Hyperliquid 與 Binance：加密貨幣交易的可靠性和未來

探索 Hyperliquid 的崛起、幣安面臨的挑戰以及塑造加密貨幣交易所未來的可靠性爭論。

Hyperliquid vs. Binance: Reliability and the Future of Crypto Trading

Hyperliquid 與 Binance：加密貨幣交易的可靠性和未來

In the ever-evolving crypto landscape, the dynamics between centralized exchanges (CEXs) like Binance and decentralized exchanges (DEXs) such as Hyperliquid are constantly shifting. Recent events, particularly concerning reliability and listing practices, have sparked significant debate and highlighted the strengths and weaknesses of each model.

在不斷發展的加密貨幣領域，Binance 等中心化交易所 (CEX) 和 Hyperliquid 等去中心化交易所 (DEX) 之間的動態不斷變化。最近發生的事件，特別是有關可靠性和上市實踐的事件，引發了激烈的爭論，並凸顯了每種模型的優點和缺點。

Hyperliquid's Resilience: A Stress Test Success

超液體的彈性：壓力測試成功

October 10th marked a critical moment for the crypto sector, with massive liquidations echoing the volatility seen during the FTX collapse. Hyperliquid distinguished itself by processing over $10 billion in liquidations without any downtime. This contrasts sharply with Binance, which has faced repeated outages, necessitating compensation for affected users. Matt Hougan, CIO of Bitwise, emphasized the consistent operational status of DeFi protocols like Hyperliquid, Uniswap, and Aave during this period, showcasing the resilience of decentralized infrastructure.

10 月 10 日是加密貨幣行業的關鍵時刻，大規模清算與 FTX 崩潰期間的波動相呼應。 Hyperliquid 因在沒有任何停機時間的情況下處理超過 100 億美元的清算而脫穎而出。這與幣安形成鮮明對比，幣安多次面臨服務中斷，需要對受影響的用戶進行賠償。 Bitwise CIO Matt Hougan 強調了 Hyperliquid、Uniswap 和 Aave 等 DeFi 協議在此期間的持續運行狀態，展示了去中心化基礎設施的彈性。

The Rise of Perp DEXs

Perp DEX 的興起

DeFiLlama data indicates a growing trend: perp DEXs have increased their market share from under 10% in 2023 to 26% in early 2025. Hyperliquid has captured a significant portion of this growth, reaching approximately $200 billion in monthly volume by September 2025, with a market cap of $13.2 billion. VanEck reported that Hyperliquid accounted for 35% of blockchain fee revenue in July, demonstrating impressive efficiency compared to centralized giants.

DeFiLlama 數據顯示出一種增長趨勢：perp DEX 的市場份額從 2023 年的不到 10% 增加到 2025 年初的 26%。 Hyperliquid 佔據了這一增長的很大一部分，到 2025 年 9 月，月交易量達到約 2000 億美元，市值達到 132 億美元。 VanEck 報告稱，Hyperliquid 佔 7 月份區塊鏈費用收入的 35%，與中心化巨頭相比，表現出令人印象深刻的效率。

Listing Fee Controversy and Permissionless Innovation

上市費爭議和未經許可的創新

Controversy arose when the CEO of Limitless Labs accused Binance of demanding a significant percentage of token supply and substantial deposits for listings. While Binance denied these allegations, the incident highlighted a perceived trust gap. Hyperliquid seized this opportunity to emphasize its permissionless approach, where there are no listing fees or gatekeepers. Projects can launch tokens by paying in HYPE and receive up to 50% of transaction fees. Circle's addition of native USDC to the Hyperliquid chain, and Eyenovia launching a validator, underscore the ecosystem's growing maturity.

當 Limitless Labs 的首席執行官指責幣安要求大量代幣供應和大量存款用於上市時，引發了爭議。儘管幣安否認了這些指控，但該事件凸顯了人們所感知到的信任差距。 Hyperliquid 抓住這個機會強調其無需許可的方法，即沒有上市費用或看門人。項目可以通過支付 HYPE 來發行代幣，並獲得高達 50% 的交易費用。 Circle 將原生 USDC 添加到 Hyperliquid 鏈中，以及 Eyenovia 推出驗證器，凸顯了生態系統的日益成熟。

Operational Efficiency: Hyperliquid's Edge

運營效率：Hyperliquid 的優勢

Hyperliquid's competitive advantage lies in its operational efficiency. A small team of engineers manages infrastructure rivaling Binance's much larger operation. VanEck describes this as "profit without marketing budget," an advantage centralized players struggle to replicate. This efficiency translates to direct value for HYPE token holders and liquidity providers. Grayscale predicts that DEXs will dominate the long tail of assets, emphasizing transparency and community governance.

Hyperliquid 的競爭優勢在於其運營效率。一個由工程師組成的小團隊管理著與幣安規模大得多的運營相媲美的基礎設施。 VanEck 將其描述為“無需營銷預算的利潤”，這是中心化玩家難以復制的優勢。這種效率轉化為 HYPE 代幣持有者和流動性提供者的直接價值。 Grayscale預測DEX將主導資產長尾，強調透明度和社區治理。

HIP-3: A New Era for Hyperliquid

HIP-3：超液體的新時代

The HIP-3 upgrade has transformed Hyperliquid into a composable financial platform, fostering an ecosystem of over 20 projects exploring innovative applications of perpetual contracts. These projects, often self-funded and pseudonymous, are applying perpetual contracts to diverse scenarios, from pre-IPO equity to computing resources. Projects like Kinetiq, Unit, and Felix have already demonstrated significant influence, driving innovation within the Hyperliquid ecosystem.

HIP-3升級將Hyperliquid轉變為一個可組合的金融平台，培育了一個由20多個探索永續合約創新應用的項目組成的生態系統。這些項目通常是自籌資金和匿名的，將永續合約應用於從上市前股權到計算資源的各種場景。 Kinetiq、Unit 和 Felix 等項目已經展現出巨大的影響力，推動了 Hyperliquid 生態系統內的創新。

Coinbase and BNB: A Shift in Perspective?

Coinbase 和 BNB：觀點轉變？

Coinbase's recent announcement that it has added Binance Coin (BNB) to its listing roadmap was surprising. This move suggests a potential shift in Coinbase's perspective, possibly influenced by industry debates on listing fees and transparency. CZ himself noted that not listing BNB would be a loss for any exchange, given its market capitalization and ecosystem.

Coinbase 最近宣布將幣安幣 (BNB) 添加到其上市路線圖中，這一消息令人驚訝。此舉表明 Coinbase 的觀點可能發生轉變，可能受到行業關於上市費用和透明度爭論的影響。 CZ 本人指出，考慮到 BNB 的市值和生態系統，不上市 BNB 對於任何交易所來說都是損失。

The Future is Decentralized (Maybe)

未來是去中心化的（也許）

While the debate between CEXs and DEXs continues, Hyperliquid's resilience, innovative ecosystem, and operational efficiency position it as a strong contender in the future of crypto trading. The reliability and transparency offered by DEXs are becoming increasingly important to traders. Whether DEXs will fully overtake CEXs remains to be seen, but the trend is clear. It will be fun to watch the space continue to evolve!

儘管 CEX 和 DEX 之間的爭論仍在繼續，但 Hyperliquid 的彈性、創新生態系統和運營效率使其成為未來加密貨幣交易的有力競爭者。去中心化交易所提供的可靠性和透明度對交易者來說變得越來越重要。 DEX 是否會全面超越 CEX 還有待觀察，但趨勢很明顯。看著這個空間不斷發展將會很有趣！