{"id":962,"date":"2025-02-20T19:41:44","date_gmt":"2025-02-20T11:41:44","guid":{"rendered":"https:\/\/www.yixiangtian.com\/?p=962"},"modified":"2025-02-20T19:41:44","modified_gmt":"2025-02-20T11:41:44","slug":"hyperliquid-perpdex-endgame","status":"publish","type":"post","link":"https:\/\/www.yunsiwang.com\/?p=962","title":{"rendered":"Hyperliquid &#8211; PerpDEX Endgame"},"content":{"rendered":"<div>\n<div>\n<div>\n<div>\n<div>\n<blockquote><p>\n     <em>\u514d\u8d23\u58f0\u660e\uff1a\u672c\u62a5\u544a\u7684\u5185\u5bb9\u53cd\u6620\u4e86\u5404\u81ea\u4f5c\u8005\u7684\u89c2\u70b9\uff0c\u4ec5\u4f9b\u53c2\u8003\uff0c\u5e76\u4e0d\u6784\u6210\u8d2d\u4e70\u6216\u51fa\u552e\u4ee3\u5e01\u6216\u4f7f\u7528\u534f\u8bae\u7684\u5efa\u8bae\u3002 \u672c\u62a5\u544a\u4e2d\u7684\u4efb\u4f55\u5185\u5bb9\u5747\u4e0d\u6784\u6210\u6295\u8d44\u5efa\u8bae\uff0c\u4e5f\u4e0d\u5e94\u88ab\u7406\u89e3\u4e3a\u6295\u8d44\u5efa\u8bae\u3002<\/em>\n    <\/p><\/blockquote>\n<p><\/p>\n<h2 class=\"_content_replace_h1\">1. \u7b80\u4ecb<\/h2>\n<p>\u6c38\u7eed\u671f\u8d27\u4ea4\u6613\u6240\uff08Decentralized Perpetual Futures Exchange\uff09\u662f\u4e00\u4e2a\u8ba9\u7528\u6237\u53ef\u4ee5\u5728\u533a\u5757\u94fe\u4e0a\u9488\u5bf9\u7279\u5b9a\u8d44\u4ea7\u5efa\u7acb\u69d3\u6746\u4ed3\u4f4d DeFi \u534f\u8bae\u3002\u81ea 2022 \u5e74 11 \u6708\uff0c\u5168\u7403\u7b2c\u4e8c\u5927\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 FTX \u5012\u95ed\u4e4b\u540e\uff0c\u7531\u4e8e\u5e02\u573a\u5bf9\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7684\u4e0d\u4fe1\u4efb\uff0c\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u5728\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u5173\u6ce8\u4e0b\u7a33\u6b65\u53d1\u5c55\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 0\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">CEX vs DEX futures trading volume has been steadily increasing since November 2022; Source: <\/em><em>The Block<\/em><\/p>\n<p><\/p>\n<p>\u6839\u636e\u5176\u4ef7\u683c\u53d1\u73b0\u673a\u5236\uff0c\u73b0\u6709\u7684 PerpDEX \u5927\u81f4\u53ef\u5206\u4e3a\u4e09\u79cd\u6a21\u5f0f\uff1a<\/p>\n<ul>\n<li><strong>Oracle \u6a21\u5f0f\uff1a<\/strong>\u4e00\u79cd\u57fa\u4e8e\u5916\u90e8\u4ef7\u683c\u8d44\u6599\u8fd0\u4f5c\u7684\u6a21\u5f0f\uff0c\u6ca1\u6709\u81ea\u5df1\u7684\u4ef7\u683c\u53d1\u73b0\u673a\u5236\u3002\u4f18\u70b9\u5728\u7531\u4e8e\u4f9d\u8d56\u5916\u90e8\u9884\u8a00\u673a\uff0c\u534f\u8bae\u7684\u6d41\u52a8\u6027\u89c4\u6a21\u5bf9\u4ea4\u6613\u8005\uff08Taker\uff09\u7684\u4ea4\u6613\u5f71\u54cd\u6781\u5c0f\uff0c\u4f46\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\uff08Maker\uff09\u4f1a\u9762\u4e34\u5355\u70b9\u98ce\u9669\u548c\u6765\u81ea\u9884\u8a00\u673a\u7684\u653b\u51fb\uff0c\u800c\u4e14\u7f3a\u4e4f\u81ea\u8eab\u7684\u4ef7\u683c\u53d1\u73b0\u673a\u5236\u9650\u5236\u4e86\u5176\u53d1\u5c55\uff08\u5982 Jupiter\uff09\u3002<\/li>\n<li><strong>Orderbook \u6a21\u5f0f\uff1a<\/strong>\u5229\u7528\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u4e70\u5356\u7cfb\u7edf\u7684\u6a21\u5f0f\u3002\u867d\u7136\u4ea4\u6613\u8005\u53ef\u4ee5\u6307\u5b9a\u6240\u9700\u7684\u4e70\u5165 \/ \u5356\u51fa\u4ef7\u683c\uff0c\u4f7f\u5f97 Maker \u98ce\u9669\u76f8\u5bf9\u8f83\u4f4e\uff0c\u4f46\u7531\u4e8e\u533a\u5757\u94fe\u533a\u5757\u65f6\u95f4\u7684\u9650\u5236\uff0c\u5bf9\u4e8e\u9700\u8981\u5feb\u901f\u4e70\u5356\u7684\u505a\u4e8b\u5546\u5b58\u5728\u9650\u5236\uff08\u4f8b\u5982 dYdX\uff09\u3002<\/li>\n<li><strong>AMM \u6a21\u578b\uff1a<\/strong>\u4e00\u4e2a\u5229\u7528 CPMM (Constant Product Market Makers) \u7684\u6a21\u578b\uff0c\u4e5f\u662f Uniswap \u7684\u4ef7\u683c\u53d1\u73b0\u673a\u5236\u3002\u6839\u636e\u6240\u63d0\u4f9b\u7684\u6d41\u52a8\u6027\uff0c\u6309\u7167\u7279\u5b9a\u516c\u5f0f\uff08\u5982 X*Y=K\uff09\u6765\u51b3\u5b9a\u4ef7\u683c\uff0c\u867d\u7136\u4e0d\u9700\u8981\u63d0\u4ea4\u6216\u4fee\u6539 Orderbook \u5c31\u53ef\u4ee5\u8f7b\u677e\u5904\u7406\u8d44\u4ea7\u4f9b\u9700\uff0c\u4f46\u6240\u6709\u4ea4\u6613\u90fd\u4f1a\u6d89\u53ca\u5230\u4e00\u5b9a\u7684 Slippage\uff08\u5982 Perpetual Protocol\uff09\u3002<\/li>\n<\/ul>\n<p><\/p>\n<blockquote><p>\n      ? \u6709\u5173 PerpDEX \u4ef7\u683c\u53d1\u73b0\u673a\u5236\u7684\u8be6\u7ec6\u8d44\u8baf\uff0c\u8bf7\u53c2\u9605 \u300c<br \/>\n     Perpetual DEX\u300d \u7cfb\u5217\u6587\u7ae0\u3002\n    <\/p><\/blockquote>\n<p><\/p>\n<h2>1.1. Orderbook PerpDEX \u7684\u53d1\u5c55\u548c\u9650\u5236<\/h2>\n<p>\u5728 Perpetual DEX \u7684\u65e9\u671f\u53d1\u5c55\u9636\u6bb5\uff0cOracle \u548c AMM \u6a21\u578b\u88ab\u5e02\u573a\u5e7f\u6cdb\u63a1\u7528\uff0c\u56e0\u4e3a\u5b83\u4eec\u66f4\u5bb9\u6613\u786e\u4fdd\u4ea4\u6613\u6240\u9700\u7684\u6d41\u52a8\u6027\uff0c\u56e0\u4e3a\u57fa\u4e8e Orderbook \u7684\u505a\u5e02\u5546\u53d1\u73b0\uff0c\u7531\u4e8e\u533a\u5757\u94fe\u7684\u7f13\u6162\u5904\u7406\u901f\u5ea6\u548c\u9ad8\u6602\u7684\u8d39\u7528\uff0c\u5f88\u96be\u6709\u6548\u5730\u8fd0\u4f5c\u3002\u7136\u800c\uff0c\u8fd9\u4e9b\u6a21\u5f0f\u5927\u591a\u9762\u4e34\u96f6\u548c\u6e38\u620f\uff0c\u4e89\u593a\u6709\u9650\u7684\u6d41\u52a8\u6027\uff0c\u540c\u65f6\u53ea\u9488\u5bf9\u73b0\u6709\u7684\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u53c2\u4e0e\u8005\u3002\u56e0\u6b64\uff0c\u5f00\u53d1\u57fa\u4e8e Orderbook \u7684 PerpDEX \u7684\u8ba8\u8bba\u548c\u52aa\u529b\u4e00\u76f4\u4ee5\u6765\u90fd\u5b58\u5728\u7740\uff0c\u4ee5\u4fbf\u4e3a\u4f20\u7edf\u91d1\u878d\u4ea4\u6613\u5546\u63d0\u4f9b\u719f\u6089\u7684\u4ea4\u6613\u73af\u5883\uff0c\u5e76\u6839\u636e\u5176\u6d41\u52a8\u6027\u5b9e\u73b0\u66f4\u5927\u89c4\u6a21\u7684\u589e\u957f\u3002<\/p>\n<p><\/p>\n<p>\u6700\u8fd1\uff0c\u968f\u7740 