{"id":3124,"date":"2026-01-12T00:00:29","date_gmt":"2026-01-11T16:00:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=3124"},"modified":"2026-01-12T00:00:29","modified_gmt":"2026-01-11T16:00:29","slug":"hype%e5%86%8d%e5%88%9b%e5%8e%86%e5%8f%b2%e6%96%b0%e9%ab%98%ef%bc%8c%e4%b8%ba%e4%bb%80%e4%b9%88%e5%b7%a8%e9%b2%b8%e4%bb%ac%e9%83%bd%e9%80%89%e6%8b%a9%e5%9c%a8hyperliquid%e5%bc%80%e5%8d%95%ef%bc%9f","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=3124","title":{"rendered":"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f"},"content":{"rendered":"<h1 class=\"art_tit\">$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f<\/h1>\n<div class=\"content_text\">\n<p>\u539f\u6587\u6807\u9898\uff1aThe Secret Sauce of Hyperliquid<\/p>\n<p>\u539f\u6587\u4f5c\u8005\uff1a@stacy_muur\uff0cCuratedCrypt\u00a00 \u6210\u5458<\/p>\n<p>\u539f\u6587\u7f16\u8bd1\uff1azhouzhou\uff0cBlockBeats<\/p>\n<p>\u7f16\u8005\u6309\uff1a\u672c\u6587\u53d1\u8868\u4e8e\u00a02025\u00a0\u5e74\u00a02\u00a0\u6708\uff0c\u5f7c\u65f6\u00a0Hyperliquid\u00a0\u56e0\u300c\u00a050\u00a0\u500d\u6760\u6746\u5185\u5e55\u5de8\u9cb8\u300d\u7684\u9891\u7e41\u5408\u7ea6\u64cd\u4f5c\u5907\u53d7\u5173\u6ce8\u30023\u00a0\u4e2a\u6708\u8fc7\u540e\uff0c\u5728\u52a0\u5bc6\u5e02\u573a\u884c\u60c5\u56de\u6696\u8fc7\u7a0b\u4e2d\uff0cHyperliquid\u00a0\u518d\u6b21\u6fc0\u8d77\u5e02\u573a\u6ce2\u6f9c\uff0c\u5176\u4ee3\u5e01$HYPE\u00a0\u4ef7\u683c\u4e5f\u518d\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u8fd9\u4e00\u6b21\u7ed9\u00a0Hyperliquid\u00a0\u5e26\u6765\u6ce8\u610f\u529b\u7684\u5de8\u9cb8\u9009\u624b\u662f\u00a0James Wynn\uff0c\u4e00\u4f4d\u9ad8\u8c03\u300c\u00a040\u00a0\u500d\u6760\u6746\u5de8\u9cb8\u300d\u3002<\/p>\n<p>5 \u6708 26 \u65e5\uff0c\u5de8\u9cb8 James Wynn \u5728\u793e\u4ea4\u5a92\u4f53\u4e0a\u53d1\u6587\uff0c\u6697\u793a\u5176\u8fd1\u671f\u5c06\u4e0d\u518d\u53c2\u4e0e\uff08\u6216\u516c\u5f00\u8fdb\u884c\uff09\u5408\u7ea6\u4ea4\u6613\u8868\u793a\uff1a<\/p>\n<p>\u300c\u81f4\u6240\u6709\u652f\u6301\u8005\u4e0e\u9ed1\u7c89\u4eec\uff1a\u6211\u4eec\u8fd9\u8d9f\u8c6a\u8d4c\u6301\u4e45\u6218\u7684\u65c5\u7a0b\u8fd8\u7b97\u4e0d\u8d56\uff0c\u8d26\u6237\u5dc5\u5cf0\u65f6\u4ece 3\u3001\u00a0400 \u4e07\u672c\u91d1\u6eda\u5230\u4e86 8700 \u4e07\u3002\u5982\u4eca\u6211\u51b3\u5b9a\u5e26\u7740 2500 \u4e07\u5229\u6da6\u79bb\u573a\u3002\u8fd9\u573a\u6e38\u620f\u5f88\u5c3d\u5174\uff0c\u4f46\u73b0\u5728\u662f\u65f6\u5019\u4ee5\u8d62\u5bb6\u59ff\u6001\u9000\u573a\u4e86\uff0cWynn \u548c\u9ed1\u7c89\u4eec\u73b0\u5728\u662f 1:\u00a00\u00a0\u300d<\/p>\n<p>BlockBeats \u6b64\u524d\u62a5\u9053\uff0c\u5de8\u9cb8 James Wynn \u8fd1\u671f\u5728 Hyperliquid \u4e0a\u901a\u8fc7\u5148\u540e\u5f00\u8bbe\u4ef7\u503c\u8d85 10 \u4ebf\u7f8e\u5143\u7684\u591a\u5355\u3001\u7a7a\u5355\u5f15\u8d77\u5927\u91cf\u5173\u6ce8\u3002Wynn \u4e8e\u4e0a\u5468\u516d\u65e5\u5f00\u8bbe\u5927\u989d\u7a7a\u5355\u4ee5\u62bc\u6ce8\u6bd4\u7279\u5e01\u4e0b\u8dcc\uff0c\u6700\u7ec8\u4ed3\u4f4d\u4ef7\u503c\u518d\u6b21\u8d85\u8fc7 10 \u4ebf\u7f8e\u5143\u3002\u4eca\u65e5\u65e9\u4e9b\u65f6\u5019\uff0c\u7279\u6717\u666e\u518d\u6b21\u53d8\u5366\uff0c\u63a8\u8fdf\u5bf9\u6b27\u76df\u5f81\u6536 50% \u5173\u7a0e\uff0c\u5f15\u53d1\u6bd4\u7279\u5e01\u5feb\u901f\u53cd\u5f39\uff0c\u5bfc\u81f4\u5176\u7a7a\u5355\u6700\u7ec8\u4e8f\u635f\u8d85 1500 \u4e07\u7f8e\u5143\u5e73\u4ed3\u3002<\/p>\n<p>\u4e3a\u4f55\u5de8\u9cb8\u4eec\u70ed\u8877\u4e8e Hyperliquid\uff0c\u8fd9\u5bb6\u53bb\u4e2d\u5fc3\u5316\u884d\u751f\u54c1\u5e73\u53f0\u4ee5\u9ad8\u8fbe 50 \u500d\u6760\u6746\u3001\u96f6 Gas \u8d39\u548c\u5168\u94fe\u4e0a\u900f\u660e\u8ba2\u5355\u7c3f\uff0c\u6210\u4e3a\u9ad8\u98ce\u9669\u4ea4\u6613\u8005\u7684\u5929\u5802\u3002\u5e73\u53f0\u4f4e\u6210\u672c\u3001\u9ad8\u6760\u6746\u7279\u6027\uff0c\u53e0\u52a0\u5e02\u573a\u5267\u70c8\u6ce2\u52a8\uff0c\u8ba9\u5de8\u9cb8\u4eec\u8d8b\u4e4b\u82e5\u9e5c\uff0cHyperliquid \u4e5f\u56e0\u6b64\u6210\u4e3a\u5408\u7ea6\u4ea4\u6613\u7684\u65b0\u7126\u70b9\u3002<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/image.blockbeats.cn\/file_v6\/20250310\/43d57f5d-ba6b-42d9-806b-d927c70e9ea8.png?x-oss-process=image\/quality,q_50\/format,webp\"><\/p>\n<p>\u4ee5\u4e0b\u4e3a\u539f\u6587\u5185\u5bb9\uff08\u4e3a\u4fbf\u4e8e\u9605\u8bfb\u7406\u89e3\uff0c\u539f\u5185\u5bb9\u6709\u6240\u6574\u7f16\uff09\uff1a<\/p>\n<p>\u5728 DeFi \u884d\u751f\u54c1\u7684\u5386\u53f2\u4e0a\uff0c\u9c9c\u6709\u534f\u8bae\u80fd\u5360\u636e\u94fe\u4e0a\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u7684\u4e00\u534a\u4ee5\u4e0a\uff0c\u800c Hyperliquid \u5374\u505a\u5230\u4e86\u3002\u5b83\u7684\u79d8\u8bc0\u662f\u4ec0\u4e48\uff1f<\/p>\n<p>\u6570\u636e\u663e\u793a\uff0c\u5728 24 \u5c0f\u65f6\u5185\uff0c\u94fe\u4e0a\u6c38\u7eed\u5408\u7ea6\u7684\u603b\u4ea4\u6613\u91cf\u4e3a 143.7 \u4ebf\u7f8e\u5143\uff0c\u800c @HyperliquidX \u5c31\u5360\u4e86\u60ca\u4eba\u7684 93 \u4ebf\u7f8e\u5143\uff0c\u5360\u6bd4\u9ad8\u8fbe 64.71%\uff0c\u5c55\u73b0\u51fa Hyperliquid \u5728\u5e02\u573a\u4e0a\u7684\u7edd\u5bf9\u7edf\u6cbb\u529b\u3002<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/image.blockbeats.cn\/file_v6\/20250310\/7f13d30c-2a52-48f9-a952-143064c2e0f0.png?x-oss-process=image\/quality,q_50\/format,webp\"><\/p>\n<p>\u7136\u800c\uff0c\u5927\u591a\u6570 DEX \u5728\u8fd9\u4e9b\u65b9\u9762\u4e00\u76f4\u96be\u4ee5\u5339\u914d\uff0c\u901a\u5e38\u4f9d\u8d56\u4e8e\uff1a<\/p>\n<p>\u00b7AMM \u8bbe\u8ba1\uff08\u5bfc\u81f4\u5927\u989d\u8ba2\u5355\u6ed1\u70b9\u8fc7\u9ad8\uff0c\u4f8b\u5982 GMX\uff09\uff1b<\/p>\n<p>\u00b7\u90e8\u5206\u94fe\u4e0b\u89e3\u51b3\u65b9\u6848\uff08\u5982 dYdX v3\uff09\uff0c\u8fd9\u4f1a\u5f71\u54cd\u900f\u660e\u5ea6\u6216\u589e\u52a0\u7528\u6237\u4f7f\u7528\u7684\u590d\u6742\u6027\u3002<\/p>\n<p>Hyperliquid \u610f\u8bc6\u5230\u8fd9\u4e00\u95ee\u9898\uff1a\u5982\u679c\u7528\u6237\u4f53\u9a8c\u4e0d\u4f73\u6216\u6d41\u52a8\u6027\u4e0d\u8db3\uff0c\u7528\u6237\u4e0d\u4f1a\u5927\u89c4\u6a21\u8fc1\u79fb\u5230\u94fe\u4e0a\u3002\u56e0\u6b64\uff0c\u56e2\u961f\u81f4\u529b\u4e8e\u63d0\u4f9b\u300cCEX \u7ea7\u522b\u7684\u901f\u5ea6\u548c\u6d41\u52a8\u6027\uff0c\u4f46\u5b8c\u5168\u94fe\u4e0a\u5316\u3002\u300d<\/p>\n<p>Hyperliquid \u7684\u6210\u529f\u8bc1\u660e\u4e86 DEX \u5728\u9762\u5bf9 Binance \u7b49\u5de8\u5934\u65f6\u7684\u53ef\u80fd\u6027\u3002Binance \u7684 24 \u5c0f\u65f6\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u91cf\u4e3a 972.2 \u4ebf\u7f8e\u5143\uff0c\u800c DEX \u6574\u4f53\u4ea4\u6613\u91cf\u4ec5\u4e3a 146.37 \u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d Hyperliquid \u8d21\u732e\u4e86 95.32 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u501f\u52a9 Hyperliquid\uff0cDEX \u7684\u4ea4\u6613\u91cf\u53ef\u8fbe Binance \u7684 15%\uff1b\u6ca1\u6709\u5b83\uff0c\u8fd9\u4e00\u6bd4\u4f8b\u5c06\u964d\u81f3 5%\uff0c\u4ec5\u5269 51.05 \u4ebf\u7f8e\u5143\u3002\u8fd9\u8bc1\u660e\u4e86 Hyperliquid \u5bf9 DeFi \u4ea4\u6613\u7684\u63a8\u52a8\u4f5c\u7528\u3002<\/p>\n<p>\u8fd9\u4e00\u8868\u73b0\u5151\u73b0\u4e86 Hyperliquid \u7684\u6838\u5fc3\u627f\u8bfa\u2014\u2014\u5728\u5b8c\u5168\u53bb\u4e2d\u5fc3\u5316\u7684 Layer-1 \u4e0a\u63d0\u4f9b CeFi \u7ea7\u522b\u7684\u4ea4\u6613\u4f53\u9a8c\u3002<\/p>\n<p>\u80cc\u666f\u4e0e\u521b\u59cb\u6545\u4e8b\u8d77\u6e90\u4e0e\u56e2\u961f\u6784\u6210<\/p>\n<p>Hyperliquid \u7531 @chameleon_jeff\uff08\u54c8\u4f5b\u6bd5\u4e1a\u751f\u3001\u524d Hudson River Trading \u91cf\u5316\u4ea4\u6613\u5458\uff09\u548c\u4e00\u652f\u6765\u81ea MIT\u3001Caltech \u7b49\u9876\u5c16\u9662\u6821\u7684\u5c0f\u578b\u5de5\u7a0b\u5e08\u56e2\u961f\u521b\u7acb\u3002<\/p>\n<p>\u4ed6\u4eec\u5728 2020-2022 \u5e74\u671f\u95f4\u66fe\u4ece\u4e8b\u9ad8\u9891\u4ea4\u6613\uff08HFT\uff09\uff0c\u5e76\u5728 FTX \u5d29\u76d8\u540e\u8f6c\u5411\u53bb\u4fe1\u4efb\u5316\u65b9\u6848\u3002\u770b\u5230\u6570\u5341\u4ebf\u7f8e\u5143\u56e0\u4e2d\u5fc3\u5316\u6258\u7ba1\u800c\u6d88\u5931\uff0c\u4ed6\u4eec\u7684\u76ee\u6807\u53d8\u5f97\u6e05\u6670\uff1a\u6253\u9020\u4e00\u4e2a\u4e0d\u727a\u7272\u6027\u80fd\u7684\u81ea\u6258\u7ba1\u66ff\u4ee3\u65b9\u6848\uff0c\u5e76\u9009\u62e9\u300c\u65e0 VC\u3001\u81ea\u7b79\u8d44\u91d1\u300d\u7684\u65b9\u5f0f\uff0c\u4ee5\u786e\u4fdd\u957f\u671f\u4e0e\u7528\u6237\u548c\u4ea4\u6613\u8005\u5229\u76ca\u4e00\u81f4\uff0c\u800c\u975e\u8fce\u5408\u77ed\u671f\u6295\u8d44\u8005\u5229\u76ca\u3002<\/p>\n<h2>\u4e3a\u4ec0\u4e48 CEX \u4ecd\u80fd\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\uff1f<\/h2>\n<p>\u5c3d\u7ba1 FTX \u7b49\u4e3b\u8981 CEX \u5d29\u6e83\uff0c\u7528\u6237\u4ea4\u6613\u4e60\u60ef\u5e76\u672a\u7acb\u5373\u8f6c\u5411 DeFi\u3002\u8bb8\u591a\u4ea4\u6613\u8005\u4ecd\u7136\u4f7f\u7528 Binance \u7b49\u4e2d\u5fc3\u5316\u5e73\u53f0\uff0c\u5e76\u975e\u56e0\u4e3a\u4ed6\u4eec\u5ffd\u89c6\u4e86\u6258\u7ba1\u98ce\u9669\uff0c\u800c\u662f\u56e0\u4e3a CEX \u59cb\u7ec8\u5177\u5907\uff1a<\/p>\n<p>\u00b7\u5feb\u901f\u4e14\u719f\u6089\u7684\u754c\u9762<\/p>\n<p>\u00b7\u6df1\u5ea6\u6d41\u52a8\u6027<\/p>\n<p>\u00b7\u9ad8\u7ea7\u4ea4\u6613\u529f\u80fd\uff08\u6b62\u635f\u5355\u3001\u4e13\u4e1a K \u7ebf\u7b49\uff09<\/p>\n<p>\u00b7\u65e0 Gas \u8d39\uff0c\u8de8\u94fe\u65e0\u969c\u788d<\/p>\n<p>\u00b7\u4f4e\u95e8\u69db\uff0c\u4fbf\u6377\u7684\u4ea4\u6613\u4f53\u9a8c<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250526\/5db2dfbd829e787395533a48957ec568.jpg\"><\/p>\n<p>2022 \u5e74\u6307 FTX \u5d29\u76d8\u540e\uff0811 \u6708\u81f3 12 \u6708\uff09\u30022025 \u5e74\u6570\u636e\u4e3a\u622a\u81f3 3 \u6708 6 \u65e5\u7684\u9884\u4f30\u503c\uff0cHyperliquid \u610f\u8bc6\u5230\u4e86\u8fd9\u4e00\u77ed\u677f\uff1a\u5982\u679c\u7528\u6237\u4f53\u9a8c\u4e0d\u4f73\u6216\u6d41\u52a8\u6027\u4e0d\u8db3\uff0c\u7528\u6237\u4e0d\u4f1a\u5927\u89c4\u6a21\u8fc1\u79fb\u5230\u94fe\u4e0a\u3002\u56e0\u6b64\uff0c\u56e2\u961f\u81f4\u529b\u4e8e\u6253\u9020\u300cCEX \u7ea7\u522b\u7684\u901f\u5ea6\u548c\u6d41\u52a8\u6027\uff0c\u4f46\u5b8c\u5168\u94fe\u4e0a\u5316\u3002\u300d<\/p>\n<p>\u4ece\u7b2c\u4e00\u5929\u8d77\u5c31\u4f18\u5148\u8003\u8651\u7528\u6237\u4f53\u9a8c\u7684\u4ea7\u54c1\u6784\u5efa<\/p>\n<p>\u8ba9\u6211\u4eec\u770b\u770b Hyperliquid \u7684\u4ea7\u54c1\u77e9\u9635\uff1a<\/p>\n<h2>1. \u6c38\u7eed\u5408\u7ea6 DEX<\/h2>\n<p>Hyperliquid \u7684\u6838\u5fc3\u4ea7\u54c1\u662f\u5176\u6c38\u7eed\u5408\u7ea6 DEX\uff0c\u91c7\u7528\u5b8c\u5168\u94fe\u4e0a\u7684\u4e2d\u592e\u9650\u4ef7\u8ba2\u5355\u7c3f\uff08CLOB\uff09\uff0c\u652f\u6301\uff1a<\/p>\n<p>\u00b7BTC\u3001ETH \u6700\u9ad8 50 \u500d\u6760\u6746<\/p>\n<p>\u00b7SOL\u3001SUI\u3001kPEPE\u3001XRP \u6700\u9ad8 20 \u500d\u6760\u6746<\/p>\n<p>\u00b7\u5c0f\u5e02\u503c\u4ee3\u5e01\u6700\u9ad8 3 \u500d\u6760\u6746<\/p>\n<p>Hyperliquid \u4ece\u96f6\u5f00\u59cb\u6784\u5efa\uff0c\u63d0\u4f9b\u6bd4\u7ade\u4e89\u5bf9\u624b\u94fe\u4e0b\u89e3\u51b3\u65b9\u6848\u66f4\u9ad8\u7684\u5f00\u653e\u6027\uff0c\u5e76\u4e13\u95e8\u4e3a\u9ad8\u9891\u4ea4\u6613\uff08HFT\uff09\u9700\u6c42\u8bbe\u8ba1\u3002\u5176\u7279\u70b9\u5305\u62ec\uff1a<\/p>\n<p>\u00b7\u5b50\u79d2\u7ea7\u4ea4\u6613\u786e\u8ba4<\/p>\n<p>\u00b7\u6bcf\u79d2\u5904\u7406 10 \u4e07\u7b14\u8ba2\u5355<\/p>\n<p>\u00b7\u65e0 Gas \u8d39\u6216\u8fd1\u4e4e\u65e0 Gas \u8d39\u7684\u4e0b\u5355\u4e0e\u64a4\u5355\u4f53\u9a8c<\/p>\n<p>\u8fd9\u4e9b\u5173\u952e\u56e0\u7d20\u4f7f\u5176\u7528\u6237\u4f53\u9a8c\u5339\u654c CEX\u3002<\/p>\n<p>\u9ad8\u7ea7\u4ea4\u6613\u673a\u5236<\/p>\n<p>\u00b7\u539f\u5b50\u5316\u64cd\u4f5c\uff1a\u57fa\u4e8e\u6700\u65b0\u9884\u8a00\u673a\u4ef7\u683c\u652f\u6301\u539f\u5b50\u5316\u6e05\u7b97\uff0c\u5e76\u6309\u5c0f\u65f6\u5206\u53d1\u539f\u5b50\u5316\u8d44\u91d1\u8d39\u7387<\/p>\n<p>\u00b7\u8d44\u4ea7\u5b89\u5168\u68c0\u67e5\uff1a\u5e73\u53f0\u5728\u6bcf\u4e2a\u533a\u5757\u7ed3\u675f\u65f6\u8fdb\u884c\u8d44\u4ea7\u5b89\u5168\u6027\u9a8c\u8bc1<\/p>\n<p>\u00b7\u8ba2\u5355\u4f18\u5148\u7ea7\uff1a\u4f18\u5148\u5904\u7406\u64a4\u5355\u4e0e\u4ec5\u6302\u5355\u9650\u4ef7\u5355\uff0c\u4fdd\u62a4\u505a\u5e02\u5546\u514d\u53d7\u6076\u610f\u6d41\u52a8\u6027\u5f71\u54cd<\/p>\n<p>\u622a\u81f3\u4e0a\u5468\uff0cHyperliquid Perps \u7684\u4ea4\u6613\u91cf\u8fbe 665 \u4ebf\u7f8e\u5143\uff0c\u51e0\u4e4e\u662f\u6392\u540d\u7b2c\u4e8c\u7684 Jupiter\uff0897 \u4ebf\u7f8e\u5143\uff09\u7684 7 \u500d\uff0c\u5e76\u4e14\u8d85\u8fc7\u5176\u540e 14 \u4e2a\u7ade\u4e89\u5bf9\u624b\u603b\u548c\uff08336 \u4ebf\u7f8e\u5143\uff09\u3002<br \/>Hyperliquid \u72ec\u5360\u524d 15 \u5927\u6c38\u7eed\u4ea4\u6613\u6240\u603b\u4ea4\u6613\u91cf\u7684 66%\u00a0\u3002<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250526\/4d644692ddb24b3e71e2c7e5161df25b.jpg\"><\/p>\n<h2>2. \u73b0\u8d27\u4ea4\u6613\u6240<\/h2>\n<p>Hyperliquid \u7684\u73b0\u8d27\u4ea4\u6613\u6240\u4e8e 2024 \u5e74\u5e74\u4e2d\u4e0a\u7ebf\uff0c\u521d\u671f\u652f\u6301 HYPE\u3001memecoin \u7b49 20 \u591a\u79cd\u539f\u751f\u8d44\u4ea7\u3002<\/p>\n<p>\u76f8\u6bd4\u4e8e Hyperliquid \u5e9e\u5927\u7684 1.06 \u4e07\u4ebf\u7f8e\u5143\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\uff0c\u73b0\u8d27\u4ea4\u6613\u8d77\u6b65\u8f83\u5c0f\uff0c\u4f46\u589e\u957f\u8fc5\u901f\u3002\u622a\u81f3 2025 \u5e74\u521d\uff0c\u968f\u7740\u5173\u952e\u66f4\u65b0\uff08\u5c24\u5176\u662f BTC \u7684\u4e0a\u7ebf\uff09\uff0cHyperliquid \u6b63\u5728\u9010\u6b65\u6210\u4e3a\u94fe\u4e0a\u73b0\u8d27\u4ea4\u6613\u7684\u6709\u529b\u7ade\u4e89\u8005\u3002<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250526\/ca893de84f9ad67b21a6bcfe7b8e63af.jpg\"><\/p>\n<p>\u56de\u5230 2024 \u5e74\u5e74\u4e2d\uff0cHyperliquid \u7684\u73b0\u8d27\u4ea4\u6613\u4ec5\u9650\u4e8e\u81ea\u5bb6\u4ee3\u5e01\u53ca\u5c11\u6570\u5176\u4ed6\u8d44\u4ea7\uff08\u5982 RAGE\uff09\u3002\u8fd9\u79cd\u6709\u9650\u7684\u8d44\u4ea7\u8303\u56f4\u4f7f\u5f97\u8bb8\u591a\u4e13\u4e1a\u4ea4\u6613\u8005\u671b\u800c\u5374\u6b65\uff0c\u4ed6\u4eec\u66f4\u9752\u7750 BTC \u7b49\u4e3b\u6d41\u8d44\u4ea7\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u6295\u673a\u4ee3\u5e01\u3002<\/p>\n<p>Messari \u5206\u6790\u5e08 MONK \u5728\u5176\u62a5\u544a\u4e2d\u9884\u6d4b\uff1a\u82e5 Hyperliquid \u6dfb\u52a0 