由於鯨魚清算事件似乎使Hypliquid的HLP（超流動性提供商）庫造成了400萬美元的損失，因此超流動物的原住民令牌的價格在周三早上下跌了8.5％。

根據該塊的超流利價格頁，事件發生後，炒作從大約14.04美元下降到12.84美元，然後稍微恢復。

The price of Hyperliquid's native token dropped 8.5% on Wednesday morning as a whale liquidation event appeared to leave Hyperliquid's HLP (Hyperliquidity Provider) vault with a $4 million loss.

由於鯨魚清算事件似乎使Hypliquid的HLP（超流動性提供商）庫造成了400萬美元的損失，因此超流動物的原住民令牌的價格在周三早上下跌了8.5％。

HYPE fell from around $14.04 to $12.84 following the incident, according to The Block's Hyperliquid Price page, before recovering slightly.

根據該塊的超流利價格頁，事件發生後，炒作從大約14.04美元下降到12.84美元，然後稍微恢復。

HYPE/USD price chart. Image: The Block/TradingView.

炒作/USD價格圖。圖像：塊/交易視圖。

The HLP is a core component of the Hyperliquid protocol, a decentralized perpetual futures exchange built on its own Layer 1 blockchain. HLP is a community-owned vault that runs market-making and liquidation strategies, allowing users to deposit USDC and share in the profits — or losses — proportional to their stake. It democratizes access to strategies typically reserved for institutional market makers, earning revenue from trading fees, funding payments and liquidations. Deposits are locked for four days, and the vault's performance is transparently tracked onchain.

HLP是超液體協議的核心組成部分，這是一種在其自己的1層區塊鏈上構建的分散的永久性期貨交換。 HLP是一個社區擁有的保險庫，可以運行營銷和清算策略，使用戶可以將USDC存入並分享與其股份成比例的利潤或損失。它使人們對通常為機構做市商保留的戰略的訪問人數民主化，從交易費，資金支付和清算收入收入。沉積物被鎖定了四天，並且保險櫃的性能透明地跟踪了OnChain。

Some community members and analysts suggested that an individual or entity may have manipulated the HLP to extract value, potentially causing losses to the vault and impacting the token price. The user might have withdrawn equity from the HLP vault in a way that triggered an auto-liquidation event, with the HLP taking the opposing side of the trade and absorbing a loss — to the tune of about $4 million, around 1% of the vault's $451 million total value locked.

一些社區成員和分析師建議，個人或實體可能已經操縱HLP來提取價值，從而可能造成保險庫損失並影響令牌價格。用戶可能以觸發自動運輸事件的方式從HLP保險庫中撤回了權益，而HLP佔據了交易的對方並吸收了損失 - 大約有400萬美元，約佔該保險櫃4.51億美元的總價值鎖定的1％。

Blockchain analytics platform Lookonchain noted that a Hyperliquid whale had deposited a total of 15.23 million USDC to build a long position in ether that reached 160,234 ETH ($306.85 million). The trader was subsequently liquidated but managed to withdraw 17.09 million USDC, making a profit of $1.86 million, according to Lookonchain.

區塊鏈分析平台Lookonchain指出，一條超流動鯨的存放總計1523萬美元，以在Ether中建立長期位置，達到160,234 ETH（3.0685億美元）。據Lookonchain稱，該交易員隨後被清算，但設法撤回了1709萬美元，獲利186萬美元。

Hyperliquid later responded to confirm that there had been no exploit or hack of the protocol, but that its liquidation engine simply could not handle the size of the position.

高流動性後來回答以確認沒有對協議的利用或黑客攻擊，但其清算發動機根本無法處理位置的大小。

"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 all-time PNL remains at ~$60M. As a reminder, HLP is not a risk-free strategy," Hyperliquid posted on X. "Max leverage will be updated for BTC and ETH to 40x and 25x respectively to increase maintenance margin requirements for larger positions. This will provide a better buffer for backstop liquidations of larger positions."

"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 all-time PNL remains at ~$60M. As a reminder, HLP is not a risk-free strategy," Hyperliquid posted on X. "Max leverage will be updated for BTC and ETH to 40x and 25x respectively為了增加對較大職位的維護保證金要求。