Layer 2 \u548c Appchains \u7b49\u533a\u5757\u94fe\u57fa\u7840\u8bbe\u65bd\u7684\u53d1\u5c55\uff0c\u4ee5\u53ca\u63a5\u6536\u94fe\u4e0b\u8ba2\u5355\u7684\u4ea4\u6613\u65b9\u6cd5\u7684\u5f15\u5165\uff0cOrderbook PerpDEX \u7684\u4ea4\u6613\u73af\u5883\u5f97\u5230\u4e86\u663e\u7740\u6539\u5584\u3002\u6b64\u5916\uff0cOrderbook PerpDEX \u548c\u76f8\u5173\u57fa\u7840\u8bbe\u65bd\u7684\u53d1\u5c55\u4ecd\u5728\u7ee7\u7eed\uff0c\u5982\u6709\u4ee5\u4e0b\u534f\u5b9a\uff1a<\/p>\n<ul>\n<li>Vertex Protocol\uff1a\u6df7\u5408\u6a21\u5f0f\u7684 PerpDEX\uff0c\u901a\u8fc7\u6df7\u5408 AMM \u548c Orderbook \u6a21\u5f0f\uff0c\u89e3\u51b3\u4e86 Orderbook \u76f8\u5bf9\u4e8e\u5176\u4ed6\u6a21\u5f0f\u8f83\u96be\u542f\u52a8\u6d41\u52a8\u6027\u7684\u95ee\u9898\u3002<\/li>\n<li>Elixir\uff1a\u5e2e\u52a9\u4efb\u4f55\u4eba\u5728 Orderbook PerpDEX \u4e2d\u8f7b\u677e\u6267\u884c\u6d41\u52a8\u6027\u4f9b\u5e94\u7684\u534f\u8bae\u3002<\/li>\n<\/ul>\n<p><\/p>\n<p>\u5118\u7ba1\u6709\u8fd9\u4e9b\u53d1\u5c55\uff0cOrderbook PerpDEX \u9664\u4e86\u5728\u534f\u8bae\u4e2d\u8ba9\u7528\u6237\u80fd\u591f\u7b80\u5355\u5730\u300c\u5b58\u5165 \u300d\u8d44\u91d1\u548c\u521b\u5efa \u300c\u5934\u5bf8 \u300d\u4e4b\u5916\uff0c\u4e0e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u6ca1\u6709\u5176\u4ed6\u533a\u522b\u3002\u8fd9\u4f7f\u5f97\u5b83\u4eec\u65e0\u6cd5\u907f\u514d\u4e0e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7684\u7ade\u4e89\uff0c\u800c\u7531\u4e8e\u4ee5\u4e0b\u4e24\u4e2a\u56e0\u7d20\uff0cPerpDEX \u5728\u7ade\u4e89\u4e2d\u5904\u4e8e\u52a3\u52bf\uff1a<\/p>\n<ul>\n<li>\u5728\u94fe\u4e0b\u5904\u7406\u8ba2\u5355\u3001\u5e76\u5728\u94fe\u4e0a\u8bb0\u5f55\u7ed3\u679c\u7684 Orderbook PerpDEX \u5728\u900f\u660e\u5ea6\u65b9\u9762\u96be\u4ee5\u83b7\u5f97\u7528\u6237\u7684\u4fe1\u4efb\u3002<\/li>\n<li>\u5b8c\u5168\u5728\u94fe\u4e0a\u8fd0\u884c\u7684 Orderbook PerpDEX \u5728\u7528\u6237\u6bcf\u6b21\u63d0\u4ea4\u4ea4\u6613\u65f6\u90fd\u9700\u8981\u7b7e\u540d\u548c\u652f\u4ed8 Gas Fee\uff0c\u4e0e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u76f8\u6bd4\uff0c\u4ea4\u6613\u4f53\u9a8c\u76f8\u5f53\u4e0d\u65b9\u4fbf\u3002<\/li>\n<\/ul>\n<p><\/p>\n<p>\u56e0\u6b64\uff0c\u76ee\u524d\u7684 Orderbook PerpDEX \u9700\u8981\u65e2\u80fd\u4f18\u5316\u57fa\u4e8e Orderbook \u7684\u4ea4\u6613\uff0c\u53c8\u80fd\u5efa\u7acb\u81ea\u5df1\u7684\u751f\u6001\u7cfb\u7edf\u4ee5\u521b\u9020\u7f51\u8def\u6548\u5e94\u7684\u57fa\u7840\u8bbe\u65bd\u3002\u5728\u8fd9\u6837\u7684\u80cc\u666f\u4e0b\uff0c<strong>Hyperliquid<\/strong> \u4ee5\u6210\u4e3a\u5b8c\u5168\u900f\u660e\u4e14\u4eba\u6027\u5316\u7684\u300cOn-chain Binance\u300d\u4e3a\u613f\u666f\u800c\u8bde\u751f\u3002<\/p>\n<p><\/p>\n<h2 class=\"_content_replace_h1\">2. Hyperliquid\uff0c\u8d85\u6d41\u52a8\u6027\u534f\u5b9a<\/h2>\n<p>Hyperliquid \u662f\u9488\u5bf9 Orderbook \u4ea4\u6613\u8fdb\u884c\u4f18\u5316\u7684\u9ad8\u6548\u80fd Layer 1\uff0c\u6bcf\u79d2\u53ef\u5904\u7406 200 \u4e07\u7b14\u4ea4\u6613\uff0c\u4e8e 2023 \u5e74 6 \u6708\u4ee5\u56e2\u961f\u81ea\u6709\u8d44\u672c\u63a8\u51fa\uff0c\u6ca1\u6709\u5916\u90e8\u6295\u8d44\u8d44\u672c\u3002<\/p>\n<p><\/p>\n<p>Hyperliquid \u7684\u6838\u5fc3\u662f Orderbook \u5f62\u5f0f\u7684\u539f\u751f PerpDEX\uff0c\u4ece Orderbook \u5230\u4ea4\u6613\u6267\u884c\u7684\u6240\u6709\u7a0b\u5e8f\u90fd\u8bb0\u5f55\u5728\u94fe\u4e0a\u3002Hyperliquid DEX \u5728\u94fe\u4e0a\u8bb0\u5f55\u6240\u6709\u7528\u6237\u6d3b\u52a8\u7684\u540c\u65f6\uff0c\u8fd8\u63d0\u4f9b\u4e86\u5982\u901a\u8fc7\u7535\u5b50\u90ae\u4ef6\u521b\u5efa\u4ea4\u6613\u5e10\u6237\u3001\u63d0\u4ea4\u4ea4\u6613\u4e0d\u9700\u8981\u72ec\u7acb\u7b7e\u540d\u6216 Gas Fee \u7b49\u7684\u4fbf\u5229\u7684\u529f\u80fd\uff0c\u63d0\u4f9b\u4e0e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u76f8\u4f3c\u7684\u7528\u6237\u4f53\u9a8c\u3002<\/p>\n<p><\/p>\n<p>\u51ed\u85c9\u8fd9\u4e9b\u4e0e\u4f17\u4e0d\u540c\u7684\u7279\u8272\uff0cHyperliquid \u81ea\u63a8\u51fa\u4ee5\u6765\u7a33\u5065\u6210\u957f\uff0c\u622a\u81f3 2024 \u5e74 12 \u6708 11 \u65e5\u5df2\u5b9e\u73b0 21.4 \u4ebf\u7f8e\u5143\u7684\u8d44\u91d1\u6de8\u6d41\u5165\uff0c\u6708\u4ea4\u6613\u91cf\u8fbe 770 \u4ebf\u7f8e\u5143\uff0c\u622a\u81f3 11 \u6708\u672a\u5e73\u4ed3\u91d1\u989d\u8fbe 33.7 \u4ebf\u7f8e\u5143\uff0c\u7ea6\u4e3a Jupiter \u672a\u5e73\u4ed3\u91d1\u989d\u7684 4 \u500d\uff0c\u4ea4\u6613\u91cf\u6392\u540d\u7b2c\u4e8c\uff0c\u5728 Orderbook PerpDEX \u4e2d\u9065\u9065\u9886\u5148\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 1\"><\/p>\n<p><\/p>\n<p>\u8ba9\u6211\u4eec\u66f4\u8be6\u7ec6\u7684\u63a2\u8ba8 Hyperliquid \u7684\u7ec4\u6210\u4e0e\u8fd0\u4f5c\u673a\u5236\u3002<\/p>\n<p><\/p>\n<h2>2.1. Hyperliquid \u7f51\u8def<\/h2>\n<p>Hyperliquid \u5728\u63a8\u51fa\u4e4b\u521d\uff0c\u8003\u8651\u5230\u4e0e Cosmos \u751f\u6001\u7cfb\u7edf\u7684\u4e92\u901a\u6027\u4ee5\u53ca\u90e8\u7f72\u7684\u4fbf\u5229\u6027\uff0c\u63a1\u7528\u4e86 Cosmos \u7684\u5171\u8bc6\u6f14\u7b97\u6cd5 Tendermint \u6765\u53d6\u4ee3 HyperBFT\u3002\u7136\u800c\uff0cTendermint \u5171\u8bc6\u6f14\u7b97\u6cd5\u663e\u793a\u51fa\u6269\u5145\u6027\u7684\u9650\u5236\uff0c\u6bcf\u79d2\u53ea\u80fd\u5904\u7406\u7ea6 20,000 \u4e2a\u6307\u4ee4\u3002\u4e3a\u6b64\uff0cHyperliquid \u56e2\u961f\u4e8e 2024 \u5e74 5 \u6708\u5f00\u53d1\u5e76\u63a8\u51fa HyperBFT\uff0c\u662f\u4ed6\u4eec\u4e13\u95e8\u7528\u4e8e\u5feb\u901f\u3001\u5927\u91cf\u4ea4\u6613\u5904\u7406\u7684\u5171\u8bc6\u673a\u5236\u3002<\/p>\n<p><\/p>\n<p>HyperBFT \u662f\u4e13\u4e3a Hyperliquid \u8fdb\u4e00\u6b65\u4f18\u5316 Hotstuff \u5171\u8bc6\u6f14\u7b97\u6cd5\u7684\u6a21\u578b\uff0c\u800c Hotstuff \u5171\u8bc6\u6f14\u7b97\u6cd5\u662f Tendermint \u5171\u8bc6\u6f14\u7b97\u6cd5\u66f4\u6709\u6548\u7387\u7684\u6539\u826f\u7248\u3002\u867d\u7136\u5355\u5355 HyperBFT \u7406\u8bba\u4e0a\u6bcf\u79d2\u53ef\u5904\u7406 200 \u4e07\u7b14\u4ea4\u6613\uff0c\u4f46\u5728\u5b9e\u9645\u4f5c\u4e1a\u73af\u5883\u4e2d\uff0c\u7531\u4e8e\u7ed3\u5408\u4e86 HyperVM ( \u4ee5 Rust \u8bed\u8a00\u4e3a\u57fa\u7840\u7684\u6267\u884c\u5c42 )\uff0c\u56e0\u6b64\u53ef\u5904\u7406\u9ad8\u8fbe 20 \u4e07\u7b14\u4ea4\u6613\uff0c\u4e14\u5ef6\u8fdf\u65f6\u95f4\u4ec5\u6b21\u4e8e\u79d2\u3002\u8fd9\u53ea\u662f\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 Binance \u7684 TPS \u7684\u516b\u5206\u4e4b\u4e00\uff0c\u4f46\u5374\u6bd4\u53e6\u4e00\u4e2a\u57fa\u4e8e\u81ea\u8eab\u7f51\u8def\u6267\u884c\u94fe\u4e0a Orderbook \u534f\u8bae\u7684 Injective \u9ad8\u51fa\u7ea6 8 \u500d\u3002<\/p>\n<p><\/p>\n<p>\u56e0\u6b64\uff0cHyperliquid \u662f\u56f4\u7ed5\u300c\u4ea4\u6613\u6548\u7387\u300d\u800c\u8bbe\u8ba1\u548c\u5efa\u7acb\u7684\uff0c\u5176\u4f18\u52bf\u5728\u4e8e\u7528\u6237\u63d0\u4ea4\u7684\u6240\u6709\u8ba2\u5355\u90fd\u4f1a\u88ab\u8bb0\u5f55\u4e0b\u6765\uff0c\u5e76\u5728\u94fe\u4e0a\u5feb\u901f\u5904\u7406\uff0c\u800c\u65e0\u9700 Gas Fee\u3002\u7136\u800c\uff0c\u5728\u6ca1\u6709\u63d0\u4f9b\u5956\u52b1\u7ed9\u9a8c\u8bc1\u8005\u7684\u60c5\u51b5\u4e0b\uff0c\u56e2\u961f\u76ee\u524d\u64cd\u4f5c\u6240\u6709\u56db\u4e2a\u8282\u70b9\uff0c\u4ee5\u786e\u4fdd\u5feb\u901f\u7684\u8ba2\u5355\u5904\u7406\u73af\u5883\uff0c\u5f15\u8d77\u5916\u754c\u5bf9\u53bb\u4e2d\u5fc3\u5316\u7684\u8d28\u7591\u3002<\/p>\n<p><\/p>\n<p>\u610f\u8bc6\u5230\u8fd9\u4e00\u70b9\uff0cHyperliquid \u56e2\u961f\u6b63\u5728\u6d4b\u8bd5\u65e0\u4fe1\u4efb\u8282\u70b9\u64cd\u4f5c\uff0c\u4ee5\u5728\u6d4b\u8bd5\u7f51\u8def\u4e0a\u5b9e\u73b0\u9a8c\u8bc1\u8005\u7684\u53bb\u4e2d\u5fc3\u5316\uff0c\u540c\u65f6\u4e5f\u5728\u6d4b\u8bd5\u5982\u4f55\u8ba9\u7528\u6237\u5373\u4f7f\u4e0d\u76f4\u63a5\u64cd\u4f5c\u8282\u70b9\uff0c\u4e5f\u80fd\u900f\u8fc7\u8d28\u62bc $HYPE\uff08Hyperliquid \u7684\u4ee3\u5e01\uff09\u53c2\u4e0e\u7f51\u8def\u9a8c\u8bc1\u3002\u4e3a\u4e86\u5728\u786e\u4fdd\u53bb\u4e2d\u5fc3\u5316\u7684\u540c\u65f6\u7ef4\u6301\u9ad8\u6548\u7387\u7684\u7f51\u8def\u72b6\u6001\uff0cHyperliquid \u5f15\u8fdb\u4e86\u4e00\u5957\u673a\u5236\uff0c\u5c06\u65e0\u6cd5\u7ef4\u6301\u4e00\u5b9a\u6548\u80fd\u6c34\u51c6\u7684\u8282\u70b9\u8f6c\u6362\u4e3a\u300cJailing\u300d\u72b6\u6001\uff0c\u9650\u5236\u5176\u63d0\u51fa\u65b0\u533a\u5757\u548c\u53c2\u4e0e\u6295\u7968\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 2\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">Nodes in Jailing state; <\/em><em>ASXN Dashboard<\/em><\/p>\n<p><\/p>\n<p>\u6b64\u5916\uff0cHyperliquid \u56e2\u961f\u8fd8\u8ba1\u753b\u63a8\u51fa HyperEVM\uff0c\u4e0e\u73b0\u6709\u7684\u6267\u884c\u5c42 HyperVM \u642d\u914d\u4f7f\u7528\u3002\u9884\u671f\u8fd9\u5c06\u53ef\u8ba9\u4ee5 EVM \u4e3a\u57fa\u7840\u7684\u5e94\u7528\u7a0b\u5f0f\u52a0\u5165 Hyperliquid \u751f\u6001\u7cfb\u7edf\u5e76\u6865\u63a5 ERC-20 \u4ee3\u5e01\uff0c\u4ee5\u4fbf\u6269\u5c55\u751f\u6001\u7cfb\u7edf\u3002<\/p>\n<p><\/p>\n<h3>2.1.1. Hyperliquid Bridge<\/h3>\n<p>\u7528\u6237\u53ef\u4ee5\u901a\u8fc7 Hyperliquid Bridge \u5b58\u5165\u548c\u9501\u5b9a\u7a33\u5b9a\u5e01\uff0c\u7531 Hyperliquid \u7684\u9a8c\u8bc1\u5668\u4fdd\u8bc1\u5b89\u5168\uff0c\u5e76\u5728 Hyperliquid \u4e0a\u7684\u4e2a\u4eba\u5e10\u6237\u4e2d\u83b7\u5f97\u76f8\u540c\u6570\u91cf\u7684\u8d44\u4ea7\uff0c\u4ee5\u4f7f\u7528\u8be5\u7f51\u7edc\u548c PerpDEX\u3002<\/p>\n<p><\/p>\n<p>\u76ee\u524d\uff0cHyperliquid \u53ea\u652f\u63f4\u5728 Arbitrum \u7f51\u8def\u4e0a\u6865\u63a5 USDC\u3002\u6700\u8fd1\uff0c\u968f\u7740 Hyperliquid \u539f\u751f\u4ee3\u5e01 $HYPE \u63a8\u51fa\u540e\uff0c\u5e02\u573a\u5bf9 Hyperliquid \u7684\u5174\u8da3\u589e\u52a0\uff0c\u800c\u5b58\u5165\u8d44\u4ea7\u7684\u7528\u6237\u663e\u7740\u589e\u52a0\uff0c\u4e5f\u53ef\u4ee5\u89c2\u5bdf\u5230 Arbitrum \u7f51\u7edc\u7684\u6de8\u6d41\u5165\u91cf\u4e0e\u5176\u4ed6\u7f51\u7edc\u76f8\u6bd4\u660e\u663e\u8f83\u9ad8\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 3\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">Weekly net inflows by network as of December 3; Source: <\/em><em>Artemis<\/em><\/p>\n<p><\/p>\n<p>\u76ee\u524d\uff0cArbitrum \u7f51\u7edc\u4e0a\u7684\u63d0\u73b0\u6536\u53d6 1 \u7f8e\u5143\u7684\u624b\u7eed\u8d39\uff0c\u7528\u4e8e\u652f\u4ed8 Gas Fee\uff0cHyperliquid \u8ba1\u5212\u672a\u6765\u652f\u6301 USDC \u4ee5\u5916\u5728\u5176\u4ed6\u7f51\u7edc\u7684\u5404\u7c7b\u7a33\u5b9a\u5e01\u3002\u7279\u522b\u662f\u5728 HyperEVM \u63a8\u51fa\u540e\uff0c\u5f88\u53ef\u80fd\u4f1a\u4e0e Circle \u7684 CCTP\uff08Cross-Chain Transfer Protocol\uff0c\u8de8\u94fe\u4f20\u8f93\u534f\u5b9a\uff09\u6574\u5408\uff0c\u53ef\u671b\u786e\u4fdd\u7a33\u5b9a\u5e01\u4f20\u8f93\u4e0e\u5176\u4ed6\u7f51\u8def\u7684\u5b8c\u7f8e\u4e92\u901a\u6027\u3002<\/p>\n<p><\/p>\n<h2>2.2. Hyperliquid DEX<\/h2>\n<p>\u5982\u524d\u6587\u6240\u8ff0\uff0cHyperliquid DEX \u5728 Hyperliquid \u7f51\u7edc\u4e0a\u8fd0\u4f5c\uff0c\u4ea4\u6613\u5904\u7406\u901f\u5ea6\u5feb\uff0c\u65e0\u9700\u7b7e\u540d\u548c\u8d39\u7528\uff0c\u63d0\u4f9b\u4e0e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u51e0\u4e4e\u76f8\u540c\u7684\u7528\u6237\u4f53\u9a8c\uff0c\u5e76\u652f\u63f4\u8d85\u8fc7 