超流动侵蚀集中式交易的合同市场

具有万亿美元的交易量，60％的永久性合同市场份额，平均每日链子为4亿美元

Author: Frank, PANews

作者：弗兰克，潘尤斯

Trillion-dollar trading volume, 60% perpetual contract market share, and an average of $400 million in daily on-chain settlements - Hyperliquid (HYPER:CRYPTOCURRENCY), a decentralized exchange that has been established for less than two years, is eroding the contract market of centralized exchanges with a series of disruptive data.

万亿美元的交易量，60％的永久合同市场份额以及平均每日链上的4亿美元的链链定居点 - 超流动性（Hyper：Cryptocurrency），这是一种分散的交换，已建立了不到两年的分散交换，正在侵蚀一系列破坏性数据的中央群体交易所的合同交换。

Whales are playing a "life-and-death gamble" with 50x leverage. Institutional funds are frantically buying orders with low fees, while retail investors continue to wait and see due to the lack of token categories. While Binance (BNB:CRYPTO) and Coinbase (NASDAQ:COIN) still dominate the industry, Hyperliquid has opened up a new battlefield for DEX counterattack with its extreme efficiency and risk coexistence model. However, the "slow" mechanism of the Dutch auction and the dilemma of the governance token HYPE being cut in half also make this subversion full of variables.

鲸鱼正在用50倍的杠杆作用“生死攸关的赌博”。机构资金疯狂地购买了低费用的订单，而由于缺乏代币类别，散户投资者继续拭目以待。尽管Binance（BNB：Crypto）和Coinbase（NASDAQ：COIN）仍然主导该行业，但Hyperliquid以其极端的效率和风险共存模型为Dex Rounter Attract开辟了一个新的战场。但是，荷兰拍卖的“缓慢”机制和治理令牌炒作的困境也被切成一半，也使这种颠覆性充满了变量。

Trading volume exceeds one trillion, Hyperliquid becomes the 'dark horse' of contracts

交易量超过1万亿，超级流动成为合同的“黑马”

Since the airdrop detonated the market in 2024, Hyperliquid's contract trading volume has increased exponentially, completely breaking the industry curse of "decline after airdrop". On the contrary, in the recent market fluctuations, Hyperliquid has already established its position as a leading exchange.

自Airdrop于2024年引爆市场以来，Hyproliquid的合同交易量已成倍增加，完全打破了行业的诅咒“ Airdrop后下降”。相反，在最近的市场波动中，Hyproliquid已经确立了其作为领先交流的地位。

Data from March 5 showed that Hyperliquid's total trading volume exceeded $1 trillion for the first time. According to Coinglass data, Hyperliquid's contract trading volume on that day was about $8.5 billion, and Hyperliquid's contract trading volume ranked sixth among all exchanges, only lower than five centralized exchanges including Binance, OKX, Bitget, Bybit, and Gate.io. Binance's contract trading volume was about $91.7 billion. Although the gap is still obvious, Hyperliquid seems to have become a new force that Binance cannot underestimate.

3月5日起的数据表明，超流动性的总交易量首次超过1万亿美元。根据Coinglass Data，当天Hyplliquid的合同交易量约为85亿美元，在所有交易所中，Hypliquid的合同交易量排名第六，仅低于五个集中式交易所，包括Binance，OKX，BITGET，BYBIT，BYBIT和GATE.IO。 Binance的合同交易量约为917亿美元。尽管差距仍然很明显，但混血似乎已成为binance不能低估的新力量。

According to data from hypurrscan, Hyperliquid's fee income is annualized to $746 million. In comparison, Coinbase's full-year trading revenue in 2024 is $4 billion.

根据Hyburrscan的数据，超流动性的费用收入年龄为7.46亿美元。相比之下，Coinbase在2024年的全年交易收入为40亿美元。

Among decentralized exchanges, Hyperliquid has become the dominant player in the perpetual contract market. According to data provided by analyst WarDaddyCapital on February 8, Hyperliquid's market share in perpetual contracts has reached 60.5%, while on November 1, 2024, its market share was only 33.2%, and in March 2023, its market share was less than 2%. This growth rate is unique among decentralized exchanges.

