方面。

Instead, Hyperliquid’s system is designed with market makers in mind, who are prepared to take on such risks. Even with the $4 million loss, which is significant but not critical for the vault, which has been profitable throughout 2023.

取而代之的是，Hyperliquid的系統是為了牢記做市商而設計的，他們準備承擔這種風險。即使虧損了400萬美元，這對於保險庫來說是巨大但並不重要的，這在整個2023年都很有利可圖。

The loss was attributed to execution slippage, meaning the liquidator couldn’t perfectly match the entry and exit prices. Moreover, those who provided liquidity to HLP during this period also absorbed some of the impact.

損失歸因於執行打滑，這意味著清算人無法完全匹配入口和退出價格。此外，在此期間為HLP提供流動性的人也吸收了一些影響。

This isn’t the first time traders have tested HLP’s system. Back in March 2023, an attacker manipulated SNX prices on centralized exchanges in an attempt to exploit the vault for $37,000. Following the incident, Hyperliquid adjusted its pricing models to mitigate the risk of similar attacks.

這不是交易者第一次測試HLP的系統。早在2023年3月，一名攻擊者操縱了集中式交流的SNX價格，以試圖以37,000美元的價格利用保險庫。事件發生後，超流動性調整了其定價模型，以減輕類似攻擊的風險。

Will This Happen Again? Hyperliquid Responds

這會再次發生嗎？超流動響應

After this latest incident, Hyperliquid is quickly implementing changes to reduce the risk of traders exploiting the system again. These updates include:

在這一最新事件之後，Hyproliquid正在迅速實施更改，以減少交易者再次利用系統的風險。這些更新包括：

More risk control updates are expected to be announced by Hyperliquid in the coming weeks.

預計在接下來的幾周中，Hypliquid將宣布更多的風險控制更新。

Following the incident, Hyperliquid’s native HYPE token dropped 12% but later recovered. Despite the setback, HLP has been generating significant revenue, accumulating $60 million for investors since its launch in May 2023.

事件發生後，Hypliquid的本地炒作令牌下降了12％，但後來恢復了。儘管遇到了挫折，但HLP一直在收入可觀，自2023年5月推出以來，投資者為投資者累積了6000萬美元。

As crypto protocols become increasingly sophisticated, the interplay between traders' strategies and protocols' resilience will continue to be crucial in shaping the future of decentralized finance. Only time will tell how Hyperliquid will further adapt to the ever-evolving landscape of crypto trading.

隨著加密協議變得越來越複雜，交易者戰略與協議的彈性之間的相互作用將繼續對塑造分散融資的未來至關重要。只有時間才能說明如何進一步適應加密交易的不斷發展的景觀。