HLP保險庫機構的另一個操縱事件發生在超流動性上

2025年3月26日，HLP保險庫機制的另一項操縱事件發生在超液體上。一個匿名交易者觸發了邊緣短職位的清算

On March 26, another incident of manipulation with the HLP Vault mechanism occurred on Hyperliquid. As a result, the platform assumed loss-making obligations.

3月26日，HLP保險庫機構的另一項操縱事件發生在超流動性上。結果，平台承擔了損失義務。

The incident began with an anonymous trader depositing almost $7.2 million into three separate Hyperliquid accounts, according to experts at Arkham Intelligence. The goal was to exploit the peculiarities of the platform’s liquidation mechanism, which operates through Hyperliquidity Provider (HLP) pools.

根據Arkham Intelligence的專家說，該事件始於一個匿名交易員，將近720萬美元存入了三個單獨的超流動帳戶中。目的是利用平台清算機制的特殊性，該機制通過超流動性提供商（HLP）池運行。

The user’s “tool” was a Solana-based memecoin — Jelly-My-Jelly (JELLYJELLY). Due to its relatively small market capitalization of $20 million (at the time the deal was opened), the asset was a convenient target for manipulation, noted the co-founder of the Polynomial.fi project with the nickname gauthamzzz.

用戶的“工具”是一個基於索拉納的模因-Jelly-My-Jelly（Jellyjelly）。由於與暱稱Gauthamzzz的聯合創始人指出，由於其相對較小的市值為2000萬美元（當時達成交易時）是一個方便的操縱目標。

The trader created two long positions on JELLYJELLY for $2.15 million and $1.9 million, respectively. Simultaneously, he opened a short position for 400 million JELLYJELLY ($4.1 million at the time of the transaction). The latter was created with 20x leverage and covered almost 40% of the asset’s total supply.

交易員分別以215萬美元和190萬美元的價格在Jellyjelly上創建了兩個長位。同時，他為4億果仁（交易時410萬美元）開了一個短職位。後者是具有20倍槓桿作用的，覆蓋了該資產總供應量的近40％。

These manipulations led to a sharp jump in the token’s price. Within a short period, the asset’s capitalization jumped from $20 million to $50 million, and the price increased by more than 400%, according to CoinGeckoTerminal data. In essence, the whale created an artificial market movement, balancing his own trades to trigger the liquidation of one of them.

這些操縱導致令牌的價格急劇上升。根據CoingeCkoterminal數據，在短時間內，資產的資本化從2000萬美元躍升至5000萬美元，價格上漲了400％以上。從本質上講，鯨魚創造了人造市場運動，平衡自己的交易以觸發其中一個的清算。

As the price of JELLYJELLY began to rise, this triggered the forced closure of his short position. However, due to its volume, the trade was not processed in the standard way but was sent to the HLP Liquidator vault. This platform mechanism is usually used to close large positions without significantly impacting the market.

隨著Jellyjelly的價格開始上漲，這引發了他的短姿勢的強迫關閉。但是，由於其數量，該交易不是以標準方式處理的，而是發送給HLP清算人保管庫。這種平台機制通常用於關閉大型位置，而不會顯著影響市場。

In the case of large transactions, there is a risk that the system will not have time to close the position quickly. Essentially, the HLP Liquidator is not the sole liquidator but directs trades to the order book. This creates competition when closing a position and allows users to retain the remaining margin after liquidation.

在大型交易的情況下，系統沒有時間迅速關閉該位置。從本質上講，HLP清算人不是唯一的清算人，而是將交易指導到訂單。這會在關閉職位時產生競爭，並允許用戶在清算後保留剩餘的利潤。

“The risk with this approach is that if the market moves too fast or there is not enough liquidity on the order book, the HLP Liquidator may not be able to fully liquidate the position at the desired price, leading to unrecoverable losses for the HLP,” explained representatives of Hyperliquid, adding that they notified the community about this scenario in March 2023.