100 \u79cd\u4e0d\u540c\u4ee3\u5e01\u5bf9\u7684\u69d3\u6746\u4ea4\u6613\u73af\u5883\u3002<\/p>\n<p><\/p>\n<p>Hyperliquid DEX \u63d0\u4f9b\u4ee5\u4e0b\u56db\u79cd\u8ba2\u5355\uff1a<\/p>\n<ul>\n<li><strong>\u5e02\u573a\u8ba2\u5355\uff1a<\/strong>\u4ee5\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u7acb\u5373\u6267\u884c\u4ea4\u6613\u3002<\/li>\n<li><strong>\u9650\u4ef7\u8ba2\u5355\uff1a<\/strong>\u4ee5\u6307\u5b9a\u7684\u671f\u671b\u4ef7\u683c\u6267\u884c\u4ea4\u6613\u3002<\/li>\n<li><strong>\u523b\u5ea6\u8ba2\u5355\uff1a<\/strong>\u5728\u8bbe\u5b9a\u7684\u4ef7\u683c\u8303\u56f4\u5185\u5efa\u7acb\u5e76\u6267\u884c\u591a\u4e2a\u9650\u4ef7\u8ba2\u5355\u3002<\/li>\n<li><strong>TWAP\uff1a<\/strong>\u5728\u56fa\u5b9a\u7684\u65f6\u95f4\u95f4\u9694\u5185\u5c06\u4e00\u4e2a\u8ba2\u5355\u5206\u6210\u591a\u4e2a\u8ba2\u5355\u6267\u884c\u4ea4\u6613\u3002<\/li>\n<\/ul>\n<p><\/p>\n<p>Hyperliquid \u5728\u4e3b\u7f51\u63a8\u51fa\u540e\u7684\u524d\u4e09\u4e2a\u6708\u5b9e\u65bd\u514d\u8d39\u4ea4\u6613\u653f\u7b56\uff0c\u4ee5\u4e89\u53d6\u521d\u671f\u4f7f\u7528\u8005\uff0c\u4e4b\u540e\u5c06\u63a8\u51fa\u6536\u8d39\u653f\u7b56\uff0c\u5411 Taker \u6536\u53d6 0.25% \u7684\u8d39\u7528\uff0c\u5e76\u5411 Maker \u63d0\u4f9b 0.2% \u7684\u56de\u6263\u3002\u7136\u800c\uff0c\u4ece 2024 \u5e74 3 \u6708\u8d77\uff0c\u4ed6\u4eec\u6539\u7528\u4ee5\u6bcf\u4e2a\u94b1\u5305 14 \u5929\u4ea4\u6613\u91cf\u4e3a\u57fa\u7840\u7684\u5206\u7ea7\u6536\u8d39\u673a\u5236\uff0c\u5e76\u91cd\u7ec4\u4e3a\u53ea\u6709\u7b26\u5408\u7279\u5b9a\u4ea4\u6613\u91cf\u95e8\u69db\u7684\u505a\u5e02\u5546\u624d\u80fd\u83b7\u5f97\u56de\u6263\u7684\u5236\u5ea6\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 4\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">Hyperliquid fee structure; <\/em><em>Hyperliquid Docs<\/em><\/p>\n<p><\/p>\n<p>Hyperliquid \u4e2d\u4ea7\u751f\u7684\u8d39\u7528\u6536\u5165\u5e76\u975e\u7531\u56e2\u961f\u6536\u53d6\uff0c\u800c\u662f\u5206\u53d1\u7ed9\u5c06\u6d41\u52a8\u8d44\u91d1\u5b58\u5165 HLP Vault\uff08Hyperliquid \u6d41\u52a8\u8d44\u91d1\u63d0\u4f9b\u8005\u50a8\u5b58\u5e93\uff09\u7684\u4f7f\u7528\u8005\uff0c\u4ee5\u53ca\u63f4\u52a9\u57fa\u91d1\uff0c\u8fd9\u90e8\u5206\u5c06\u5728\u4e0b\u6587\u8be6\u7ec6\u4ecb\u7ecd\u3002<\/p>\n<p><\/p>\n<h3>2.2.1. Mark Price \u673a\u5236<\/h3>\n<p>\u7531\u4e8e Hyperliquid \u662f\u4ee5 Orderbook \u4e3a\u57fa\u7840\uff0c\u7528\u6237\u7684\u4e70\u5165 \/ \u5356\u51fa\u4ef7\u683c\u57fa\u672c\u4e0a\u662f\u7531 Orderbook \u7684\u6d41\u52a8\u6027\u6240\u51b3\u5b9a\u3002\u7136\u800c\uff0c\u5f53 Orderbook \u7684\u6d41\u52a8\u6027\u4e0d\u8db3\u65f6\uff0c\u5c31\u4f1a\u51fa\u73b0\u4e0e\u5176\u4ed6\u5e02\u573a\u7684\u4ef7\u683c\u5dee\u8ddd\uff0c\u8fd9\u53ef\u80fd\u5bfc\u81f4\u5c0f\u89c4\u6a21\u7684\u6d41\u52a8\u6027\u653b\u51fb\u4e5f\u6709\u529e\u6cd5\u89e6\u53d1\u6e05\u7b97\u3001TP (Take Profit) \u548c SL (Stop Loss) \u4e8b\u4ef6\u3002<\/p>\n<p><\/p>\n<p>\u6b64\u5916\uff0c\u7531\u4e8e\u65e0\u5230\u671f\u65e5\u7684\u6c38\u4e45\u671f\u8d27\u4ea4\u6613\u7684\u6027\u8d28\uff0c\u4e3a\u4e86\u63a7\u5236\u4ef7\u683c\u4e0e\u73b0\u8d27\u4ef7\u683c\u7684\u504f\u5dee\uff0c\u6301\u4ed3\u8005\u5fc5\u987b\u5728\u6bcf\u4e2a\u7279\u5b9a\u65f6\u95f4\u6bb5\uff08Hyperliquid \u7684\u4e3a\u4e00\u5c0f\u65f6\uff09\u5411\u53cd\u6301\u4ed3\u8005\u652f\u4ed8\u4e00\u5b9a\u91d1\u989d\u4f5c\u4e3a\u8d44\u91d1\u7387\u3002\u56e0\u6b64\uff0cHyperliquid \u4f1a\u6839\u636e\u5916\u90e8\u4ea4\u6613\u6240\u7684\u4ef7\u683c\u8d44\u6599\u8ba1\u7b97 Mark Price\uff0c\u7528\u4e8e\u5e73\u4ed3\u3001TP\/SL \u548c\u8d44\u91d1\u7387\u7684\u8ba1\u7b97\u3002Hyperliquid \u8ba1\u7b97 <strong>Mark Price<\/strong> \u7684\u6807\u51c6\u5982\u4e0b\uff1a<\/p>\n<ul>\n<li><strong>Binance:<\/strong> 27.27<\/li>\n<li><strong>OKX:<\/strong> 18.18<\/li>\n<li><strong>Bybit:<\/strong> 18.18%<\/li>\n<li><strong>Kraken:<\/strong> 9.09%<\/li>\n<li><strong>Kucoin:<\/strong> 9.09<\/li>\n<li><strong>Gate IO:<\/strong> 9.09<\/li>\n<li><strong>MEXC:<\/strong> 9.09<\/li>\n<\/ul>\n<p><\/p>\n<h3>2.2.2. \u884d\u751f\u54c1\u548c\u73b0\u8d27\u4ea4\u6613<\/h3>\n<p>\u9664\u4e86\u7279\u5b9a\u4ee3\u5e01\u7684\u671f\u8d27\u4ea4\u6613\uff0cHyperliquid DEX \u8fd8\u63d0\u4f9b\u4ee5\u4e0b\u7c7b\u578b\u7684\u5de5\u5177\u4ea4\u6613\uff1a<\/p>\n<ul>\n<li><strong>\u6307\u6570\u6c38\u4e45\u5408\u7ea6\uff1a<\/strong>\u63d0\u4f9b\u5404\u79cd\u533a\u5757\u94fe\u751f\u6001\u7cfb\u7edf\u6307\u6570\u7684\u6c38\u7eed\u671f\u8d27\u4ea4\u6613\uff0c\u4f8b\u5982\u8ffd\u8e2a\u7279\u5b9a\u84dd\u7b79 NFT \u96c6\u5408\u5e73\u5747\u5e95\u4ef7\u7684\u6307\u6570 (NFTI-USD)\uff0c\u4ee5\u53ca\u8ffd\u8e2a\u533a\u5757\u94fe\u793e\u4ea4\u5e73\u53f0 Friend Tech \u524d 20 \u5927\u5f71\u54cd\u8005\u5e10\u6237\u4e2d\u7684\u4e2d\u95f4 8 \u4e2a\u5e10\u6237\u5e73\u5747 Key \u4ef7\u683c\u7684\u6307\u6570 (FRIEND-USD)\u3002<\/li>\n<li><strong>Hyperps\uff1a<\/strong>\u652f\u6301\u5c1a\u672a\u63a8\u51fa\u5e02\u573a\u7684\u4ee3\u5e01\u9884\u5148\u4ea4\u6613\u7684\u4ea7\u54c1\uff0c\u4f7f\u7528\u524d\u4e00\u5929\u6bcf\u5206\u949f\u7684 8 \u5c0f\u65f6\u6307\u6570\u7684\u52a0\u6743\u79fb\u52a8\u5e73\u5747\u7ebf (EWMA) \u6765\u786e\u5b9a\u4ef7\u683c\uff0c\u800c\u4e0d\u662f\u4f9d\u8d56\u4e8e\u5177\u4f53\u4ef7\u683c\u3002<\/li>\n<li><strong>\u73b0\u8d27\uff1a<\/strong>\u5728 Hyperliquid \u7f51\u8def\u4e0a\u53d1\u884c\u7684\u539f\u751f\u4ee3\u5e01\u3002<\/li>\n<\/ul>\n<p><\/p>\n<p>\u5176\u4e2d\uff0cHyperliquid \u6700\u8fd1\u4e00\u76f4\u4e3a\u5efa\u7acb\u548c\u6269\u5927\u81ea\u5df1\u7684\u751f\u6001\u7cfb\u7edf\u5728\u6295\u5165\u5927\u91cf\u7cbe\u529b\uff0c\u4ee5\u539f\u751f\u4ee3\u5e01\u53ca\u5176\u73b0\u8d27\u4ea4\u6613\u4e3a\u4e2d\u5fc3\uff0cHyperliquid \u7684\u539f\u751f\u4ee3\u5e01\u5c06\u901a\u8fc7 <strong>HIP\uff08Hyperliquid Improvement Proposals\uff09<\/strong>\u6301\u7eed\u53d1\u5c55\u3002<\/p>\n<ul>\n<li><strong>HIP-1\uff1a<\/strong>Hyperliquid \u539f\u751f\u4ee3\u5e01\u53d1\u884c\u6807\u51c6\u63d0\u6848\uff0c\u5305\u62ec\u4ee3\u5e01\u6807\u51c6\u683c\u5f0f\u548c\u4ee5 31 \u5c0f\u65f6\u4e3a\u9031\u671f\u7684 Dutch Auction \u62cd\u5356\u7cfb\u7edf\uff0c\u4ee5\u6291\u5236\u4ee3\u5e01\u7684\u65e0\u5e8f\u53d1\u884c\u3002\u8be5\u63d0\u6848\u4e5f\u5305\u62ec Spot Dust \u529f\u80fd\uff0c\u6bcf\u5929\u4e00\u6b21\u81ea\u52a8\u5c06\u7528\u6237\u94b1\u5305\u4e2d\u6301\u6709\u7684\u4ef7\u503c\u4f4e\u4e8e 1 \u7f8e\u5143\u7684\u4ee3\u5e01\u5411 Orderbook \u63d0\u4ea4\u5356\u51fa\u8ba2\u5355\u3002<\/li>\n<li><strong>HIP-2\uff1a<\/strong>\u4e3a\u5df2\u53d1\u884c\u7684\u539f\u751f\u4ee3\u5e01\u81ea\u52a8\u63d0\u4f9b\u6d41\u52a8\u6027\u7684\u89e3\u51b3\u65b9\u6848\u63d0\u6848\u3002\u6b64\u89e3\u51b3\u65b9\u6848\u6bcf 3 \u79d2\u6309\u5f53\u524d\u4ef7\u683c\u7684 \u00b10.3% \u5411 Orderbook \u63d0\u4ea4\u4e70 \/ \u5356\u8ba2\u5355\uff0c\u4ee3\u5e01\u53d1\u884c\u8005\u5fc5\u987b\u9009\u62e9\u662f\u5426\u6267\u884c\u6d41\u52a8\u6027\u63d0\u4f9b\u89e3\u51b3\u65b9\u6848\uff0c\u5e76\u5728\u53d1\u884c\u4ee3\u5e01\u65f6\u5b58\u5165\u6240\u9700\u7684\u6d41\u52a8\u6027\u3002<\/li>\n<\/ul>\n<p><\/p>\n<p>\u622a\u81f3 2024 \u5e74 12 \u6708 4 \u65e5\uff0c\u5305\u62ec\u4e3b\u7f51\u4ee3\u5e01 $HYPE \u5728\u5185\uff0c\u5171\u6709 53 \u79cd\u4ee3\u7528\u5e01\u900f\u8fc7 HIP \u6807\u51c6\u5728 Hyperliquid DEX \u8fdb\u884c\u4ea4\u6613\u3002\u5728 $HYPE \u63a8\u51fa\u540e\uff0c\u73b0\u8d27\u4ea4\u6613\u91cf\u5927\u5e45\u589e\u52a0\uff0c\u6bcf\u65e5\u4ea4\u6613\u91cf\u8fbe\u5230 6.28 \u4ebf\u7f8e\u5143\uff0c\u800c\u968f\u7740\u53d1\u884c\u4ee3\u5e01\u6570\u91cf\u7684\u589e\u52a0\uff0c\u4ee5\u53ca\u66f4\u591a\u53ef\u4ee5\u5229\u7528\u8fd9\u4e9b\u4ee3\u5e01\u7684 dApp \u51fa\u73b0\uff0cHyperliquid \u7684\u73b0\u8d27\u4ea4\u6613\u91cf\u9884\u8ba1\u5c06\u4f1a\u8fdb\u4e00\u6b65\u589e\u957f\u3002\u76ee\u524d\uff0cHyperliquid \u7684\u6bcf\u65e5\u73b0\u8d27\u4ea4\u6613\u91cf\u7ef4\u6301\u5728 3.33 \u4ebf\u7f8e\u5143\uff0c\u5728 $HYPE \u53d1\u884c\u540e\u7565\u6709\u51cf\u5c11\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 5\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">Hyperliquid native token trading volume trend; Source: <\/em><em>Purrburn<\/em><\/p>\n<p><\/p>\n<p>\u6b64\u5916\uff0c\u968f\u7740\u5916\u90e8\u6d41\u52a8\u8d44\u91d1\u6d41\u5165 Hyperliquid \u751f\u6001\u7cfb\u7edf\uff0c\u4ee5\u53ca $HYPE \u53d1\u884c\u540e\u73b0\u8d27\u4ea4\u6613\u53d8\u5f97\u66f4\u52a0\u6d3b\u8dc3\uff0c\u900f\u8fc7 HIP-1 \u63a8\u51fa\u7684\u4ee3\u5e01\u62cd\u5356\u7684\u4e2d\u6807\u4ef7\u4e5f\u5448\u73b0\u4e0a\u5347\u8d8b\u52bf\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 6\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">Ticker auction winning price trend; Source: <\/em><em>Hypurrscan<\/em><\/p>\n<p><\/p>\n<h3>2.2.3. HLP \u548c\u7528\u6237\u50a8\u5b58\u5e93<\/h3>\n<p>\u5728\u73b0\u6709\u7684 Orderbook \u4ea4\u6613\u6240\u4e2d\uff0c\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u5fc5\u987b\u6301\u7eed\u76d1\u63a7\uff0c\u5e76\u6839\u636e\u60c5\u51b5\u63d0\u4ea4\u548c\u4fee\u6539\u4e70 \/ \u5356\u6307\u4ee4\uff0c\u8fd9\u4e5f\u4ee3\u8868\u5fc5\u987b\u4f9d\u8d56\u5c11\u6570\u7684\u4e13\u4e1a\u505a\u5e02\u5546\u6765\u63d0\u4f9b\u6d41\u901a\u91cf\uff0c\u5bfc\u81f4\u8fd9\u4e9b\u505a\u5e02\u5546\u5784\u65ad\u4e86\u6d41\u52a8\u6027\u63d0\u4f9b\u6240\u4ea7\u751f\u7684\u5229\u6da6\u3002<\/p>\n<p><\/p>\n<p>\u76f8\u6bd4\u4e4b\u4e0b\uff0cHyperliquid \u63d0\u4f9b\u4e86\u4e00\u4e2a\u529f\u80fd\uff0c\u7528\u6237\u53ea\u9700\u5c06\u8d44\u4ea7\u5b58\u5165 <strong>HLP Vault (Hyperliquid Liquidity Provider Vault)<\/strong>\uff0c\u5c31\u53ef\u4ee5\u53c2\u4e0e\u505a\u5e02\u5e76\u8d5a\u53d6\u5229\u6da6\uff0c\u800c HLP Vault \u4f1a\u76f4\u63a5\u7531\u56e2\u961f\u6267\u884c\u5411 Hyperliquid Orderbook \u63d0\u4f9b\u6d41\u52a8\u6027\u3002\u5982\u524d\u6240\u8ff0\uff0cHyperliquid \u7684\u5927\u90e8\u5206\u6536\u5165\u5206\u914d\u7ed9\u5c06\u6d41\u52a8\u6027\u5b58\u5165 HLP \u7684\u7528\u6237\u3002<\/p>\n<p><\/p>\n<p>HLP \u91d1\u5e93\u7531\u4e09\u4e2a\u7b56\u7565\u7ec4\u6210\uff1a\u7b56\u7565 A\u3001\u7b56\u7565 B \u548c\u6e05\u76d8\u4eba\u7b56\u7565\u3002\u6e05\u76d8\u4eba\u7b56\u7565\u7684\u5de5\u4f5c\u539f\u7406\u662f\u5f53\u6e05\u76d8\u76ee\u6807\u7684\u7ef4\u6301\u4fdd\u8bc1\u91d1\u4f4e\u4e8e 2\/3 \u65f6\u63a5\u7ba1\u5934\u5bf8\uff0c\u800c\u5176\u4ed6\u4e24\u79cd\u7b56\u7565\u7684\u5177\u4f53\u8fd0\u4f5c\u673a\u5236\u4e3a\u9632\u6b62\u66b4\u9732\u64cd\u4f5c\u7ec6\u8282\u800c\u672a\u516c\u5f00\u3002\u4f46\u662f\uff0c\u7531\u4e8e\u6bcf\u4e2a\u7b56\u7565\u7684\u63d0\u4ea4\u8ba2\u5355\u5386\u53f2\u548c\u9980\u989d\u72b6\u6001\u90fd\u8bb0\u5f55\u5728 Hyperliquid \u7f51\u7edc\u4e0a\uff0c\u56e0\u6b64\u53ef\u4ee5\u901a\u8fc7 HLP \u9762\u677f\u8fdb\u884c\u900f\u660e\u68c0\u67e5\u3002<\/p>\n<p><\/p>\n<p>\u622a\u81f3 2024 \u5e74 12 \u6708 4 \u65e5\uff0c\u5b58\u5165 HLP \u91d1\u5e93\u7684\u8d44\u4ea7\u603b\u89c4\u6a21\u4e3a 1.68 \u4ebf\u7f8e\u5143\uff0c\u7d2f\u8ba1\u83b7\u5229 4,300 \u4e07\u7f8e\u5143\uff0c11 \u6708\u4efd\u8bb0\u5f55\u7684\u5e74\u5229\u7387\u7ea6\u4e3a 