BTC\uff0c\u5c06\u5f7b\u5e95\u6539\u53d8\u5c40\u9762\uff0c\u4f7f\u5176\u6210\u4e3a\u540c\u65f6\u8986\u76d6\u73b0\u8d27\u548c\u884d\u751f\u54c1\u4ea4\u6613\u7684\u4e00\u7ad9\u5f0f\u5e73\u53f0\uff0c\u6311\u6218\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u3002\u8fd9\u4e00\u9884\u6d4b\u5f88\u5feb\u5728 2025 \u5e74 2 \u6708 15 \u65e5\u5f97\u5230\u9a8c\u8bc1\u2014\u2014Unit \u56e2\u961f\u4e0a\u7ebf\u4e86\u5728 Hyperliquid \u8ba2\u5355\u7c3f\u4e0a\u76f4\u63a5\u4ea4\u6613 BTC \u73b0\u8d27\u7684\u529f\u80fd\u3002<\/p>\n<p>\u8fd9\u610f\u5473\u7740\u4ec0\u4e48\uff1f<\/p>\n<p>\u00b7\u4ea4\u6613\u91cf\u6fc0\u589e\uff1a\u5728 BTC \u4e0a\u7ebf\u524d\uff0cHyperliquid \u73b0\u8d27\u4ea4\u6613\u91cf\u4ec5\u662f\u6bcf\u6708 630 \u4ebf\u7f8e\u5143 BTC \u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u91cf\u7684\u4e00\u5c0f\u90e8\u5206\u3002Messari \u9884\u8ba1\uff0c\u82e5\u5f15\u5165\u5408\u9002\u7684\u8d44\u4ea7\uff0c\u73b0\u8d27\u4ea4\u6613\u91cf\u53ef\u8fbe\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u91cf\u7684 20%\u00a0-30%\u00a0\uff0c\u6f5c\u5728\u589e\u91cf\u8fbe\u6570\u5341\u4ebf\u7f8e\u5143\u3002\u800c\u968f\u7740 BTC \u73b0\u8d27\u4e0a\u7ebf\uff0c\u5176\u4ed6 DEX \u6bcf\u6708\u5df2\u6709 330 \u4ebf\u7f8e\u5143 BTC \u4ea4\u6613\u91cf\uff0cHyperliquid \u6b63\u5728\u8fc5\u901f\u62a2\u5360\u8fd9\u4e00\u5e02\u573a\u4efd\u989d\u3002<\/p>\n<p>\u00b7\u66f4\u591a\u8d44\u4ea7\u5373\u5c06\u4e0a\u7ebf\uff1aUnit \u7684\u65b9\u6848\u4e0d\u4ec5\u652f\u6301 BTC\uff0c\u8fd8\u4e3a\u672a\u6765\u5f15\u5165 ETH\u3001SOL\uff0c\u751a\u81f3\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u8fd9\u53ef\u80fd\u4f7f Hyperliquid \u6210\u4e3a\u52a0\u5bc6\u8d44\u4ea7\u73b0\u8d27\u4ea4\u6613\u7684\u6838\u5fc3\u5e02\u573a\u3002<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250526\/63aeeb267e14e5ae5cc3023d09eff12d.jpg\"><\/p>\n<h2>3.Hyperliquid HLP\uff08\u6d41\u52a8\u6027\u91d1\u5e93\uff09<\/h2>\n<p>HLP \u662f\u4e00\u4e2a\u6d41\u52a8\u6027\u91d1\u5e93\uff0c\u7528\u6237\u53ef\u4ee5\u5b58\u5165\u8d44\u91d1\uff08\u4e3b\u8981\u662f USDC\uff09\uff0c\u4f5c\u4e3a\u884d\u751f\u54c1\u4ea4\u6613\u6240\u4ea4\u6613\u8005\u7684\u5bf9\u624b\u65b9\uff0c\u5e76\u4ece\u4ea4\u6613\u5229\u6da6\u4e2d\u83b7\u5f97\u5206\u6210\u3002<\/p>\n<p>\u00b7\u76ee\u7684\uff1a\u4e3a\u4e0d\u60f3\u4e3b\u52a8\u4ea4\u6613\u7684\u7528\u6237\u63d0\u4f9b\u88ab\u52a8\u6536\u76ca\u673a\u4f1a\uff0c\u9075\u5faa\u300c\u5e84\u5bb6\u6c38\u8fdc\u8d62\u300d\u7684\u6a21\u5f0f\uff0c\u8ba9\u5b58\u6b3e\u7528\u6237\u4ece\u4ea4\u6613\u6d3b\u52a8\u4e2d\u53d7\u76ca\u3002<\/p>\n<p>\u00b7\u6838\u5fc3\u7279\u70b9\uff1a<\/p>\n<p>\u00a0\u7528\u6237\u5b58\u5165\u7684\u8d44\u91d1\u4f1a\u88ab\u501f\u7ed9\u4ea4\u6613\u8005\u7528\u4e8e\u6760\u6746\u4ea4\u6613\u3002<\/p>\n<p>\u00a0\u6536\u76ca\u6ce2\u52a8\uff0c\u4f46 2024 \u5e74\u5e95\u5e74\u5316\u6536\u76ca\u4e00\u5ea6\u8fbe\u5230 54%\u00a0\u3002<\/p>\n<h2>4.Vaults\uff08\u8ddf\u5355\u4ea4\u6613\uff09<\/h2>\n<p>Hyperliquid \u63d0\u4f9b\u8ddf\u5355\u4ea4\u6613\uff08Vaults\uff09\u529f\u80fd\uff0c\u5141\u8bb8\u7528\u6237\u5c06\u8d44\u91d1\u5206\u914d\u7ed9\u4e13\u4e1a\u4ea4\u6613\u5458\u7684\u7b56\u7565\u8fdb\u884c\u81ea\u52a8\u4ea4\u6613\u3002<\/p>\n<p>\u00b7\u76ee\u7684\uff1a\u8ba9\u666e\u901a\u7528\u6237\u4e5f\u80fd\u5229\u7528\u9876\u7ea7\u4ea4\u6613\u5458\u7684\u4e13\u4e1a\u77e5\u8bc6\u83b7\u5229\uff0c\u800c\u65e0\u9700\u81ea\u5df1\u76f4\u63a5\u64cd\u4f5c\u3002<\/p>\n<p>\u00b7\u6838\u5fc3\u7279\u70b9\uff1a<\/p>\n<p>\u00a0\u4efb\u4f55\u4eba\u90fd\u53ef\u4ee5\u521b\u5efa Vault \u5e76\u7ba1\u7406\u8d44\u91d1\uff0c\u7ba1\u7406\u8005\u9700\u6301\u6709\u81f3\u5c11 5% \u7684\u4ed3\u4f4d\uff0c\u5e76\u4eab\u6709 10% \u7684\u76c8\u5229\u5206\u6210\u3002<\/p>\n<p>\u00a0\u7528\u6237\u53ef\u4ee5\u6d4f\u89c8\u4e0d\u540c Vault \u7684\u4e1a\u7ee9\uff0c\u9009\u62e9\u6295\u8d44\uff0c\u5b9e\u73b0\u5229\u6da6\u5171\u4eab\u3002<\/p>\n<h2>5.HIP-1 \u548c HIP-2 \u4ee3\u5e01\u6807\u51c6<\/h2>\n<p>Hyperliquid \u63a8\u51fa\u4e86\u4e24\u4e2a\u521b\u65b0\u4ee3\u5e01\u6807\u51c6\uff0c\u7528\u4e8e\u589e\u5f3a\u5176\u751f\u6001\u7cfb\u7edf\uff1a<\/p>\n<p>\u00b7HIP-1\u00a0\uff1a\u539f\u751f\u4ee3\u5e01\u534f\u8bae\uff0c\u5141\u8bb8\u7528\u6237\u5728 Hyperliquid L1 \u4e0a\u53d1\u884c\u81ea\u5b9a\u4e49\u4ee3\u5e01\uff08\u5982 PURR\uff0c\u4e00\u4e2a\u4f5c\u4e3a\u6982\u5ff5\u9a8c\u8bc1\u63a8\u51fa\u7684 meme \u5e01\uff09\u3002<\/p>\n<p>\u00b7HIP-2\u00a0\uff1a\u6d41\u52a8\u6027\u89e3\u51b3\u65b9\u6848\uff0c\u4e3a HIP-1 \u53d1\u884c\u7684\u4ee3\u5e01\u63d0\u4f9b\u505a\u5e02\u7b56\u7565\uff0c\u786e\u4fdd\u6d41\u52a8\u6027\uff0c\u65e0\u9700\u4f9d\u8d56 Raydium \u7b49\u5916\u90e8\u5e73\u53f0\uff08\u4e0e Pump.FUN \u4e0d\u540c\uff09\u3002<\/p>\n<p>\u6838\u5fc3\u7279\u70b9\uff1a<\/p>\n<p>\u00b7HIP-1 \u4ee3\u5e01 \u53ef\u76f4\u63a5\u7528\u4e8e Hyperliquid \u7684\u73b0\u8d27\u548c\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u3002<\/p>\n<p>\u00b7HIP-2 \u7531 Hyperliquid \u56e2\u961f\u5b9a\u5236\u505a\u5e02\uff0c\u5229\u7528\u5176\u91cf\u5316\u4ea4\u6613\u80fd\u529b\u63d0\u4f9b\u6d41\u52a8\u6027\u652f\u6301\u3002<\/p>\n<p>\u793a\u4f8b\uff1aPURR \u62e5\u6709\u539f\u751f\u8d26\u672c\u3001\u73b0\u8d27\u8ba2\u5355\u7c3f\u3001\u5185\u7f6e\u9884\u8a00\u673a\u4ee5\u53ca\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\uff0c\u5c55\u793a\u4e86\u8fd9\u4e9b\u6807\u51c6\u5982\u4f55\u6784\u5efa\u53ef\u7ec4\u5408\u7684\u4ea4\u6613\u751f\u6001\u3002<\/p>\n<p>Hyperliquid \u7684\u6280\u672f\u6838\u5fc3<\/p>\n<p>\u4ece\u6c38\u7eed\u5408\u7ea6\u5230\u73b0\u8d27\u4ea4\u6613\uff0cHyperliquid \u7684\u6240\u6709\u4ea7\u54c1\u5747\u5efa\u7acb\u5728\u5176\u5b9a\u5236\u533a\u5757\u94fe\u2014\u2014Hyperliquid Layer\u00a01 \u4e4b\u4e0a\u30022025 \u5e74 2 \u6708 18 \u65e5\uff0cHyperEVM \u5df2\u6b63\u5f0f\u4e0a\u7ebf\u4e3b\u7f51\u3002<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250526\/1c68c8d4b16e126008462e2e46e8443b.jpg\"><\/p>\n<p>Hyperliquid \u7684\u533a\u5757\u94fe\u76ee\u524d\u53ef\u5904\u7406 \u6bcf\u79d2\u8d85\u8fc7 20,\u00a0000 \u7b14\u4ea4\u6613\uff08TPS\uff09\uff0c\u652f\u6301\u5305\u62ec \u6c38\u7eed\u5408\u7ea6\u4ea4\u6613 \u548c BTC \u73b0\u8d27\u5e02\u573a \u5728\u5185\u7684\u5f3a\u5927\u751f\u6001\u7cfb\u7edf\u3002\u57fa\u4e8e HyperBFT \u5171\u8bc6\uff0c\u5176 L1 \u5df2\u4ece\u6700\u521d\u7684 \u4e13\u4e1a\u4ea4\u6613\u5e73\u53f0 \u53d1\u5c55\u4e3a \u901a\u7528\u533a\u5757\u94fe\u3002<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250526\/63cdb1bd0fd71d8771a56a86f7354985.jpg\"><\/p>\n<h2>HyperBFT \u5173\u952e\u4f18\u5316<\/h2>\n<p>TPS \u5927\u5e45\u63d0\u5347\uff1a\u6b64\u524d\u53d7 Tendermint \u9650\u5236\uff0c\u4ec5\u652f\u6301 2 \u4e07\u5355\/\u79d2\uff0c\u5347\u7ea7\u540e\u53ef\u5904\u7406 20 \u4e07\u5355\/\u79d2\u3002<\/p>\n<p>\u66f4\u5feb\u7684\u5904\u7406\u901f\u5ea6\uff1a\u5171\u8bc6\u8fc7\u7a0b\u4e0d\u4f1a\u56e0\u6267\u884c\u53d7\u963b\uff0c\u4ea4\u6613\u53ef\u8fde\u7eed\u6392\u5e8f\uff0c\u65e0\u9700\u7b49\u5f85\u5f53\u524d\u533a\u5757\u6267\u884c\u5b8c\u6210\u3002<\/p>\n<p>\u66f4\u4f4e\u5ef6\u8fdf\uff1a\u786e\u8ba4\u65f6\u95f4\u66f4\u5feb\u66f4\u7a33\u5b9a\uff0c\u4ec5\u53d7\u7f51\u7edc\u5ef6\u8fdf\u5f71\u54cd\u3002<\/p>\n<p>\u4e50\u89c2\u54cd\u5e94\uff1a\u533a\u5757\u751f\u6210\u901f\u5ea6\u53d6\u51b3\u4e8e\u9a8c\u8bc1\u8005\u7684\u901a\u4fe1\u6548\u7387\u3002<\/p>\n<h2>HyperEVM\uff1a\u5b8c\u6574\u7684 Layer-1 \u80fd\u529b<\/h2>\n<p>HyperEVM \u5c06 \u901a\u7528 EVM \u7f51\u7edc \u96c6\u6210\u81f3 Hyperliquid \u533a\u5757\u94fe\u72b6\u6001\uff0c\u5f62\u6210 \u53cc VM \u67b6\u6784\uff1a<\/p>\n<p>\u539f\u751f VM\uff1a\u9488\u5bf9 \u9ad8\u6027\u80fd\u4ea4\u6613 \u8fdb\u884c\u4f18\u5316\u3002<\/p>\n<p>EVM \u5c42\uff1a\u652f\u6301 \u65e0\u9700\u8bb8\u53ef\u7684\u7b2c\u4e09\u65b9\u5f00\u53d1\u3002<\/p>\n<p>HyperBFT \u7684\u5347\u7ea7\uff0c\u52a0\u4e0a BTC \u73b0\u8d27\u4ea4\u6613 \u7684\u5f15\u5165\uff0c\u4f7f Hyperliquid \u9010\u6b65\u6210\u4e3a \u529f\u80fd\u66f4\u5f3a\u5927\u3001\u7528\u9014\u66f4\u5e7f\u6cdb\u7684\u4ea4\u6613\u5e73\u53f0\u3002<\/p>\n<p>Hyperliquid \u4e0e\u2026\u2026\u76f8\u6bd4\u5982\u4f55\uff1f<\/p>\n<h2>Hyperliquid vs. \u5176\u4ed6 DEX<\/h2>\n<p>\u5b8c\u5168\u94fe\u4e0a vs. \u90e8\u5206\u94fe\u4e0b<\/p>\n<p>Hyperliquid \u91c7\u7528 \u5b8c\u5168\u94fe\u4e0a \u7684 \u4e2d\u592e\u9650\u4ef7\u8ba2\u5355\u7c3f\uff08CLOB\uff09\uff0c\u800c\u8bb8\u591a DEX \u7ade\u4e89\u5bf9\u624b\uff08\u5982 dYdX v4\uff09\u4ecd\u4f9d\u8d56 \u90e8\u5206\u94fe\u4e0b\u8ba2\u5355\u7c3f\u3002Hyperliquid \u7684\u65b9\u6848\u786e\u4fdd\u4e86 \u53ef\u9a8c\u8bc1\u6027 \u548c \u900f\u660e\u5339\u914d\u5f15\u64ce\uff0c\u907f\u514d\u6697\u7bb1\u64cd\u4f5c\u548c\u62a2\u8dd1\u95ee\u9898\u3002<\/p>\n<p>\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u7684\u4e3b\u5bfc\u5730\u4f4d<\/p>\n<p>\u622a\u81f3 2024 \u5e74 2 \u6708\uff0cHyperliquid \u5df2\u5360\u636e \u94fe\u4e0a\u884d\u751f\u54c1 DEX \u4ea4\u6613\u91cf\u7684 56%\u00a0\u3002\u81ea 2024 \u5e74 7 \u6708 \u8d77\uff0c\u5176 \u6708\u5ea6\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u91cf \u8d85\u8d8a\u4e3b\u8981\u7ade\u4e89\u5bf9\u624b\u30022025 \u5e74 1 \u6708\uff0cHyperliquid \u5355\u6708\u6c38\u7eed\u4ea4\u6613\u91cf\u8fbe\u5230 1960 \u4ebf\u7f8e\u5143\uff0c\u800c \u5176\u4ed6\u56db\u5927\u534f\u8bae\u603b\u548c\u4ec5\u4e3a 600 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250526\/a98f3f7a05c193f871052267045a26f0.jpg\"><\/p>\n<p>\u6027\u80fd\u4e0e\u505a\u5e02\u5546\u4f18\u5148\u7ea7<br \/>Hyperliquid \u7684\u81ea\u5b9a\u4e49 Layer-1 \u548c\u5171\u8bc6\u673a\u5236\uff08HyperBFT\uff09\u4f7f\u5176\u80fd\u591f\u5904\u7406\u4e9a\u79d2\u5ef6\u8fdf\u548c\u6bcf\u79d2\u7ea6 10 \u4e07\u5355\u7684\u4ea4\u6613\u91cf\u3002\u8fd9\u662f\u4e13\u95e8\u4e3a\u9ad8\u9891\u4ea4\u6613\u91cf\u8eab\u5b9a\u5236\u7684\u3002\u5176\u4ed6\u57fa\u4e8e\u901a\u7528\u533a\u5757\u94fe\u7684 DEX \u9700\u8981\u4e0e\u8bb8\u591a\u5176\u4ed6\u4ea4\u6613\u5171\u4eab\u533a\u5757\u7a7a\u95f4\uff0c\u8fd9\u4f7f\u5f97\u7ef4\u6301\u9ad8\u541e\u5410\u91cf\u53d8\u5f97\u66f4\u52a0\u56f0\u96be\u3002<\/p>\n<h2>\u4e0e CEX \u7684\u6bd4\u8f83<\/h2>\n<p>\u4ea4\u6613\u91cf\u5dee\u8ddd\u4e0e\u589e\u957f\u8f68\u8ff9<br \/>\u00b7\u5c3d\u7ba1 Hyperliquid \u4ecd\u7136\u5c0f\u4e8e\u50cf Binance \u8fd9\u6837\u7684\u9876\u7ea7 CEX\uff0c\u4f46\u5b83\u5728\u67d0\u4e9b\u6708\u4efd\u7f29\u5c0f\u4e86\u5dee\u8ddd\uff0c\u5230\u4e86 2025 \u5e74 3 \u6708\uff0c\u5b83\u7684\u4ea4\u6613\u91cf\u5360\u6bd4\u8d85\u8fc7\u4e86\u5c55\u793a\u7684\u603b\u4ea4\u6613\u91cf\u7684 26%\u00a0\uff08\u4e0e Binance \u524d 100 \u7684\u73b0\u8d27\u4ea4\u6613\u5bf9\u76f8\u6bd4\uff09\u3002\u8fd9\u4e00\u6bd4\u8f83\u5f3a\u8c03\u4e86\u4e00\u4e2a\u94fe\u4e0a\u9ad8\u6027\u80fd\u7684\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u6240\u80fd\u591f\u6709\u6548\u6311\u6218\u751a\u81f3\u662f\u4e3b\u5bfc\u7684\u4e2d\u5fc3\u5316\u73b0\u8d27\u5e02\u573a\u3002<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250526\/4335ab3543191f2d91a815b8956b8ba2.jpg\"><\/p>\n<p>\u94fe\u4e0a\u900f\u660e\u5ea6 vs. \u4e2d\u5fc3\u5316\u63a7\u5236<br \/>CEX \u901a\u5e38\u62e5\u6709\u4e13\u6709\u7684\u94fe\u4e0b\u5f15\u64ce\uff0c\u53ef\u80fd\u5728\u8ba2\u5355\u8def\u7531\u3001\u8d39\u6216\u62a2\u8dd1\u65b9\u9762\u5b58\u5728\u4e0d\u900f\u660e\u7684\u60c5\u51b5\u3002Hyperliquid \u5b8c\u5168\u94fe\u4e0a\u7684\u8bbe\u8ba1\u8ba9\u4efb\u4f55\u4eba\u90fd\u80fd\u5b9e\u65f6\u9a8c\u8bc1\u4ea4\u6613\u3002<\/p>\n<p>\u672a\u6765\u76ee\u6807\uff1a\u300c\u94fe\u4e0a Binance\u300d<br \/>\u5206\u6790\u5e08\u5c06 Hyperliquid \u7684\u770b\u6da8\u60c5\u5f62\u63cf\u8ff0\u4e3a\u53d1\u5c55\u6210\u94fe\u4e0a\u7684 Binance \u7c7b\u6bd4\u3002\u5b83\u5df2\u7ecf\u63d0\u4f9b\u4e86\u6c38\u7eed\u5408\u7ea6\u548c\u4e00\u4e2a\u4e0d\u65ad\u6269\u5927\u7684\u73b0\u8d27\u5e02\u573a\uff0c\u6700\u8fd1\u8fd8\u4e0a\u7ebf\u4e86\u73b0\u8d27 BTC\uff0c\u5e76\u4e14 HyperEVM \u73b0\u5728\u5df2\u7ecf\u5728\u4e3b\u7f51\u8fd0\u884c\uff0c\u5f00\u59cb\u5438\u5f15\u66f4\u5e7f\u6cdb\u7684 DeFi \u5e94\u7528\u3002<\/p>\n<p>\u5728\u6210\u4e3a DeFi \u884d\u751f\u54c1\u9886\u57df\u7684\u4ea7\u54c1\u9886\u5bfc\u8005\u540e\uff0cHyperliquid \u7684\u5feb\u901f\u6210\u529f\u4e0d\u4ec5\u4ec5\u4f9d\u8d56\u4e8e\u5176\u6027\u80fd\uff1b\u540c\u6837\u4e5f\u8bc1\u660e\u4e86\u5176\u4ee5\u793e\u533a\u4e3a\u5148\u7684\u7406\u5ff5\u3002<\/p>\n<p>Hyperliquid \u7684\u793e\u533a\uff1a\u4e3a\u4ea4\u6613\u8005\u6253\u9020\u7684\u4ea4\u6613\u5e73\u53f0<\/p>\n<h2>\u793e\u533a\u4f18\u5148\u7684\u4ee3\u5e01\u5206\u914d<\/h2>\n<p>\u00b7\u65e0\u98ce\u9669\u6295\u8d44\u4eba\u6301\u80a1\uff1a Hyperliquid \u7684\u56e2\u961f\u901a\u8fc7\u81ea\u7b79\u8d44\u91d1\u8fdb\u884c\u5f00\u53d1\uff0c\u907f\u514d\u4e86\u79c1\u4eba\u6295\u8d44\u8005\u5206\u914d\u7684\u60c5\u51b5\u3002\u8fd9\u786e\u4fdd\u4e86\u4ee3\u5e01\u4e0d\u4f1a\u56e0\u5927\u578b\u98ce\u9669\u6295\u8d44\u7684\u80a1\u4efd\u800c\u88ab\u7a00\u91ca\uff0c\u8fd9\u4e0e dYdX\uff0850% \u4ee5\u4e0a\u7ed9\u6295\u8d44\u8005\uff09\u6216 GMX\uff0830% \u7ed9\u5185\u90e8\u4eba\u5458\uff09\u7b49\u7ade\u4e89\u5bf9\u624b\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4\u3002<\/p>\n<p>\u00b7\u6177\u6168\u7684\u7a7a\u6295\uff1a<\/p>\n<p>\u521b\u4e16\u7a7a\u6295\uff08\u5360\u4f9b\u5e94\u91cf\u7684 31%\u00a0\uff09\uff1a \u5206\u53d1\u7ed9 94,\u00a0000 \u540d\u65e9\u671f\u7528\u6237\uff0c\u6bcf\u4eba\u5e73\u5747\u7ea6 45,\u00a0000 \u7f8e\u5143\u3002\u8fd9\u662f\u5956\u52b1\u771f\u6b63\u7684\u7528\u6237\uff0c\u800c\u975e\u6295\u673a\u8005\u3002<\/p>\n<p>\u79ef\u5206\u8ba1\u5212\uff1a \u4e0d\u900f\u660e\u7684\u5956\u52b1\u673a\u5236\u6291\u5236\u4e86 Sybil \u653b\u51fb\uff0c\u66f4\u9752\u7750\u5fe0\u8bda\u7528\u6237\u800c\u975e\u673a\u5668\u4eba\u3002<\/p>\n<p>76% \u7684\u793e\u533a\u5206\u914d\uff1a \u8d85\u8fc7 3\/4 \u7684 $HYPE \u4ee3\u5e01\u5206\u914d\u7ed9\u793e\u533a\uff08\u7a7a\u6295   \u6fc0\u52b1\uff09\uff0c\u786e\u4fdd\u4e0e\u957f\u671f\u589e\u957f\u4fdd\u6301\u4e00\u81f4\u3002<\/p>\n<p>\u8046\u542c\u7528\u6237<br \/>\u76f4\u63a5\u7684\u53cd\u9988\u5efa\u7acb\u4e86\u6709\u5171\u540c\u5229\u76ca\u7684\u793e\u533a\u3002\u56e2\u961f\u901a\u8fc7\u79c1\u4fe1\u65b9\u5f0f\u8054\u7cfb\u4e86 @HsakaTrades\uff0850 \u4e07  \u7c89\u4e1d\uff09\u548c @burstingbagel \u7b49\u4ea4\u6613\u5458\uff0c\u4f9d\u636e\u53cd\u9988\u5efa\u7acb\u4e86 