溢流：分散的永久交换指南

Hyperliquid是一种在其自身高性能层层链链（HypereVM）上运行的分散的永久交换。它专门从事永久期货交易

Hyperliquid is a decentralized perpetual exchange that operates on its own high-performance layer-1 blockchain, HyperEVM. It specializes in perpetual futures trading, allowing users to speculate on crypto prices without holding the underlying assets. The platform combines the benefits of both centralized and decentralized exchanges, offering a seamless, high-speed trading experience tailored for modern decentralized finance (DeFi) users.

超流动性是一种分散的永久交换，它以其自身的高性能层区块链HypereVM运行。它专门从事永久期货交易，使用户可以推测加密价格而不持有基本资产。该平台结合了集中式和分散交流的好处，为现代分散融资（DEFI）用户提供了无缝的高速交易经验。

Hyperliquid boasts a unique architecture that sets it apart from other DEXs. It boasts an onchain order book, which enables real-time, transparent trading with minimal latency. The exchange also supports a wide range of cryptocurrencies, including BTC, ETH, SOL, AVAX, BNB, MATIC, DOT, UNI, SUSHI, CRV, LDO, BAL, FTT, GMT, APE, QUICK, SAND, MANA, ENJ, GALA, IMX, X2Y2, LOOKS, CEEK, and HYPE.

Hyperliquid拥有独特的体系结构，使其与其他DEX区分开。它拥有一本OnChain Order Book，可实现实时的，透明的延迟。该交易所还支持广泛的加密货币，包括BTC，ETH，SOL，AVAX，BNB，MATIC，DOT，UNI，UNI，UNI，CRV，LDO，LDO，BAL，BAL，FTT，FTT，GMT，GMT，GMT，APE，SAND，SAND，SAND，MANA，MARA，ENG，GALA，GALA，GALA，GALA，GALA，GALA ，IMX，X2Y2，外观，Ceek和Hype。

A key feature of Hyperliquid is its community-driven approach. The platform has rejected venture capital funding, allocating 70% of its tokens to users and redistributing all revenue back to the community. As of Feb. 5, Hyperliquid has a market capitalization of approximately $8.92 billion.

超流动性的一个关键特征是其社区驱动的方法。该平台拒绝了风险投资资金，将其代币的70％分配给用户，并将所有收入重新分配给社区。截至2月5日，超级流动性的市值约为89.2亿美元。

How does Hyperliquid function?

高流动性如何功能？

Hyperliquid operates on a layer-1 blockchain that is explicitly designed for derivatives trading. For rapid transaction processing, Hyperliquid uses HyperBFT, a proprietary consensus algorithm. This system ensures that trades, orders and liquidations occur in real-time, with all transactions transparently recorded onchain.

高流动性在1层区块链上进行操作，该区块链是针对衍生品交易设计的。对于快速交易处理，超流动性使用HyperBFT，一种专有共识算法。该系统可确保实时进行交易，订单和清算，所有交易都透明地记录了OnChain。

Perpetual order book DEX

永久订单书dex

A fully onchain perpetual order book exchange is a core feature of the platform. Unlike decentralized exchanges (DEXs) that rely on automated market makers (AMMs), Hyperliquid adopts a traditional order book system. This approach allows traders to place bids and asks for various assets, resembling the experience of centralized exchanges (CEXs).

完全的永久订单交换是该平台的核心功能。与依赖自动化做市商（AMM）的分散交易所（DEX）不同，超流动性采用了传统的订单系统。这种方法允许交易者放置投标并索取各种资产，类似于集中交易所（CEXS）的经验。

As of Feb. 5, Hyperliquid supports up to 100,000 orders per second. Orders are matched using a price-time priority mechanism, ensuring fair execution for all market participants.

截至2月5日，超流动液支持每秒多达100,000个订单。使用价格时间优先级机制匹配订单，以确保所有市场参与者的公平执行。

Margining system

边缘系统

Hyperliquid has a decentralized clearinghouse that manages users’ margin balances and positions. The exchange supports both cross-margin and isolated-margin trading. Cross-margin allows traders to distribute collateral across multiple positions, while isolated-margin dedicates specific collateral to each trade, reducing liquidation risks for other holdings. This system enhances traders’ flexibility and risk management.