20%\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 7\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">HLP vault PNL trend; Source: <\/em><em>Stats.hyperliquid<\/em><\/p>\n<p><\/p>\n<p>\u6b64\u5916\uff0cHyperliquid \u63d0\u4f9b HLP \u4ee5\u5916\u7684\u7528\u6237\u91d1\u5e93\u529f\u80fd\uff0c\u5141\u8bb8\u4efb\u4f55\u4eba\u5efa\u7acb\u91d1\u5e93\uff0c\u6267\u884c\u7c7b\u4f3c HLP \u7684\u4ea4\u6613\u7b56\u7565\uff0c\u5e76\u4e14\u4e5f\u63a5\u53d7\u4f7f\u7528\u8005\u5b58\u6b3e\u8fdb\u884c\u64cd\u4f5c\u3002\u4fdd\u7ba1\u5e93\u7ecf\u8425\u8005\u53ef\u4ece\u8425\u8fd0\u6240\u4ea7\u751f\u7684\u5229\u6da6\u4e2d\u6536\u53d6 10% \u4f5c\u4e3a\u8d39\u7528\uff0c\u5e76\u5fc5\u987b\u5c06\u5176\u81ea\u8eab\u5728\u4fdd\u7ba1\u5e93\u4e2d\u7684\u8d44\u4ea7\u6bd4\u7387\u7ef4\u6301\u5728 5% \u6216\u66f4\u9ad8\uff0c\u4ee5\u7ef4\u6301\u4e0e\u5b58\u6b3e\u4eba\u7684\u5229\u76ca\u4e00\u81f4\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 8\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">User vault list; Source: <\/em><em>Hyperliquid<\/em><\/p>\n<p><\/p>\n<h2>2.3. $HYPE<\/h2>\n<p>\u81ea 2022 \u5e74 11 \u6708\u5c01\u95ed\u6d4b\u8bd5\u63a8\u51fa\u65e5\u8d77\uff0c\u81f3 2024 \u5e74 9 \u6708\u6b62\uff0cHyperliquid \u4f9d\u636e\u4e0b\u5217\u6807\u51c6\u5206\u914d Hyperliquid \u70b9\u6570\u7ed9\u4f7f\u7528\u8005\uff1a<\/p>\n<ol>\n<li><strong>\u5c01\u95ed\u6d4b\u8bd5 &amp; \u7b2c\u4e00\u5b63 (2022.1~2024.4)\uff1a<\/strong>\u6839\u636e Perp \u4ea4\u6613\u91cf\u5206\u53d1\u70b9\u6570\u3002<\/li>\n<li><strong>\u7b2c\u4e8c\u5b63 (2024.6~2024.10)\uff1a<\/strong>\u6839\u636e\u751f\u6001\u7cfb\u7edf\uff08\u5982 Layer 1 \u548c\u73b0\u8d27\u4ea4\u6613\uff09\u7684\u53c2\u4e0e\u5ea6\u5206\u53d1\u70b9\u6570\u3002<\/li>\n<li>\u8ffd\u6eaf 2024 \u5e74 5 \u6708\u300110 \u6708\u53ca 11 \u6708\u7684\u4ea4\u6613\u5206\u53d1\u70b9\u6570\u3002<\/li>\n<\/ol>\n<p><\/p>\n<p>\u7b2c\u4e8c\u5b63\u7ed3\u675f\u540e\uff0c2024 \u5e74 10 \u6708 15 \u65e5\uff0cHyperliquid \u6210\u7acb\u57fa\u91d1\u4f1a\uff0c\u540c\u65f6\u5ba3\u4f48\u53d1\u884c\u4e0e\u7a7a\u6295\u7f51\u8def\u4ee3\u5e01 $HYPE\uff0c\u5e76\u4e8e 11 \u6708 29 \u65e5\uff0c\u5c06\u76f8\u5f53\u4e8e\u603b\u4f9b\u5e94\u91cf\u7ea6 31% \u4e0e\u521d\u59cb\u6d41\u901a\u91cf 83% \u7684 $HYPE \u4ee3\u5e01\u5206\u53d1\u7ed9\u6316\u5230 Hyperliquid \u70b9\u6570\u7684\u7528\u6237\u3002<\/p>\n<p><\/p>\n<p>\u57fa\u91d1\u4f1a\u516c\u5e03\u7684 $HYPE \u7684\u6548\u7528\u5982\u4e0b\uff1a<\/p>\n<ul>\n<li>\u900f\u8fc7\u672a\u6765\u63a8\u51fa\u7684 $HYPE \u8d28\u62bc\uff08\u76ee\u524d\u6b63\u5728\u6d4b\u8bd5\u7f51\u8def\u4e0a\u6d4b\u8bd5\uff09\uff0c\u4f5c\u4e3a HyperBFT \u7684\u5b89\u5168\u9884\u7b97\u3002<\/li>\n<li>\u5728\u5373\u5c06\u63a8\u51fa\u7684 HyperEVM \u4e0a\u4f5c\u4e3a\u7f51\u8def\u8d39\u7528\u4ee3\u5e01\u4f7f\u7528\u3002<\/li>\n<li>\u5c06\u603b\u4f9b\u5e94\u91cf\u7684\u7ea6 40% \u7528\u4e8e\u672a\u6765\u7684\u793e\u533a\u5956\u52b1\u548c\u751f\u6001\u7cfb\u7edf\u8865\u52a9\u3002<\/li>\n<\/ul>\n<p><\/p>\n<p>\u4ee3\u5e01\u7a7a\u6295\u540e\uff0c$HYPE \u5728 Hyperliquid \u7684 HYPE\/USDC \u73b0\u8d27\u4ea4\u6613\u5bf9\u4e0a\u6302\u724c\uff0c\u8d77\u59cb\u4ef7\u683c\u4e3a 2 \u7f8e\u5143\u3002\u4e0a\u5e02\u540e\u7684\u524d 7 \u5929\uff0c\u4ef7\u683c\u4e0a\u6da8\u4e86\u7ea6 7 \u500d\uff0c\u5e76\u5728\u4fee\u6b63\u9636\u6bb5\u4e5f\u591a\u5c11\u7ef4\u6301\u4e0a\u5347\u8d70\u52bf\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 9\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">$HYPE price trend; Source: <\/em><em>Hyperliquid<\/em><\/p>\n<p><\/p>\n<p>\u63a8\u52a8 $HYPE \u4e0a\u6da8\u7684\u56e0\u7d20\u5305\u62ec\uff1a1) \u5efa\u7acb\u4e86\u4e00\u4e2a\u575a\u5b9e\u7684\u793e\u7fa4\uff0c\u8ba9\u793e\u7fa4\u5206\u4eab\u4ee5\u56e2\u961f\u4e3a\u4e2d\u5fc3\u5efa\u7acb\u7684 Hyperliquid \u4ea4\u6613\u6240\u7684\u8bae\u7a0b\uff1b2) \u5728\u6ca1\u6709\u5916\u90e8\u8d44\u91d1\u7684\u60c5\u51b5\u4e0b\uff0c\u6ca1\u6709\u673a\u6784\u6295\u8d44\u8005\u53ef\u4ee5\u8fdb\u884c\u5927\u89c4\u6a21\u7684\u629b\u552e\uff1b3) \u4f7f\u7528 Hyperliquid \u63f4\u52a9\u57fa\u91d1\u94b1\u5305\u4e2d\u7d2f\u79ef\u7684\u8d39\u7528\u6301\u7eed\u8fdb\u884c $HYPE \u56de\u8d2d\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 10\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">Amount of $HYPE held by Hyperliquid assistance fund wallet; Source: <\/em><em>Hypurrscan<\/em><\/p>\n<p><\/p>\n<h2 class=\"_content_replace_h1\">3. Hyperliquid \u751f\u6001\u7cfb\u7edf<\/h2>\n<p>\u5927\u591a\u6570\u4ee5 Orderbook \u4e3a\u57fa\u7840\u7684 PerpDEX \u4e0d\u662f\u7f3a\u4e4f\u81ea\u5df1\u7684\u7f51\u8def\uff0c\u5c31\u662f\u5176\u67b6\u6784\u4e5f\u53ea\u4e13\u6ce8\u4e8e\u300c\u4ea4\u6613\u300d\u529f\u80fd\uff0c\u56e0\u6b64\u65e0\u6cd5\u5f62\u6210\u4ece\u5c5e\u7684\u751f\u6001\u7cfb\u7edf\uff0c\u4e0e PerpDEX \u4ea7\u751f\u534f\u540c\u6548\u5e94\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0cHyperliquid \u4f5c\u4e3a Layer 1 \u7f51\u8def\uff0c\u5e76\u4e0d\u8fdb\u9650\u4e8e PerpDEX\uff0c\u800c\u662f\u628a\u5176\u613f\u666f\u6446\u5728\u5efa\u7acb\u4e00\u4e2a\u5e9e\u5927\u7684\u751f\u6001\u7cfb\u7edf\uff0c\u7ed3\u5408\u73b0\u6709\u7684\u94fe\u4e0a\u7528\u6237\u4e0e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7528\u6237\uff0c\u900f\u8fc7\u4e0a\u67b6\u5404\u79cd dApp\u3001\u900f\u8fc7 HIP \u53d1\u884c\u7684\u539f\u751f\u4ee3\u5e01\u3001\u4ee5\u53ca HyperEVM \u7684\u5f15\u8fdb\uff0c\u521b\u9020\u51fa PerpDEX \u65e0\u6cd5\u8fbe\u5230\u7684\u7f51\u8def\u6548\u5e94\u3002<\/p>\n<p><\/p>\n<h2>3.1. $PURR<\/h2>\n<p>$PURR \u662f