Vaults\uff08\u4f8b\u5982\uff1a\u00a020%\u00a0  \u5e74\u5316\u6536\u76ca\u7684 Delta-neutral \u7b56\u7565\uff09\u548c HLP\u3002\u81ea 2024 \u5e74\u4ee5\u6765\uff0c\u8d85\u8fc7 50% \u7684\u529f\u80fd\u66f4\u65b0\u6765\u81ea\u7528\u6237\u7684\u8bf7\u6c42\uff0c\u8ba9\u4ea4\u6613\u5458\u6210\u4e3a\u5171\u540c\u521b\u9020\u8005\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u7528\u6237\u3002<\/p>\n<p>\u00b7\u901a\u8fc7\u53ef\u9760\u6027\u5efa\u7acb\u4fe1\u4efb<br \/>\u4e00\u4e2a\u53ef\u9760\u7684\u4ea7\u54c1\u80fd\u5728\u6000\u7591\u7684\u5e02\u573a\u4e2d\u7559\u4f4f\u7528\u6237\u3002\u4ea4\u6613\u5458\u4eec\u6700\u521d\u662f\u4e3a\u4e86\u7a7a\u6295\u800c\u6765\uff0c\u4f46\u7559\u4e86\u4e0b\u6765\uff0c\u56e0\u4e3a Hyperliquid \u63d0\u4f9b\u4e86 1 \u79d2\u949f\u7684\u5b58\u6b3e\u901f\u5ea6\uff0cHLP \u7684\u6df1\u5ea6\u6d41\u52a8\u6027\u548c 99.9% \u7684\u6b63\u5e38\u8fd0\u884c\u65f6\u95f4\uff0c\u800c\u4e0d\u50cf\u7ade\u4e89\u5bf9\u624b\u90a3\u6837\u7ecf\u5e38\u5b95\u673a\u3002<\/p>\n<p>Hyperliquid \u5e76\u975e\u9996\u4e2a\u63a8\u51fa\u6c38\u7eed\u5408\u7ea6\u7684 DEX\uff0c\u4f46\u901a\u8fc7\u4f18\u5316\u4ea4\u6613\u901f\u5ea6\uff08\u4e9a\u79d2\u7ea7\u8ba2\u5355\u6267\u884c\uff09\u3001\u6d41\u52a8\u6027\uff08HLP \u6c60\u5b50\u8d85\u8fc7 5.4 \u4ebf\u7f8e\u5143\uff09\u548c\u7528\u6237\u4f53\u9a8c\uff08\u89e3\u51b3\u4e86\u7ade\u4e89\u5bf9\u624b\u5ffd\u89c6\u7684\u63d0\u6b3e\u5ef6\u8fdf\uff09\uff0c\u8fbe\u6210\u4e86\u6bcf\u65e5 100,\u00a0000 \u7b14\u4ea4\u6613\uff0c\u6210\u529f\u6253\u7834\u4e86\u300cdYdX \u6216 GMX \u5df2\u7ecf\u8ba9\u884d\u751f\u54c1\u5e02\u573a\u300e\u7ed3\u675f\u300f\u300d\u7684\u8d28\u7591\u3002<\/p>\n<h2>\u63f4\u52a9\u57fa\u91d1<\/h2>\n<p>\u5f53\u4ea4\u6613\u5458\u4f7f\u7528 Hyperliquid \u5e73\u53f0\u65f6\uff0c\u4ed6\u4eec\u652f\u4ed8\u4ea4\u6613\u8d39\u7528\uff0c\u5176\u4e2d\u7684\u4e00\u90e8\u5206\u4f1a\u88ab\u5206\u914d\u5230\u63f4\u52a9\u57fa\u91d1\uff08AF\uff09\u3002<\/p>\n<p>\u8fd9\u4e2a\u57fa\u91d1\u4f1a\u4e0d\u65ad\u4ece\u5e02\u573a\u4e0a\u8d2d\u4e70 HYPE \u4ee3\u5e01\uff0c\u521b\u9020\u6301\u7eed\u7684\u8d2d\u4e70\u538b\u529b\u3002\u968f\u7740\u4ea4\u6613\u91cf\u7684\u589e\u52a0\uff0c\u66f4\u591a\u7684\u8d39\u7528\u6d41\u5165 AF\uff0c\u8fdb\u4e00\u6b65\u63a8\u52a8 HYPE \u7684\u9700\u6c42\u3002\u622a\u81f3\u76ee\u524d\uff0cAF \u5df2\u7ecf\u79ef\u7d2f\u4e86 1,\u00a0663 \u4e07\u4e2a HYPE \u4ee3\u5e01\uff0c\u5360\u6d41\u901a\u4f9b\u5e94\u91cf\u7684 4.97%\u00a0\uff0c\u73b0\u4f30\u503c\u7ea6\u4e3a 2.6724 \u4ebf\u7f8e\u5143\u3002Hyperliquid \u7684\u5feb\u901f\u589e\u957f\u53ef\u89c1\u4e00\u6591\uff0c\u00a02025 \u5e74 1 \u6708\u4ec5\u6c38\u7eed\u4ea4\u6613\u91cf\u5c31\u8fbe\u5230\u4e86 1960 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p><img decoding=\"async\" alt=\"$HYPE\u518d\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3a\u4ec0\u4e48\u5de8\u9cb8\u4eec\u90fd\u9009\u62e9\u5728Hyperliquid\u5f00\u5355\uff1f\" src=\"https:\/\/image.blockbeats.cn\/file_v6\/20250310\/f750c05b-6d3d-4a6a-80f1-0c3838843acd.png?x-oss-process=image\/quality,q_50\/format,webp\"><\/p>\n<p>\u8fd9\u5bf9\u6700\u7ec8\u7528\u6237\u610f\u5473\u7740\u4ec0\u4e48<br \/>\u5bf9\u4e8e HYPE \u6301\u6709\u8005\u548c\u4ea4\u6613\u5458\u6765\u8bf4\uff0c\u8fd9\u4e2a\u7cfb\u7edf\u521b\u9020\u4e86\u4e00\u4e2a\u81ea\u6211\u5f3a\u5316\u7684\u4ef7\u503c\u5faa\u73af\u3002\u968f\u7740 Hyperliquid \u4ea4\u6613\u6d3b\u52a8\u7684\u589e\u957f\uff08\u5982\u4e0b\u56fe\u6240\u793a\uff09\uff0c\u63f4\u52a9\u57fa\u91d1\u7684\u8d2d\u4e70\u529b\u4e5f\u4f1a\u968f\u4e4b\u589e\u957f\uff0c\u6700\u7ec8\u60e0\u53ca\u957f\u671f\u6301\u6709\u7684\u4ee3\u5e01\u7528\u6237\u3002<\/p>\n<p>\u81ea\u6211\u5f3a\u5316\u5faa\u73af\uff1a\u66f4\u591a\u4ea4\u6613 \u2192 \u66f4\u591a\u8d39\u7528 \u2192 \u66f4\u591a\u56de\u8d2d \u2192 \u4ee3\u5e01\u4ef7\u503c\u63d0\u5347\u3002<\/p>\n<h2>\u4ee5\u7528\u6237\u4e3a\u4e2d\u5fc3\u7684\u4ea7\u54c1\u8bbe\u8ba1<\/h2>\n<p>\u00b7\u514d Gas \u4ea4\u6613\uff1a\u53ea\u6709\u5728\u4ea4\u6613\u589e\u52a0\u72b6\u6001\u81a8\u80c0\uff08\u4f8b\u5982\uff0c\u73b0\u8d27\u4e0a\u5e02\u6216\u8f6c\u8d26\u5230\u65b0\u94b1\u5305\uff09\u65f6\u624d\u4f1a\u4ea7\u751f Gas \u8d39\u7528\u3002<\/p>\n<p>\u00b7\u65e0\u9700 KYC\uff1a\u901a\u8fc7\u7535\u5b50\u90ae\u4ef6\u6216\u52a0\u5bc6\u94b1\u5305\uff08\u5982 MetaMask\uff09\u6ce8\u518c\u5373\u53ef\u3002<\/p>\n<p>\u00b7\u76f4\u89c2\u754c\u9762\uff1a\u8bbe\u8ba1\u517c\u987e\u521d\u5b66\u8005\u548c\u9ad8\u7ea7\u4ea4\u6613\u5458\uff0c\u754c\u9762\u7c7b\u4f3c\u4e8e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08\u5982 Binance\uff09\u3002<\/p>\n<p>\u00b7\u8fd1\u5373\u65f6\u7ed3\u7b97\uff1a\u5b50\u79d2\u7ea7\u5757\u65f6\u95f4\u652f\u6301\u5b9e\u65f6\u4ea4\u6613\u3002<\/p>\n<p>\u00b7\u9ad8\u541e\u5410\u91cf\uff1a\u6bcf\u79d2\u5904\u7406\u8d85\u8fc7 