一条鲸鱼采取风险以太坊（ETH）位置后，超流动协议遭受流动性降低

Hyperliquid必须使用协议自身的流动性来接管160,000的ETH职位，并开始将其放松。

Hyperliquid protocol is dealing with a massive liquidity drawdown after one whale took a risky Ethereum (ETH) position. The DEFI protocol had to take over a 160,000 ETH position and start unwinding it, using the protocol’s own liquidity.

在一只鲸鱼处于风险的以太坊（ETH）位置之后，超流动方案正在处理大量流动性下降。 DEFI协议必须接管160,000的ETH职位，并使用协议自身的流动性开始将其放松。

The recent high-risk Ethereum (ETH) long position served as a stress test for Hyperliquid. A whale opened a large-scale position, liquidated a part of it in profit, and then let the position get liquidated.

最近的高风险以太坊（ETH）长位置是过度流动性的压力测试。鲸鱼打开了一个大规模的位置，清算了一部分以获利，然后让该位置清算。

Hyperliquid had to take over the position at $1,915 per ETH, with the task of unwinding the entire 160,000 ETH. Due to market turbulence, Hyperliquid initially absorbed a floating loss of $4M.

Hyperliquid必须以每个ETH的$ 1,915接管该职位，并完成了整个160,000 ETH的任务。由于市场动荡，高流动性最初吸收了400万美元的浮动损失。

The protocol clarified the liquidity drain is not an exploit

该协议阐明了流动性流失不是漏洞

The protocol denied the liquidation and liquidity drain to be a deliberate exploit or a hack. The trader simply used a high-risk strategy, which allowed him to be long on ETH for a little under an hour and lock in profits. After that, the trader let the position expire, while the DEX had to absorb losses.

该协议否认清算和流动性漏气是故意的利用或黑客。交易员只是使用了高风险的策略，这使他能够长达一小时的时间，并锁定利润。之后，交易者让该职位过期，而DEX必须吸收损失。

"Regarding commentary and questions on the 0xf3f4 user's ETH long:To be clear: There was no protocol exploit or hack. 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..."

“关于评论和有关0xF3F4用户的ETH长期的问题：要清楚：没有协议漏洞或黑客。该用户的PNL未实现，撤回了，这降低了保证金，并已清算。他们在过去的24小时内损失了〜180万美元。

As a result, Hyperliquid will rethink its leverage levels for Bitcoin (BTC) and Ethereum (BTC), to discourage the high-risk strategy. As a final result, the whale walked out with $1.8M, while causing $4M unrealized losses for Hyperliquid and the task of unwinding the position.

结果，超流体将重新考虑比特币（BTC）和以太坊（BTC）的杠杆水平，以阻止高风险策略。最终结果，鲸鱼以180万美元的价格走了出去，同时造成了400万美元的超流动损失和放松职位的任务。

The funds to cover the position originated from a HyperLiquidity Provider (HLP) community vault, which earns from providing funding to other traders. Currently, the vault carries over $408M in liquidity, but the removal of the top whale position erased over $4.2M in PnL.

涵盖该职位的资金源于超级流动提供商（HLP）社区保险库，该保险公司从向其他商人提供资金而赚钱。目前，保险库的流动性超过4.08亿美元，但在PNL中删除了超过420万美元的鲸鱼位置。

Hyperliquid usually offers basic low leverage of 3-5X even for meme tokens, and competes with other exchanges by offering the riskiest trades. The decentralized market relies on community liquidity and decentralized vaults, hence the lack of regulation or a conservative approach to leverage.

高流动性即使对于模因令牌也通常提供3-5倍的基本低杠杆率，并通过提供最风险的交易来与其他交易所竞争。分散的市场依赖社区流动性和分散的金库，因此缺乏法规或保守的杠杆方法。

HLP vault took on bad debt

HLP保险库承担坏账

The trader’s actions were seen as more than simple risk-taking. The strategic withdrawal of the margin collateral after less than an hour of trading meant the whale managed to achieve gains while leaving the bad debt to the exchange.

交易者的行动被认为是简单的冒险。不到一个小时的交易后，保证金抵押品的战略撤回意味着鲸鱼设法取得了收益，同时将坏账留给了交易所。

In addition to the whale’s own actions, copy traders also took similar positions, with varying results. The whale’s long position on ETH was considered extremely risky and counter-intuitive, making use of the recent recovery from local lows.

除了鲸鱼自己的行动外，副本交易者还采取了类似的职位，结果不同。鲸鱼在ETH上的长期位置被认为是极其风险和违反直觉的，利用了最近从当地低点恢复。

Hyperliquid reminded traders that joining the HLP pool to make passive income from traders is not a risk-free strategy. The vault still has over $60M in gains over its lifetime.

Hyplliquid提醒交易者，加入HLP池从交易者那里获得被动收入并不是无风险的策略。该保险库在其一生中仍然具有超过6000万美元的收益。

The biggest fear for Hyperliquid is that the whale’s actions were deliberate, and were amplified by the involvement of copy-traders. For many analysts, the liquidation of a 160K ETH position was an exploit aiming to cause the HLP vault to take over the toxic position. The initial withdrawal of the margin collateral also helped bring about the liquidation for the main trader and for anyone copying the position.

对超流体的最大恐惧是鲸鱼的行为是故意的，并且被复制交易者的参与所扩大。对于许多分析师来说，160k ETH位置的清算是一种利用，旨在导致HLP保管库接管有毒位置。保证金抵押品的最初撤回还有助于为主要交易者和任何复制该职位的人提供清算。

The large long liquidation exploited the HLP vault. The liquidity pool works by distributing profits and losses to all participants, so now the liquidity providers would be saddled with the large-scale loss to cover the long position. There are also suspicions the whale may have also held a short position to benefit from the liquidation, though there were no known corresponding whales shorting ETH at that same moment.

大型长清算利用了HLP库。流动性池通过向所有参与者分配利润和损失来发挥作用，因此现在流动性提供者将遭受大规模损失，以覆盖长期的职位。尽管没有已知的相应鲸鱼在同一时刻，鲸鱼也可能会受益于清算中，但也可能怀疑鲸鱼也可能受益于清算。

Reportedly, the trader used 13X to 19X leverage to maximize the early earnings. The whole operation was performed with $23M in underlying capital, though the final liquidation was for over $306M.

据报道，交易者使用13倍至19倍的杠杆作用来最大化早期收益。整个运营的基础资本为2300万美元，尽管最终清算的价格超过3.06亿美元。

Soon after the news of the large liquidation at the expense of the HLP pool, the native HYPE token lost up to 10% of its price in a temporary dip.

在以HLP池为代价的大型清算消息后不久，本地炒作令牌暂时下降了高达其价格的10％。

HYPE fell towards $12.80 before recovering to $13.35. The high-level liquidation position also affected Ethereum (ETH). The asset fell to $1,915.83, around the levels where the large whale position was liquidated. The recent Hyperliquid risky trade may affect the larger crypto market, stopping the recent ETH rally above $2,000.

炒作跌至12.80美元，然后恢复至13.35美元。高级清算位置也影响了以太坊（ETH）。资产跌至1,915.83美元，围绕着清算大鲸鱼位置的水平。最近的超流动风险贸易可能会影响更大的加密市场，从而阻止了最近的ETH Rally超过2,000美元。