Hyperliquid 与 Binance：加密货币交易的可靠性和未来

探索 Hyperliquid 的崛起、币安面临的挑战以及塑造加密货币交易所未来的可靠性争论。

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

Hyperliquid 与 Binance：加密货币交易的可靠性和未来

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.

在不断发展的加密货币领域，Binance 等中心化交易所 (CEX) 和 Hyperliquid 等去中心化交易所 (DEX) 之间的动态不断变化。最近发生的事件，特别是有关可靠性和上市实践的事件，引发了激烈的争论，并凸显了每种模型的优点和缺点。

Hyperliquid's Resilience: A Stress Test Success

超液体的弹性：压力测试成功

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 日是加密货币行业的关键时刻，大规模清算与 FTX 崩溃期间的波动相呼应。 Hyperliquid 因在没有任何停机时间的情况下处理超过 100 亿美元的清算而脱颖而出。这与币安形成鲜明对比，币安多次面临服务中断，需要对受影响的用户进行赔偿。 Bitwise CIO Matt Hougan 强调了 Hyperliquid、Uniswap 和 Aave 等 DeFi 协议在此期间的持续运行状态，展示了去中心化基础设施的弹性。

The Rise of Perp DEXs

Perp DEX 的兴起

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 数据显示出一种增长趋势：perp DEX 的市场份额从 2023 年的不到 10% 增加到 2025 年初的 26%。Hyperliquid 占据了这一增长的很大一部分，到 2025 年 9 月，月交易量达到约 2000 亿美元，市值达到 132 亿美元。 VanEck 报告称，Hyperliquid 占 7 月份区块链费用收入的 35%，与中心化巨头相比，表现出令人印象深刻的效率。

Listing Fee Controversy and Permissionless Innovation

上市费争议和未经许可的创新

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.

当 Limitless Labs 的首席执行官指责币安要求大量代币供应和大量存款用于上市时，引发了争议。尽管币安否认了这些指控，但该事件凸显了人们所感知到的信任差距。 Hyperliquid 抓住这个机会强调其无需许可的方法，即没有上市费用或看门人。项目可以通过支付 HYPE 来发行代币，并获得高达 50% 的交易费用。 Circle 将原生 USDC 添加到 Hyperliquid 链中，以及 Eyenovia 推出验证器，凸显了生态系统的日益成熟。

Operational Efficiency: Hyperliquid's Edge

运营效率：Hyperliquid 的优势

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 的竞争优势在于其运营效率。一个由工程师组成的小团队管理着与币安规模大得多的运营相媲美的基础设施。 VanEck 将其描述为“无需营销预算的利润”，这是中心化玩家难以复制的优势。这种效率转化为 HYPE 代币持有者和流动性提供者的直接价值。 Grayscale预测DEX将主导资产长尾，强调透明度和社区治理。

HIP-3: A New Era for Hyperliquid

HIP-3：超液体的新时代

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升级将Hyperliquid转变为一个可组合的金融平台，培育了一个由20多个探索永续合约创新应用的项目组成的生态系统。这些项目通常是自筹资金和匿名的，将永续合约应用于从上市前股权到计算资源的各种场景。 Kinetiq、Unit 和 Felix 等项目已经展现出巨大的影响力，推动了 Hyperliquid 生态系统内的创新。

Coinbase and BNB: A Shift in Perspective?

Coinbase 和 BNB：观点转变？

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 最近宣布将币安币 (BNB) 添加到其上市路线图中，这一消息令人惊讶。此举表明 Coinbase 的观点可能发生转变，可能受到行业关于上市费用和透明度争论的影响。 CZ 本人指出，考虑到 BNB 的市值和生态系统，不上市 BNB 对于任何交易所来说都是损失。

The Future is Decentralized (Maybe)

未来是去中心化的（也许）

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!

尽管 CEX 和 DEX 之间的争论仍在继续，但 Hyperliquid 的弹性、创新生态系统和运营效率使其成为未来加密货币交易的有力竞争者。去中心化交易所提供的可靠性和透明度对交易者来说变得越来越重要。 DEX 是否会全面超越 CEX 还有待观察，但趋势很明显。看着这个空间不断发展将会很有趣！