Bybit首席执行官Ben Zhou评论了由于Ether Whale的高杠杆交易而导致的超流利损失损失的400万美元损失

Bybit首席执行官对该行业发表了评论，称CEXS也遭受相同的情况。

A recent $4 million loss suffered by decentralized exchange (DEX) Hyperliquid due to an Ether whale’s high-leverage trade has sparked discussion on the challenges faced by both DEXs and centralized exchanges (CEXs).

由于以太鲸的高杠杆贸易，最近一次由分散式交易所（DEX）超流动损失的损失引发了人们对DEX和集中式交易所（CEXS）面临的挑战的讨论。

On March 12, a crypto investor walked away with $1.8 million and forced the Hyperliquidity Pool (HLP) to bear a $4 million loss after a trade that used leverage on the Hyperliquid decentralized exchange (DEX).

3月12日，一位加密投资者凭借180万美元走开，并迫使超流动性池（HLP）在使用杠杆作用的交易中损失了400万美元，该交易使用了超流动性分散的交易所（DEX）。

The trader used about 50x leverage to turn $10 million into a $270 million Ether (ETH) long position. However, the trader couldn’t exit without tanking their own position. Instead, they withdrew collateral, offloading assets without triggering a self-inflicted price drop, leaving Hyperliquid to cover the losses.

交易者使用约50倍的杠杆将1000万美元变成了2.7亿美元的以太（ETH）长位。但是，如果没有自己的立场，交易者就无法退出。取而代之的是，他们撤回了抵押品，卸载资产而不会触发自我损失的价格下降，从而使超级流动损失弥补损失。

Smart contract auditor Three Sigma said the trade was a “brutal game of liquidity mechanics,” not a bug or an exploit. Hyperliquid also clarified that this was not a protocol exploit or a hack.

Smart Contract Auditor Thrim Sigma表示，该交易是“流动性机制的残酷游戏”，而不是错误或漏洞。 Hyperliquid还澄清说，这不是协议利用或黑客。

This is a trader using ~50x leverage to put $270M in ETH LONG and get liquidated when price drops below entry. It's a brutal game of liquidity mechanics but no exploit at all. We prefer to highlight this as a learning moment for the industry. From a smart contract auditor (3Sigma). pic.twitter.com/3r6990M88c

这是一个使用〜50倍杠杆的交易者，以将2.7亿美元的ETH长期投入，并在价格下降时被清算。这是一个残酷的流动性机制游戏，但根本没有利用。我们希望强调这是行业的学习时刻。来自智能合同审核员（3sigma）。 pic.twitter.com/3R6990M88C

— Three Sigma (@three_sigma) March 10, 2024

- 三个Sigma（@three_sigma）2024年3月10日

Hyperliquid lowers leverage trading for BTC and ETH

超流动性降低了BTC和ETH的杠杆交易

In response to the trade, Hyperliquid lowered its Bitcoin (BTC) leverage to 40x and its ETH leverage allowance to 25x. This increases the maintenance margin requirements for larger positions on the DEX. “This will provide a better buffer for backstop liquidations of larger positions,” Hyperliquid stated.

为了响应贸易，超流动性将其比特币（BTC）的杠杆降低到40倍，其ETH杠杆津贴津贴降至25倍。这增加了DEX上较大位置的维护保证金要求。 “这将为较大位置的后排清算提供更好的缓冲，” Hyperliquid说。

In an X post, the Bybit CEO commented on the trade, saying that CEXs are also subjected to the same situation. Zhou said their liquidation engine takes over whale positions when they get liquidated. While lowering the leverage may be an effective solution, Zhou said this could be bad for business:

在X帖子中，Bybit首席执行官对该行业发表了评论，称CEXS也遭受相同的情况。周说，他们的清算发动机在清算时接管了鲸鱼位置。虽然降低杠杆可能是一个有效的解决方案，但周说这可能对企业不利：

We are seeing the same situation in the industry recently. When a huge position gets liquidated, our liquidation engine takes over the position.

我们最近在行业中看到了同样的情况。当巨大的位置被清算时，我们的清算发动机接管了该位置。

Lowering the leverage may be an effective solution but it could be bad for business. We may want to consider a more dynamic risk limit mechanism that reduces the overall leverage as the position grows. For a centralized platform, the trader would go down to 1.5x leverage with the huge amount of open positions. Though users can still use multiple accounts to achieve the same results. We are capable of handling it. It will be interesting to see how Hyperliquid manages it.

降低杠杆可能是一个有效的解决方案，但可能对企业不利。我们可能需要考虑一种更具动态的风险极限机制，该机制会随着位置的增长而降低总体杠杆作用。对于一个集中式平台，交易者将降至1.5倍的杠杆作用，并拥有大量的开放位置。尽管用户仍然可以使用多个帐户来获得相同的结果。我们有能力处理它。看到过度流动性如何管理它会很有趣。

It seems that the lowered leverage capabilities could still be abused unless they have risk management measures such as surveillance and monitoring to spot "market manipulators" on the same level as a CEX to mitigate risks. It is a common practice for CEXs to intervene in extreme market conditions to protect the stability of the platform and ensure the continuity of operations. It would be interesting to see how far they are willing to go to intervene in such a situation.

似乎降低的杠杆功能仍然可以滥用，除非他们采取了风险管理措施，例如监视和监测，以与CEX相同的水平来发现“市场操纵器”以减轻风险。 CEXS在极端市场条件下进行干预以保护平台的稳定性并确保运营的连续性是一种常见的做法。有趣的是，他们愿意在这种情况下进行干预多远。

The Bybit executive suggested a more dynamic risk limit mechanism that reduces the overall leverage as the position grows. The executive said that in a centralized platform, the whale would go down to a leverage of 1.5x with the huge amount of open positions. Despite this, the executive recognized that users could still use multiple accounts to achieve the same results.

BYBIT高管提出了一种更具动态的风险极限机制，随着位置的增长，可以降低总体杠杆作用。高管说，在集中式平台中，鲸鱼将达到1.5倍的杠杆作用，并拥有大量的开放位置。尽管如此，执行官还是认识到用户仍然可以使用多个帐户来达到相同的结果。

The Hyperliquid protocol saw a massive outflow of its assets under management following the liquidation event of the ETH whale and the losses the HLP Vault suffered.

在ETH鲸的清算事件以及HLP保险库遭受的损失之后，超流利协议在管理中的资产大量流出。

According to Dune Analytics data, Hyperliquid had a net outflow of $166 million on March 12, the same day as the trade.

根据Dune Analytics数据，Hyproliquid在3月12日（同一天）的净流出为1.66亿美元。