超平液衍生品交换上的一笔数百万美元的贸易出错了，果冻jellyjelly memecoin交易者损失了数百万美元

在超级流动衍生品交换上，明显的数百万美元交易出错了，果冻jellyjelly memecoin交易者损失了数百万美元，从

A multi-million dollar trade went awry on the Hyperliquid derivatives exchange as one JELLYJELLY memecoin trader lost millions, gained it all back, and then had it all given away again.

一笔数百万美元的交易在超流利衍生品交易所出现了问题，因为一位果冻jellyjelly memecoin交易者损失了数百万美元，获得了全部收益，然后再次赠送了。

Onlookers to the topsy-turvy David v Goliath battle with the exchange’s liquidity provider were enthralled as the trader opened a leveraged position and removed liquidity from its own account in order to increase its leverage ratio even higher.

当交易员开设了杠杆率的职位并从其自身的帐户中取出流动性，以提高其杠杆率的比率甚至更高，因此对与交易所流动性提供商的围观者进行了与交易所流动性提供商的战斗。

With margin reaching nose-bleeding territory, even the smallest fluctuation in price would force a liquidation. It duly did.

随着边缘到达鼻子流血的领域，即使价格最小的波动也会迫使清算。它适当地做到了。

After a slight wick in price, the trader’s memecoin was transferred to an experienced Hyperliquid market-maker, a so-called Hyperliquidity Provider (HLP).

经过略微的价格，交易者的成员被转移到经验丰富的超流动性营销商，这是一个所谓的超流动性提供商（HLP）。

Seemingly down millions of dollars, the trader then executed the next leg of the trade. Knowing that JELLYJELLY was a particularly small and thinly traded memecoin, and armed with the ability to arbitrage its price cross-exchange via a newly-announced 25X perpetuals contract on Binance, the trader began building a position to take back its ostensibly forfeited property.

交易员似乎降低了数百万美元，然后执行了下一个交易。知道Jellyjelly是一个特别小且交易稀少的Memecoin，并且能够通过新近宣布的25倍永久性合同对Binance的价格进行交叉交叉交易的能力。

At this point, the trader began to build an even larger position against the HLP. Funded and protected with arbitrage funds on the third-party Binance, the trader began squeezing Hyperliquid’s HLP toward its pre-programmed loss limit.

在这一点上，交易者开始对HLP建立更大的位置。该交易员受到第三方binance的套利资金的资助和保护，开始将超流动性的HLP挤压到其预编程的损失限制。

Although rare, individual traders can actually liquidate market-makers if collateral ratios fall below specified thresholds designed to protect the Hyperliquid exchange itself.

尽管很少见，但单个交易员实际上可以清算营销商，如果附带比率低于旨在保护超流动交易所本身的特定阈值。

Read more: HyperLiquid lets influencers experience blowing up a fund

阅读更多：超流动性让影响者体验炸毁基金

Gone too far: Hyperliquid went on to make users whole for the HLP’s losses.

走得太远了：超级流动性继续使用户整体损失HLP的损失。

Before this leg of the trade could reach its dramatic climax, however, Hyperliquid insiders began to take notice. In an act of dramatic betrayal, someone at the exchange force-closed the JELLYJELLY market — including a brazen override of the oracle price.

然而，在这条交易的腿达到其戏剧性的高潮之前，超流利的内部人开始注意到。在一个戏剧性的背叛行为中，交换部队封锁的果冻市场的某人，包括甲骨文价格的大胆覆盖。

Although a normal oracle had been attesting to the price of JELLYJELLY near $0.50 just moments prior, the trade actually settled at $0.0095. That difficult-to-believe price left the trader with a small loss despite all of its efforts.

尽管正常的Oracle已证明Jellyjelly的价格在$ 0.50 $ 0.50左右，但该交易实际上定为0.0095美元。尽管付出了很多努力，但难以置信的价格使交易者造成了微小的损失。

At one of its worst points, the market-making HLP could have lost as much as $6.5 million. Meanwhile, the trader’s unrealized gains briefly neared an ulcer-inducing $8.2 million.

在最糟糕的地方之一，建筑HLP可能会损失多达650万美元。同时，交易者未实现的收益短暂接近了溃疡，造成了820万美元。

Delisting a coin that Binance just listed at 25X

将binance刚刚列为25倍的硬币推送

As of a midday update, Hyperliquid itself has delisted the obviously problematic JELLYJELLY. Binance, meanwhile, listed JELLYJELLY perpetual contracts with up to 25X leverage.

截至中午更新，杂种本身已经脱颖而出了明显有问题的果冻。同时，Binance列出了Jellyjelly永久合同，杠杆率高达25倍。

Binance’s new listing could have been coincidental, but many social media speculators were understandably skeptical of the timing of the announcement.

Binance的新清单本来是偶然的，但是许多社交媒体投机者对公告的时机表示怀疑。

Several people speculated that Binance could have encouraged the liquidation of Hyperliquid itself, noting that Binance has used vengeful tactics against its competitors before. Famously, founder Changpeng Zhao used a series of expertly-crafted tweets and allegations to nudge FTX a bit more off the cliff.

有几个人推测，二手体可能会鼓励过度流动的清算本身，并指出Binance以前对其竞争对手使用了复仇的策略。著名的是，创始人Changpeng Zhao使用了一系列专业制作的推文和指控，将FTX推出了悬崖。

A post-mortem statement by Hyperliquid stated that the HLP relevant to this trade had an overall 24-hour profit of just 700,000 USDC. Hyperliquid promised to make all users whole using funds from the Hyper Foundation, excepting certain misbehaving users that it flagged.

Hypliquid的验尸声明说，与此交易相关的HLP总体利润仅为700,000 USDC。 Hyperliquid承诺将使用Hyper Foundation的资金使所有用户整体进行，但其标记的某些不当行为的用户除外。

It also promised to make technical improvements to reduce the risk of such an incident happening again.

它还承诺将进行技术改进，以减少再次发生此类事件的风险。