由于鲸鱼清算事件似乎使Hypliquid的HLP（超流动性提供商）库造成了400万美元的损失，因此超流动物的原住民令牌的价格在周三早上下跌了8.5％。

根据该块的超流利价格页，事件发生后，炒作从大约14.04美元下降到12.84美元，然后稍微恢复。

The price of Hyperliquid's native token dropped 8.5% on Wednesday morning as a whale liquidation event appeared to leave Hyperliquid's HLP (Hyperliquidity Provider) vault with a $4 million loss.

由于鲸鱼清算事件似乎使Hypliquid的HLP（超流动性提供商）库造成了400万美元的损失，因此超流动物的原住民令牌的价格在周三早上下跌了8.5％。

HYPE fell from around $14.04 to $12.84 following the incident, according to The Block's Hyperliquid Price page, before recovering slightly.

根据该块的超流利价格页，事件发生后，炒作从大约14.04美元下降到12.84美元，然后稍微恢复。

HYPE/USD price chart. Image: The Block/TradingView.

炒作/USD价格图。图像：块/交易视图。

The HLP is a core component of the Hyperliquid protocol, a decentralized perpetual futures exchange built on its own Layer 1 blockchain. HLP is a community-owned vault that runs market-making and liquidation strategies, allowing users to deposit USDC and share in the profits — or losses — proportional to their stake. It democratizes access to strategies typically reserved for institutional market makers, earning revenue from trading fees, funding payments and liquidations. Deposits are locked for four days, and the vault's performance is transparently tracked onchain.

HLP是超液体协议的核心组成部分，这是一种在其自己的1层区块链上构建的分散的永久性期货交换。 HLP是一个社区拥有的保险库，可以运行营销和清算策略，使用户可以将USDC存入并分享与其股份成比例的利润或损失。它使人们对通常为机构做市商保留的战略的访问人数民主化，从交易费，资金支付和清算收入收入。沉积物被锁定了四天，并且保险柜的性能透明地跟踪了OnChain。

Some community members and analysts suggested that an individual or entity may have manipulated the HLP to extract value, potentially causing losses to the vault and impacting the token price. The user might have withdrawn equity from the HLP vault in a way that triggered an auto-liquidation event, with the HLP taking the opposing side of the trade and absorbing a loss — to the tune of about $4 million, around 1% of the vault's $451 million total value locked.

一些社区成员和分析师建议，个人或实体可能已经操纵HLP来提取价值，从而可能造成保险库损失并影响令牌价格。用户可能以触发自动运输事件的方式从HLP保险库中撤回了权益，而HLP占据了交易的对方并吸收了损失 - 大约有400万美元，约占该保险柜4.51亿美元的总价值锁定的1％。

Blockchain analytics platform Lookonchain noted that a Hyperliquid whale had deposited a total of 15.23 million USDC to build a long position in ether that reached 160,234 ETH ($306.85 million). The trader was subsequently liquidated but managed to withdraw 17.09 million USDC, making a profit of $1.86 million, according to Lookonchain.

区块链分析平台Lookonchain指出，一条超流动鲸的存放总计1523万美元，以在Ether中建立长期位置，达到160,234 ETH（3.0685亿美元）。据Lookonchain称，该交易员随后被清算，但设法撤回了1709万美元，获利186万美元。

Hyperliquid later responded to confirm that there had been no exploit or hack of the protocol, but that its liquidation engine simply could not handle the size of the position.

高流动性后来回答以确认没有对协议的利用或黑客攻击，但其清算发动机根本无法处理位置的大小。

"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 all-time PNL remains at ~$60M. As a reminder, HLP is not a risk-free strategy," Hyperliquid posted on X. "Max leverage will be updated for BTC and ETH to 40x and 25x respectively to increase maintenance margin requirements for larger positions. This will provide a better buffer for backstop liquidations of larger positions."

"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 all-time PNL remains at ~$60M. As a reminder, HLP is not a risk-free strategy," Hyperliquid posted on X. "Max leverage will be updated for BTC and ETH to 40x and 25x respectively为了增加对较大职位的维护保证金要求。