200,000 \u7b14\u4ea4\u6613\uff0c\u5373\u4f7f\u5728\u9ad8\u5cf0\u6d3b\u52a8\u65f6\u4e5f\u4e0d\u4f1a\u51fa\u73b0\u5ef6\u8fdf\u3002<\/p>\n<p>\u00b7\u8f7b\u677e\u8d44\u91d1\u5145\u5165\uff1a\u901a\u8fc7 Arbitrum \u5145\u503c USDC\uff08\u672a\u6765\u8ba1\u5212\u652f\u6301\u539f\u751f\u591a\u94fe\uff09\u3002<\/p>\n<p>\u00b7\u6e38\u620f\u5316\u8bbe\u8ba1\uff1a\u6392\u884c\u699c\u548c\u7ade\u4e89\u5956\u52b1\uff08\u4f8b\u5982\uff0c\u7ed9\u4e88\u9876\u7ea7\u4ea4\u6613\u5458\u7a7a\u6295\uff09\uff0c\u6253\u9020\u7c98\u6027\u5f3a\u3001\u6d3b\u8dc3\u5ea6\u9ad8\u7684\u793e\u533a\u3002<\/p>\n<h2>\u53bb\u4e2d\u5fc3\u5316\u8def\u5f84<\/h2>\n<p>\u867d\u7136 Hyperliquid \u7684 L1 \u6700\u521d\u7531\u56e2\u961f\u8fd0\u8425\u7684\u9a8c\u8bc1\u8005\uff08\u4ee5\u4f18\u5316\u6027\u80fd\u548c\u5feb\u901f\u8fed\u4ee3\uff09\u8fd0\u884c\uff0c\u4f46\u5b83\u6b63\u5728\u9010\u6b65\u671d\u7740\u591a\u9a8c\u8bc1\u8005\u7f51\u7edc\u548c\u5206\u5e03\u5f0f\u8282\u70b9\u6846\u67b6\u53d1\u5c55\uff1a<\/p>\n<p>\u00b7\u6269\u5c55\u9a8c\u8bc1\u8005\u96c6\uff08\u4ece 16 \u4e2a\u589e\u52a0\u5230 100 \u591a\u4e2a\u8282\u70b9\uff09\u3002<\/p>\n<p>\u00b7\u53ea\u8bfb\u8282\u70b9\uff1a\u7b2c\u4e09\u65b9\u53ef\u4ee5\u5df2\u7ecf\u8fd0\u884c\u8282\u70b9\u6765\u9a8c\u8bc1\u94fe\u7684\u72b6\u6001\u548c\u533a\u5757\u751f\u4ea7\u3002<\/p>\n<p>\u00b7\u957f\u671f\u90e8\u7f72\u8ba1\u5212\uff1a\u968f\u7740\u751f\u6001\u7cfb\u7edf\u7684\u53d1\u5c55\uff0c\u56e2\u961f\u8ba1\u5212\u5f15\u5165\u66f4\u5f3a\u7684\u8d28\u62bc\u548c\u9a8c\u8bc1\u8005\u5165\u9a7b\u673a\u5236\uff0c\u671d\u7740\u65e0\u4fe1\u4efb\u6a21\u5f0f\u8fc8\u8fdb\uff0c\u7c7b\u4f3c\u4e8e\u9886\u5148\u7684\u6743\u76ca\u8bc1\u660e\u7f51\u7edc\u3002<\/p>\n<p>\u00b7\u56e2\u961f\u6fc0\u52b1\u4e00\u81f4\u6027\uff1a\u7531\u4e8e\u8d39\u7528\u76ee\u524d\u6d41\u5411\u534f\u8bae\u91d1\u5e93\u548c LP \u63d0\u4f9b\u8005\uff08\u800c\u975e\u521b\u59cb\u56e2\u961f\uff09\uff0c\u56e2\u961f\u7684\u672a\u6765\u62a5\u916c\u4e0e\u5373\u5c06\u63a8\u51fa\u7684\u4ee3\u5e01\u6302\u94a9\uff0c\u4ece\u800c\u4e0e\u957f\u671f\u94fe\u6761\u8868\u73b0\u548c\u53bb\u4e2d\u5fc3\u5316\u76ee\u6807\u4e00\u81f4\u3002<\/p>\n<p>\u5c55\u671b\u672a\u6765\uff0cHyperliquid \u4ece\u4e13\u6ce8\u7684\u6c38\u7eed\u5408\u7ea6 DEX \u5411\u4e00\u4e2a\u5b8c\u6574\u7684\u4ea4\u6613\u6240\u751f\u6001\u7cfb\u7edf\u53d1\u5c55\uff0c\u968f\u7740 BTC \u73b0\u8d27\u4ea4\u6613\u7684\u52a0\u5165\u3001HyperEVM \u5728\u4e3b\u7f51\u7684\u4e0a\u7ebf\u4ee5\u53ca\u9a8c\u8bc1\u8005\u96c6\u7684\u6269\u5c55\uff0c\u5b83\u7684\u96c4\u5fc3\u663e\u800c\u6613\u89c1\uff0c\u76ee\u6807\u6210\u4e3a\u300c\u94fe\u4e0a Binance\u300d\u3002<\/p>\n<p>\u5176\u7ed3\u5408\u4e86 CeFi \u7684\u9ad8\u6027\u80fd\u548c DeFi \u7684\u900f\u660e\u5ea6\uff0c\u5df2\u5360\u636e\u94fe\u4e0a\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u91cf\u7684 64.71%\uff0c\u8bc1\u660e\u4e86\u4e00\u4e2a\u6210\u529f\u7684\u793e\u533a\u9a71\u52a8\u65b9\u6cd5\u5982\u4f55\u63a8\u52a8 DEX \u6311\u6218\u5373\u4f7f\u662f\u6700\u5927\u7684\u4e2d\u5fc3\u5316\u5e73\u53f0\u3002<\/p>\n<p>Hyperliquid \u7684\u6210\u529f\u79d8\u8bc0\u662f\u4ec0\u4e48\uff1f<\/p>\n<p>1. \u65e0 VC\u3001\u81ea\u5df1\u8d44\u52a9\u7684\u6a21\u5f0f\uff1a\u786e\u4fdd\u7528\u6237\u62e5\u6709\u4ee3\u5e01\uff0c\u51cf\u5c11\u79c1\u52df\u5356\u538b\uff0c\u4f18\u5148\u8003\u8651\u771f\u6b63\u7684\u4ea4\u6613\u5458\u5229\u76ca\uff0c\u800c\u975e\u77ed\u671f\u6295\u8d44\u8005\u3002<\/p>\n<p>2. \u4ee5\u7528\u6237\u4e3a\u4e2d\u5fc3\u7684\u4ee3\u5e01\u5206\u914d\uff1a\u6177\u6168\u7684\u7a7a\u6295\uff0831% \u7684\u4f9b\u5e94\u91cf\u5206\u914d\u7ed9\u65e9\u671f\u7528\u6237\uff0c\u6574\u4f53\u7ea6 76% \u5206\u914d\u7ed9\u793e\u533a\uff09\uff0c\u52a8\u6001\u79ef\u5206\u8ba1\u5212\u4ee5\u9632\u6b62 Sybil \u653b\u51fb\uff0c\u4ee5\u53ca\u4e00\u4e2a\u5e2e\u52a9\u57fa\u91d1\u901a\u8fc7\u56de\u8d2d\u4ee3\u5e01\u6765\u60e0\u53ca\u6301\u6709\u8005\u3002<\/p>\n<p>3. \u9ad8\u6027\u80fd Layer-1\uff08HyperBFT   HyperEVM\uff09\uff1a\u5b50\u79d2\u786e\u8ba4\u3001100k \u8ba2\u5355\u541e\u5410\u91cf\u548c EVM \u517c\u5bb9\u6027\uff0c\u63d0\u4f9b\u4e86\u901f\u5ea6\u548c\u672a\u6765 DeFi \u6269\u5c55\u7684\u7ec4\u5408\u6027\u3002<\/p>\n<p>4. \u5b8c\u5168\u94fe\u4e0a CLOB\uff1a\u900f\u660e\u7684\u8ba2\u5355\u5339\u914d\u548c\u6700\u5c0f\u6ed1\u70b9\uff0c\u5f25\u5408\u4e86\u901a\u5e38\u5c06\u4ea4\u6613\u5458\u7ed1\u5b9a\u5728 CeFi \u4e2d\u7684\u6d41\u52a8\u6027\u5dee\u8ddd\u3002<\/p>\n<p>5. \u73b0\u8d27\u548c\u6c38\u7eed\u5408\u7ea6\u4e00\u7ad9\u5f0f\u670d\u52a1\uff1a\u65e0\u7f1d\u8bbf\u95ee\u6838\u5fc3\u5e02\u573a\uff1a\u65b0\u4e0a\u7ebf\u7684 BTC 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