“這種方法的風險是，如果市場的移動太快或訂單簿上沒有足夠的流動性，那麼HLP清算人可能無法以所需的價格充分清算該職位，從而導致HLP的無法恢復的損失。”

This threat was realized in practice. As a result of the trader’s manipulations with JELLYJELLY and his actions, they led to potential HLP losses of $12 million, according to Lookonchain experts.

在實踐中實現了這種威脅。根據Lookonchain專家的說法，由於交易員與Jellyjelly的操縱及其行為，他們可能導致HLP損失1200萬美元。

As for the long positions, immediately after the price jump, they reached a seven-figure positive Profit and Loss (PnL) figure. The user began actively withdrawing funds and managed to receive $6.26 million before his accounts were restricted to “reduce-only” orders.

至於長位置，價格上漲後，他們立即達到了七位數的正利潤和損失（PNL）數字。用戶開始積極撤回資金，並在其帳戶被限制為“僅減少”訂單之前設法獲得了626萬美元。

According to Arkham, the developers’ prompt intervention nullified the user’s efforts to profit and prevented him from succeeding.

根據阿卡姆（Arkham）的說法，開發商的及時干預措施無效，用戶為獲利而努力阻止了他的成功。

“In the end, Hyperliquid closed the JELLYJELLY market at $0.0095, the price at which the third account entered its short trades. This zeroed out all floating PnL on the trader’s first two accounts,” the analysts concluded.

分析師總結說：“最終，Hyproliquid以0.0095美元的價格結束了Jellyjelly市場，這是第三個帳戶進入其短貿易的價格。該分析師在交易者的前兩個​​帳戶上將所有浮動PNL歸零了。”

The Hyperliquid team took several emergency measures. First, the platform limited the ability of the mentioned trader to place orders, allowing only the closing of positions.

超流動團隊採取了幾項緊急措施。首先，該平台限制了上述交易者下達訂單的能力，僅允許關閉職位。

As a result, a portion of unrealized profit remained in his account, and the user himself incurred losses. Even in the most optimistic scenario for him, he will lose $4,000.

結果，他的帳戶中保留了一部分未實現的利潤，用戶本人損失了。即使在最樂觀的情況下，他也會損失4,000美元。

“Assuming he can withdraw funds at some point in the future, his actions on Hyperliquid cost him a total of $4,000. If he cannot, he faces a loss of almost $1 million,” Arkham noted.

阿爾卡姆指出：“假設他將來可以在某個時候提取資金，那麼他對超流動的行為總計損失了4,000美元。如果不能，他將面臨近100萬美元的損失。”

In addition to the restrictions on the trader, in an attempt to stop the manipulations, Hyperliquid announced the immediate delisting of JELLYJELLY. This decision provoked a mixed reaction from the community. On the one hand, it was aimed at preventing further manipulations, but on the other hand, it raised questions about the exchange’s resilience to such attacks and brought up issues of decentralization.

除了對交易者的限制外，為了停止操縱，Hyproipid宣布了立即將Jellyjelly推送出來。這一決定引起了社區的混合反應。一方面，它旨在防止進一步的操縱，但另一方面，它提出了有關交易所對此類攻擊的韌性的問題，並提出了權力下放的問題。

Analysts also noted that simultaneously with the incident on the platform, centralized exchanges Binance and OKX launched perpetual futures for JELLYJELLY. This situation sparked discussions about possible competition between platforms and their approaches to risk management.

分析師還指出，與該平台上的事件同時，集中交易所二手股和OKX為Jellyjelly推出了永恆的期貨。這種情況引發了關於平台之間可能競爭及其風險管理方法之間可能競爭的討論。

Moreover, expert ZachXBT stated that the funds used by the trader came from the Binance exchange.

此外，Expert Zachxbt表示，交易員使用的資金來自Binance Exchange。

Hyperliquid, in turn, assured users that the HLP losses would not affect their funds, and that those affected, except for the “exploiter,” would receive

反過來，超流動性向用戶保證，HLP損失不會影響其資金，並且受影響的人除了“剝削者”之外，將收到