Hyperliquid有一个分散的交换所，可以管理用户的边缘余额和位置。该交易所支持交叉利润和孤立利润的交易。交叉利润使交易者可以在多个职位上分配抵押品，而孤立利润则专门针对每个交易，从而降低了其他持股的清算风险。该系统增强了交易者的灵活性和风险管理。

Pricing mechanism

定价机制

To maintain accurate pricing, Hyperliquid uses a decentralized oracle system, with validators updating spot prices from major exchanges every three seconds, ensuring price integrity and reducing manipulation risks.

为了保持准确的定价，Hyproligid使用分散的Oracle系统，验证者每三秒钟都会从主要交易所更新现货价格，从而确保价格完整性并降低操纵风险。

The system determines funding rates, margin calculations and liquidation processes using these price updates, ensuring price integrity and reducing manipulation risks.

该系统使用这些价格更新确定资金率，保证金计算和清算过程，从而确保价格完整性并降低操纵风险。

Order types and options available on Hyperliquid

订购类型和选项

Hyperliquid L1 maintains an order book for each asset. The order book integrates with the clearinghouse, which handles all positions and margin checks.

Hypliquid L1为每个资产保留订单簿。订单簿与交换所集成在一起，该汇集处理所有位置和保证金检查。

These checks occur when a new order is placed and again for the resting side upon order matching. This process ensures a consistent margin system, even amid oracle price fluctuations.

这些检查在订单匹配时再次下订单时进行这些检查。此过程确保了稳定的保证金系统，甚至在甲骨文价格波动中。

Order types and options available on Hyperliquid include:

在超流动式上可用的订单类型和选项包括：

Order types

订单类型

Order options

订单选项

What are vaults in Hyperliquid?

超流动液中的保险库是什么？

Hyperliquid vaults provide a flexible way for users to participate in trading strategies while benefiting from the platform’s advanced features, such as liquidation management and high-speed market making.

超流水库为用户提供了一种灵活的方式，可以从平台的高级功能（例如清算管理和高速市场制造）中受益的同时参与交易策略。

Unlike traditional vaults that only rebalance between two assets, Hyperliquid vaults allow users — including decentralized autonomous organizations (DAOs), institutions and individuals — to deposit funds and share the profits. Vault owners receive 10% of total profits, except for protocol vaults, which operate without fees or profit sharing.

与仅在两个资产之间重新平衡的传统保险库不同，超流动库允许用户（包括分散的自主组织（DAOS），机构和个人）存入资金并分享利润。除协议保险库（Protastion Vaults）外，保管库所有者获得了总利润的10％，该协议保险库无需费用或利润分配。

Hyperliquidity Provider (HLP)

超流动提供者（HLP）

HLP is a protocol vault that engages in market-making and liquidation processes, earning a portion of trading fees. It democratizes strategies usually reserved for institutional traders, allowing the community to contribute liquidity and share profit and loss (PNL).

HLP是一个协议保险库，从事营销和清算流程，并获得了一部分交易费用。它使通常为机构交易者保留的策略民主化，使社区能够贡献流动性和股票损益（PNL）。

HLP does not have additional profit-sharing for vault owners, as it is fully community-owned. The deposit lock-up period for HLP is four days.

HLP对保险城的所有者没有额外的利润分担，因为它是完全社区所有的。 HLP的存款锁定期为四天。

Creating and managing vaults

创建和管理保险库

Anyone can create a vault by choosing a name, writing a description, and depositing at least 100 USD Coin (USDC). Vault leaders must always maintain at least 5% ownership of their vault.

任何人都可以通过选择名称，编写描述和存放至少100美元的硬币（USDC）来创建保险库。保险库领导者必须始终保持至少5％的保险库。

Depositors earn a share of vault profits, with proportional withdrawals ensuring liquidation prices remain stable. Users can browse and assess vaults via Hyperliquid’s platform to make informed investment decisions.

储户赚取了一部分保险库利润，并进行比例提款，以确保清算价格保持稳定。用户可以通过Hyperliquid的平台浏览和评估保险马，以做出明智的投资决策。

Deposits and withdrawals

存款和提款

Depositing into a vault is straightforward, with tracking on the “Portfolio” page. Withdrawals can be requested after the lock-up period, which is one day for user vaults and four days for HLP. If there are specific traders you admire or support, you can make deposits into their vault to get exposure to their trading strategies.

将存放在保险库中很简单，并在“投资组合”页面上进行跟踪。可以在锁定期间要求提取提款，这是用户保险库的一天，而HLP的四天。如果您欣赏或支持有特定的交易者，则可以将存款存入其保管库中，以获取其交易策略。