流动性可能是一个弱点：HLP保险库损失了400万美元的损失

在加密交易中，流动性既可以是一种优势又是弱点。有时，策略和剥削之间的界线变得模糊。

In the dynamic realm of crypto trading, liquidity stands as both a beacon of strength and an Achilles' heel. And sometimes, the delicate line between a smart strategy and exploitation can become remarkably blurry.

在加密交易的动态领域中，流动性既是力量的灯塔，又是阿喀琉斯的脚跟。有时，智能策略和剥削之间的微妙界限可能会变得非常模糊。

A recent trade on Hyperliquid’s (HLQ) HLP vault has unfolded into a staggering $4 million loss. But what makes this case unique is that there was no hack, no bug, and no malice. Instead, a trader executed a perfect play on the system’s mechanics to maximize profit.

最近对Hypliquid（HLQ）HLP保险库的交易已损失惊人的400万美元。但是使这种情况与众不同的是没有黑客，没有虫子，也没有恶意。取而代之的是，交易员在系统的机制上执行了完美的游戏，以最大程度地提高利润。

Starting with $10 million USDC, the trader used it to open a $271 million Ethereum long position on HLP. By the time the trader closed their position, they had earned $1.8 million in profit while leaving HLP to absorb a $4 million loss. This marks the biggest single-day loss for the vault since its launch in May 2023.

从1000万美元开始，该交易者用它在HLP上开设了2.71亿美元的以太坊长位。当交易者关闭职位时，他们已经赚了180万美元的利润，同时让HLP吸收了400万美元的亏损。这标志着自2023年5月推出以来保险马的最大单日损失。

Now, analysts like Three Sigma are raising questions about whether liquidation-based protocols, like those used by DeFi protocols for liquidations, are leaving themselves vulnerable to traders who understand the protocols’ workings.

现在，像三位Sigma这样的分析师正在提出有关基于清算协议（例如Defi协议用于清算的协议）的问题，使自己容易受到了解协议工作的交易者的影响。

How HLP Works and Why It Took the Hit

HLP的工作原理以及为何受到打击

HLP is Hyperliquid’s main liquidity pool, where users deposit funds to earn passive income from market-making and liquidations. In essence, HLP generally benefits when traders lose. However, in this case, an advanced trader utilized automated strategies to turn the tables.

HLP是Hypliquid的主要流动性池，用户在这里存入资金以从营销和清算中赚取被动收入。从本质上讲，当交易者输掉时，HLP通常受益。但是，在这种情况下，高级交易者利用自动化策略来旋转桌子。

As the trader withdrew their collateral, it reduced their margin and triggered a forced liquidation. In this process, HLP was forced to take over a trade that was going bad, ultimately resulting in a $4 million loss for the vault.

当交易员撤回其抵押品时，它降低了利润率并触发了强迫清算。在此过程中，HLP被迫接管了一笔不错的交易，最终导致了400万美元的保险库。

The Trader's Smart Move for Maximum Profit

交易者的明智之举，以获得最大利润

Exiting a massive position without crashing the market is no small feat. Instead of selling Ethereum directly into the order book, which would have drastically lowered the price, the trader devised another tactic.

在不崩溃的情况下退出庞大的位置并不是一件小事。交易者没有直接将以太坊直接出售到订单簿中，这将大大降低价格，而是设计了另一种策略。

They focused on withdrawing their collateral, which in turn decreased their margin and triggered a forced liquidation by the vault. Consequently, HLP was left holding a $286 million Ethereum long position, which the vault had to close at an average price of $1558.

他们专注于撤回其抵押品，从而降低了其边缘，并触发了金库的强迫清算。因此，HLP持有2.86亿美元的以太坊长位，保险库必须以1558​​美元的平均价格关闭。

However, the trader was already aware that HLP’s forced selling would push ETH prices lower. To capitalize on this knowledge, they likely hedged their position by shorting ETH on another exchange, possibly Binance, where they could short at an average price of $1568.

但是，交易者已经意识到HLP的强迫销售将降低ETH价格。为了利用这一知识，他们可能通过在另一个交易所（可能是义务）上短路ETH来对冲自己的立场，在那里他们可以平均价格为1568美元。

As ETH’s price dropped due to HLP’s liquidations, the trader reaped the benefits of their short position on Binance, while Hyperliquid bore the brunt of the losses.

由于HLP的清算，ETH的价格下跌，交易员在二手赛上获得了短期位置的好处，而超流液的损失首当其冲。

Analyst View: Was This an Exploit or Smart Trading?

分析师的观点：这是利用还是明智的交易？

Hyperliquid maintains that this wasn’t a traditional exploit like those seen with protocols like Gains Network’s GLP, which is forced to take the opposite side of trades that are closed.

Hyperliquid坚持认为，这不是像获得GLP这样的协议所看到的那样的传统利用，该协议被迫采取关闭的交易的相反方面。

Instead, Hyperliquid’s system is designed with market makers in mind, who are prepared to take on such risks. Even with the $4 million loss, which is significant but not critical for the vault, which has been profitable throughout 2023.

取而代之的是，Hyperliquid的系统是为了牢记做市商而设计的，他们准备承担这种风险。即使亏损了400万美元，这对于保险库来说是巨大但并不重要的，这在整个2023年都很有利可图。

The loss was attributed to execution slippage, meaning the liquidator couldn’t perfectly match the entry and exit prices. Moreover, those who provided liquidity to HLP during this period also absorbed some of the impact.

损失归因于执行打滑，这意味着清算人无法完全匹配入口和退出价格。此外，在此期间为HLP提供流动性的人也吸收了一些影响。

This isn’t the first time traders have tested HLP’s system. Back in March 2023, an attacker manipulated SNX prices on centralized exchanges in an attempt to exploit the vault for $37,000. Following the incident, Hyperliquid adjusted its pricing models to mitigate the risk of similar attacks.

这不是交易者第一次测试HLP的系统。早在2023年3月，一名攻击者操纵了集中式交流的SNX价格，以试图以37,000美元的价格利用保险库。事件发生后，超流动性调整了其定价模型，以减轻类似攻击的风险。

Will This Happen Again? Hyperliquid Responds

这会再次发生吗？超流动响应

After this latest incident, Hyperliquid is quickly implementing changes to reduce the risk of traders exploiting the system again. These updates include:

在这一最新事件之后，Hyproliquid正在迅速实施更改，以减少交易者再次利用系统的风险。这些更新包括：

More risk control updates are expected to be announced by Hyperliquid in the coming weeks.

预计在接下来的几周中，Hypliquid将宣布更多的风险控制更新。

Following the incident, Hyperliquid’s native HYPE token dropped 12% but later recovered. Despite the setback, HLP has been generating significant revenue, accumulating $60 million for investors since its launch in May 2023.

事件发生后，Hypliquid的本地炒作令牌下降了12％，但后来恢复了。尽管遇到了挫折，但HLP一直在收入可观，自2023年5月推出以来，投资者为投资者累积了6000万美元。

As crypto protocols become increasingly sophisticated, the interplay between traders' strategies and protocols' resilience will continue to be crucial in shaping the future of decentralized finance. Only time will tell how Hyperliquid will further adapt to the ever-evolving landscape of crypto trading.

随着加密协议变得越来越复杂，交易者战略与协议的弹性之间的相互作用将继续对塑造分散融资的未来至关重要。只有时间才能说明如何进一步适应加密交易的不断发展的景观。