在分散的交流中，超流动性已成为永久合同市场中的主要参与者。根据分析师Wardaddycapital在2月8日提供的数据，Hypliquid在永久合同中的市场份额已达到60.5％，而2024年11月1日，其市场份额仅为33.2％，在2023年3月，其市场份额不到2％。这种增长率在分散交流中是独一无二的。

Trump's new casino under the giant whale deal

特朗普在巨大的鲸鱼协议下的新赌场

The rise of Hyperliquid is inseparable from institutions and high-net-worth traders. Especially recently, the frequent opening of orders by whales has triggered market discussions. Hyperliquid seems to have become a public place for whales to open orders, including cases of smart money that takes unconventional actions and shows off its strength.

超流动性的兴起与机构和高净值商人密不可分。特别是最近，鲸鱼经常开放订单引发了市场讨论。混血似乎已成为鲸鱼打开命令的公共场所，包括采取非常规行动并炫耀其力量的智能货币案件。

On March 2, before Trump announced that five crypto assets including BTC, ETH, SOL, ADA, and XRP would be added to the strategic reserve of crypto assets, a whale held $6 million in assets and used 50 times leverage to go long on ETH and BTC. The opening price of ETH was $2,197 and the liquidation price was about $2,149. After the order was opened, the price of ETH fell to as low as $2,171, and it almost went bankrupt. Fortunately, a few minutes later, the market surged with the help of Trump's favorable news, and the user eventually made a profit of more than $6.8 million in a single day. Many people on social media believe that this extreme operation may have been done by insiders around Trump. However, this statement was later denied by Conor Grogan, director of Coinbase, who found that the funds came from phishing and the user was a user of the crypto gambling platform Roobet. This risky operation seems to be just a gambler's exciting way to play.

3月2日，在特朗普宣布将包括BTC，ETH，SOL，ADA和XRP在内的五个加密资产将被添加到加密货币资产的战略储备中，一条鲸鱼持有600万美元的资产，并使用了50倍的杠杆作用，以长期使用ETH和BTC。 ETH的开头价格为2,197美元，清算价格约为2,149美元。打开订单后，ETH的价格下跌至2,171美元，几乎破产了。幸运的是，几分钟后，在特朗普的好消息的帮助下，市场涌现出来，用户最终在一天内获得了超过680万美元的利润。社交媒体上的许多人认为，这种极端的行动可能是由特朗普周围的内部人士完成的。但是，后来，Coinbase的总监Conor Grogan否认了这一说法，他发现资金来自网络钓鱼，用户是加密赌博平台Roobet的用户。这种冒险的操作似乎只是赌徒的激动人心的比赛方式。

In addition to this extreme speculation, some whales have also gained huge profits from long-term holdings. According to on-chain analyst @ai_9684xtpa, a whale opened an Ethereum short position with 50x leverage in January, with an opening price of $3,169 and a maximum floating profit of over $78 million. As of March 5, the order is still held, and the current floating profit is still $69 million. The user has also become the user with the most profit on Hyperliquid. According to information provided by social media users, the address belongs to the new stablecoin protocol Resolv, which may be an order from its hedge fund.

除了这种极端的猜测外，一些鲸鱼还从长期持有中获得了巨大的利润。根据链链分析师 @ai_9684xtpa的说法，一条鲸鱼在一月份以50倍的杠杆作用开了一个以太坊的短头位，开盘价为3,169美元，最高浮力利润超过7,800万美元。截至3月5日，该订单仍在举行，目前的浮动利润仍然为6,900万美元。用户也已成为超级流动率最高的用户。根据社交媒体用户提供的信息，该地址属于新的Stablecoin协议Resolv，这可能是其对冲基金的订单。

In addition, it is not uncommon to hear news about whales spending millions of dollars to open orders and build positions on Hyperliquid. From the data, the average transaction volume

此外，听到关于鲸鱼花费数百万美元打开订单并在超流动性上建立职位的新闻并不少见。从数据中，平均交易量