Hyperliquid \u7684\u7b2c\u4e00\u4e2a\u539f\u751f\u4ee3\u5e01\u548c\u8ff7\u56e0\u5e01\uff0c\u4e8e 2024 \u5e74 4 \u6708 16 \u65e5\u968f\u7740 HIP-1 \u7684\u63a8\u51fa\u800c\u53d1\u884c\u3002<\/p>\n<p><\/p>\n<p>\u53d1\u884c\u65f6\uff0c\u603b\u6d41\u901a\u91cf\u7684 50% \u6309\u6bd4\u4f8b\u5206\u53d1\u7ed9 Hyperliquid \u7528\u6237\u7684 Hyperliquid \u70b9\u6570\uff0c\u5269\u9980\u7684 50% \u539f\u672c\u6253\u7b97\u6839\u636e HIP-2 \u7528\u4e8e\u5411 PURR\/USDC \u73b0\u8d27\u5bf9\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u4f46\u7531\u4e8e\u5728\u6d4b\u8bd5\u671f\u95f4\u6536\u5230\u793e\u7fa4\u7684\u53cd\u9988\uff0c\u8ba4\u4e3a\u5df2\u7ecf\u63d0\u4f9b\u8fc7\u591a\u7684\u6d41\u52a8\u6027\uff0c\u56e2\u961f\u51b3\u5b9a\u70e7\u6389 80% \u7684\u6d41\u52a8\u6027\u4f9b\u5e94\u5206\u914d\u3002\u6b64\u5916\uff0c\u7531\u4e8e\u5f15\u5165\u4e86\u4f7f\u7528\u90e8\u5206\u4ea4\u6613\u8d39\u7528\u7684\u70e7\u6bc1\u673a\u5236\uff0c\u56e0\u6b64\u6301\u7eed\u8fdb\u884c\u70e7\u6bc1\uff0c\u8fc4\u4eca\u4e3a\u6b62\u5171\u70e7\u6bc1\u4e86 4.018 \u4ebf\u7f8e\u5143\u7684 PURR\uff0c\u5176\u4e2d\u5305\u62ec\u6700\u521d\u7684\u70e7\u6bc1\u91d1\u989d\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 11\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">$PURR circulation status; Source: <\/em><em>purrburn.fun<\/em><\/p>\n<p><\/p>\n<p>$PURR \u53d1\u884c\u540e\uff0c\u7531\u4e8e\u5176\u4ed6\u539f\u751f\u4ee3\u5e01\u6380\u8d77\u4e00\u80a1\u63d0\u4f9b\u7a7a\u6295\u7ed9 $PURR \u6301\u6709\u8005\u7684\u98ce\u6f6e\uff0c\u52a0\u4e0a Hyperliquid \u70b9\u6570\u5206\u6d3e\u7ed9 $PURR \u6301\u6709\u8005\u7684\u4f20\u8a00\u4e0d\u7edd\u4e8e\u8033\uff0c\u56e0\u6b64 $PURR \u7684\u4ef7\u683c\u81ea\u53d1\u884c\u8d77\uff0c\u4e09\u5929\u5185\u5f55\u5f97\u7ea6 166% \u7684\u6210\u957f\u3002\u6700\u8fd1\uff0c\u968f\u7740 $HYPE \u63a8\u51fa\u6d88\u606f\u7684\u540c\u65f6\uff0c\u5916\u90e8\u6d41\u52a8\u8d44\u91d1\u805a\u96c6\u5728 Hyperliquid\uff0c$PURR \u4e5f\u6709\u4e86\u663e\u7740\u7684\u6da8\u5e45\uff0c\u5e02\u503c\u7ef4\u6301\u5728 $HYPE \u4e4b\u540e\uff0c\u8fbe\u5230 1.76 \u4ebf\u7f8e\u5143\uff0c\u4f4d\u5c45\u7b2c\u4e8c\u3002<\/p>\n<p><\/p>\n<h2>3.2. Hypurr Fun ($HFUN)<\/h2>\n<p>Hypurr Fun \u662f\u4e00\u4e2a Telegram \u673a\u5668\u4eba\uff0c\u5e2e\u52a9\u7528\u6237\u901a\u8fc7 Telegram \u5728 Hyperliquid \u4e0a\u8fdb\u884c\u4ea4\u6613\uff0c\u6700\u8fd1\u8fd8\u63a8\u51fa\u548c\u8fd0\u8425\u4e86 Hypurr Pump\uff0c\u4e00\u4e2a\u8ff7\u56e0\u5e01\u53d1\u884c\u5e73\u53f0\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img src alt=\"Hyperliquid - PerpDEX Endgame image 12\"><\/p>\n<p class=\"ql-align-center\"><em style=\"font-size:14px\">Hypurrfun Dashboard; Source: <\/em><em>hypurr.fun<\/em><\/p>\n<p><\/p>\n<p>\u7528\u6237\u53ef\u4ee5\u900f\u8fc7 Telegram \u673a\u5668\u4eba\u8f7b\u677e\u5730\u5728 Hyperliquid \u4e0a\u5efa\u7acb\u548c\u5e73\u4ed3\uff0c\u5728 Hypurr Pump \u4e0a\u53c2\u4e0e\u8ff7\u56e0\u5e01\u7684\u878d\u8d44\uff0c\u5728 Hypurr Pump \u4e0a\u83b7\u5f97\u8d85\u8fc7 10 \u4e07\u7f8e\u5143\u878d\u8d44\u7684\u8ff7\u56e0\u5e01\u4e13\u6848\u53ef\u4ee5\u53c2\u4e0e Hyperliquid \u7684\u80a1\u7968\u62cd\u5356\uff0c\u6839\u636e\u878d\u8d44\u7684\u60c5\u51b5\u53d1\u884c\u81ea\u5df1\u7684\u8ff7\u56e0\u5e01\u3002<\/p>\n<p><\/p>\n<p>\u8be5\u9879\u76ee\u7684\u6838\u5fc3\u662f $HFUN\uff0c\u662f\u7ee7 $PURR \u4e4b\u540e\u5728 Hyperliquid \u4e0a\u53d1\u884c\u7684\u7b2c\u4e8c\u4e2a\u539f\u751f\u4ee3\u5e01\uff0c\u5176\u7ed3\u6784\u662f\u5229\u7528\u901a\u8fc7 Hypurr Fun \u548c Hypurr Pump \u4ea7\u751f\u7684\u5e73\u53f0\u6536\u5165\u6765\u70e7 $HFUN\u3002<\/p>\n<p><\/p>\n<h2>3.3. HyperLend<\/h2>\n<p>HyperLend \u662f\u4e13\u4e3a Hyperliquid \u751f\u6001\u7cfb\u7edf\u8bbe\u8ba1\u7684\u501f\u8d37\u534f\u5b9a\uff0c\u9884\u8ba1\u4e0e HyperEVM \u4e00\u8d77\u63a8\u51fa\uff0c\u76ee\u524d\u4ec5\u5728 HyperEVM \u6d4b\u8bd5\u7f51\u8def\u4e0a\u8fd0\u4f5c\u3002<\/p>\n<p><\/p>\n<p>HyperLend \u6b63\u5728\u51c6\u5907\u7684\u529f\u80fd\u5305\u62ec\uff1a<\/p>\n<ul>\n<li><strong>\u69d3\u6746\u6536\u76ca\u8015\u4f5c\uff1a<\/strong>\u63d0\u4f9b\u4f7f\u7528 $stHYPE \u7684\u69d3\u6746\u6536\u76ca\u7387\u8015\u4f5c\u5934\u5bf8\uff0c$stHYPE \u662f Thunderhead\uff08\u4e00\u4e2a\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\u53d1\u884c\u5e73\u53f0\uff09\u8ba1\u753b\u5728\u672a\u6765\u53d1\u884c\u7684 $HYPE \u7684\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\u3002<\/li>\n<li><strong>HLP \u62b5\u62bc\u54c1\u8d37\u6b3e\uff1a<\/strong>\u4f7f\u7528\u5b58\u5165 HLP \u7684\u8d44\u91d1\u4f5c\u4e3a\u62b5\u62bc\u54c1\u63d0\u4f9b\u8d37\u6b3e\u670d\u52a1\u3002<\/li>\n<li><strong>Vault Share \u4ee3\u5e01\u53d1\u884c\uff1a<\/strong>\u53d1\u884c\u53ef\u62c5\u4fdd\u5b58\u653e\u4e8e\u91d1\u5e93\u7684\u8d44\u91d1\u7684\u4ee3\u5e01\uff0c\u5e76\u4e3a\u8fd9\u4e9b\u4ee3\u5e01\u63d0\u4f9b\u62b5\u62bc\u8d37\u6b3e\u3002<\/li>\n<li><strong>\u8de8\u94fe\u4e00\u952e\u8d37\u6b3e\uff1a<\/strong>\u5404\u79cd Layer 2 \u7f51\u8def\u8d44\u4ea7\u7684\u6865\u6a11\u529f\u80fd\uff0c\u5e76\u63a1\u7528\u8fd9\u4e9b\u8d44\u4ea7\u4f5c\u4e3a HyperLend \u62b5\u62bc\u54c1\u3002<\/li>\n<\/ul>\n<p><\/p>\n<p>HyperLend \u63d0\u4f9b\u8fd9\u4e9b\u529f\u80fd\uff0c\u53ef\u5c06 Hyperliquid \u4e0a\u5404\u79cd\u9501\u5b9a\u7684\u6d41\u52a8\u6027\u4ee3\u5e01\u5316\uff0c\u5e76\u4ee5\u6b64\u4f5c\u4e3a\u62b5\u62bc\u54c1\u63d0\u4f9b\u8d37\u6b3e\u670d\u52a1\uff0c\u53ef\u671b\u5728\u63a8\u51fa\u540e\u4f7f Hyperliquid \u751f\u6001\u7cfb\u7edf\u5185\u7684\u6536\u76ca\u8015\u4f5c\u8def\u5f84\u591a\u6837\u5316\uff0c\u5e76\u63d0\u9ad8\u6d41\u52a8\u6027\u3002<\/p>\n<p><\/p>\n<p>\u6b64\u5916\uff0cHyperliquid \u751f\u6001\u7cfb\u7edf\u8fd8\u5305\u62ec\u6b63\u5728\u8fdb\u884c\u6216\u51c6\u5907\u4ece\u5176\u4ed6\u7f51\u8def\u52a0\u5165\u7684\u5404\u79cd\u534f\u5b9a\uff0c\u4f8b\u5982 Abracadabra\uff08\u63d0\u4f9b\u57fa\u4e8e\u7a33\u5b9a\u5e01 $MIM \u7684\u501f\u8d37\u548c\u69d3\u6746\u529f\u80fd\uff09\u3001Rage Trade\uff08\u591a\u94fe\u6c38\u4e45\u805a\u5408\u5668\uff09\u548c Solv Protocol\uff08\u6bd4\u7279\u5e01\u5b9a\u4ef7\u534f\u8bae\uff09\u3002\u8fd9\u4e9b\u534f\u8bae\u7684\u542f\u7528\u548c\u539f\u751f\u4ee3\u5e01\u7684\u53d1\u884c\u9884\u8ba1\u5c06\u6709\u52a9\u4e8e\u589e\u52a0 Hyperliquid DEX \u7684\u4ea4\u6613\u91cf\u3002<\/p>\n<p><\/p>\n<h2 class=\"_content_replace_h1\">4. \u7ed3\u8bba<\/h2>\n<p>\u5f53\u5176\u4ed6\u7684 PerpDEX \u5728\u7ea0\u7ed3\u5982\u4f55\u540c\u65f6\u6ee1\u8db3\u7528\u6237\u7684\u4ea4\u6613\u4f53\u9a8c\u548c\u6d41\u52a8\u6027\u95ee\u9898\u65f6\uff0cHyperliquid \u5b9e\u73b0\u4e86\u5feb\u901f\u4e14\u57fa\u4e8e Orderbook \u7684\u94fe\u4e0a PerDEX\uff0c\u4e0d\u4f46\u4e0d\u9700\u8981\u7528\u6237\u7b7e\u540d\u4e5f\u4e0d\u9700\u8981 Gas Fee\uff0c\u4fdd\u6301\u4e86\u826f\u597d\u7684\u7528\u6237\u4f53\u9a8c\u3002\u6b64\u5916\uff0c\u4ee5 $HYPE \u7684\u63a8\u51fa\u4e3a\u8f6c\u6369\u70b9\uff0cHyperliquid \u5df2\u53d7\u5230\u5e02\u573a\u7684\u9ad8\u5ea6\u5173\u6ce8\uff0c\u5e76\u663e\u793a\u51fa\u5728\u5176\u4ed6 PerpDEX \u4e2d\u524d\u6240\u672a\u6709\u7684\u5feb\u901f\u6210\u957f\u3002<\/p>\n<p><\/p>\n<p>\u5c24\u5176\u901a\u8fc7 HIP-1 \u5f15\u5165\u7684\u73b0\u8d27\u4ee3\u7528\u5e01\u53d1\u884c\u673a\u5236\u4f5c\u4e3a\u4ee3\u5e01\u53d1\u884c\u7684\u5e73\u53f0\uff0c\u7c7b\u4f3c\u4e8e Solana \u4e0a\u7684 Pump.fun\u3001Base \u4e0a\u7684 Clanker \u4ee5\u53ca Virtual Protocol\uff0c\u90fd\u5927\u5927\u4fc3\u8fdb\u4e86\u8fd1\u671f\u7f51\u8def\u4f7f\u7528\u7387\u7684\u589e\u52a0\u3002Hyperliquid \u7684\u76ee\u6807\u662f\u6210\u4e3a\u4e00\u4e2a\u4ee5\u56e2\u961f\u4e3a\u4e2d\u5fc3\u7684\u793e\u7fa4\u3002<\/p>\n<p><\/p>\n<p>\u6b64\u5916\uff0cHyperliquid \u901a\u8fc7\u6574\u5408\u5176\u4ed6\u534f\u8bae\uff0c\u5728\u73b0\u8d27\u4e0e\u671f\u8d27\u4ea4\u6613\u529f\u80fd\u4e4b\u5916\uff0c\u76ee\u6807\u6210\u4e3a\u4e00\u4e2a Layer 1 \u534f\u8bae\uff0c\u4ee5\u5f62\u6210\u4e00\u4e2a\u751f\u6001\u7cfb\u7edf\u3002\u85c9\u6b64\uff0cHyperliquid \u5df2\u5efa\u7acb\u81ea\u5df1\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u5e76\u83b7\u5f97\u671f\u671b\uff0c\u80fd\u5c06\u73b0\u6709\u533a\u5757\u94fe\u4e13\u6848\u96be\u4ee5\u5438\u5f15\u7684\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7528\u6237\u5e26\u5165\u94fe\u4e0a\u73af\u5883\uff0c\u8ba9\u4ed6\u4eec\u4e0e\u73b0\u6709\u7684\u94fe\u4e0a\u7528\u6237\u5408\u4f75\u3002<\/p>\n<p><\/p>\n<p><img src alt=\"Hyperliquid - PerpDEX Endgame image 13\"><\/p>\n<p><\/p>\n<p>\u6b63\u5982\u6211\u4eec\u5728 \u300c\u5e02\u573a\u8bc4\u8bba | 12.06\u300d \u4e00\u6587\u4e2d\u63d0\u5230\u7684\uff0c\u7531\u4e8e Hyperliquid \u5728\u4ee3\u5e01\u53d1\u884c\u540e\u7684\u5feb\u901f\u589e\u957f\uff0c\u6709\u610f\u89c1\u8ba4\u4e3a Hyperliquid \u7684\u4ee3\u5e01\u4ef7\u503c\u53ef\u80fd\u6709\u4e9b\u88ab\u9ad8\u4f30\u3002\u7136\u800c\uff0c\u8003\u8651\u5230\u8be5\u6587\u7ae0\u4e2d\u6ca1\u6709\u5305\u62ec Hyperliquid \u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u5176\u4ed6\u4ee3\u5e01\u4ef7\u503c\uff08\u4e3b\u8981\u662f\u73b0\u8d27\u5e02\u573a\u4e2d\u7684\u4ee3\u5e01\uff09\uff0c\u662f\u6709\u7a7a\u95f4\u53cd\u9a73\u5176\u9ad8\u4f30\u7684\u8bba\u70b9\u3002\u5982\u4e0a\u56fe\u6240\u793a\uff0c\u5c06\u73b0\u8d27\u5e02\u573a\u4ee3\u5e01\u4ef7\u503c\u7eb3\u5165 TVL \u65f6\uff0cFDV\/TVL \u6bd4\u7387\u4e3a <strong>5.66<\/strong>\uff0c\u4e0e Jupiter \u76f8\u6bd4\u8fd8\u662f\u5904\u4e8e\u4f4e\u4f30\u8303\u56f4\u3002<\/p>\n<p><\/p>\n<p>\u8fd9\u4e2a\u4f30\u503c\u8bc4\u4f30\u4e5f\u53ef\u4ee5\u5e94\u7528\u5728 Layer 1 \u9879\u76ee\u4e4b\u95f4\uff0c\u7b80\u5355\u6bd4\u8f83\u5982\u4e0b\uff08\u4f30\u503c\u4ee5 DeFiLlama \u4e3a\u57fa\u7840\uff09\uff1a<\/p>\n<ul>\n<li>Hyperliquid($HYPE)<\/li>\n<li class=\"ql-indent-1\">FDV: $13.85B \/ TVL: $2.45B<\/li>\n<li class=\"ql-indent-1\"><strong>FDV\/TVL: 5.66<\/strong><\/li>\n<li>Sui($SUI)<\/li>\n<li class=\"ql-indent-1\">FDV: $37B \/ TVL: $2.74B<\/li>\n<li class=\"ql-indent-1\"><strong>FDV\/TVL: 13.5<\/strong><\/li>\n<li>Aptos($APT)<\/li>\n<li class=\"ql-indent-1\">FDV: $13.1B \/ TVL: $2.48B<\/li>\n<li class=\"ql-indent-1\"><strong>FDV\/TVL: 5.28<\/strong><\/li>\n<li>Avalanche($AVAX)<\/li>\n<li class=\"ql-indent-1\">FDV: $31.8B \/ TVL: $2.57B<\/li>\n<li class=\"ql-indent-1\"><strong>FDV\/TVL: 12.37<\/strong><\/li>\n<\/ul>\n<p><\/p>\n<p>\u5982\u8fd9\u4e9b\u6bd4\u8f83\u6240\u793a\uff0cHyperliquid \u4e0e\u5177\u6709\u7c7b\u4f3c TVL \u6307\u6807\u7684 Layer 1 \u76f8\u6bd4\uff0c\u4f3c\u4e4e\u5904\u4e8e\u88ab\u4f4e\u4f30\u7684\u8303\u56f4\u3002\u8003\u8651\u5230\u8fd9\u4e00\u70b9\uff0c\u6211\u4eec\u76f8\u4fe1\u900f\u8fc7 HyperEVM \u7684\u63a8\u51fa\u548c Layer 1 \u751f\u6001\u7cfb\u7edf\u7684\u6269\u5c55\uff0cHyperliquid \u7684\u4ef7\u503c\u6709\u53ef\u80fd\u83b7\u5f97\u66f4\u9ad8\u7684\u8bc4\u4ef7\u3002<\/p>\n<p><\/p>\n<p>\u7136\u800c\uff0cHyperliquid \u8981\u5b9e\u73b0\u4ed6\u4eec\u7684\u613f\u666f\u5e76\u63d0\u5347\u9879\u76ee\u4ef7\u503c\uff0c\u5fc5\u987b\u6210\u529f\u7684\u63a8\u51fa $HYPE \u8d28\u62bc\u4ee5\u53ca\u5b9e\u73b0\u9a8c\u8bc1\u5668\u7684\u53bb\u4e2d\u5fc3\u5316\uff0c\u5e76\u5728\u4fdd\u6301\u73b0\u6709\u7f51\u8def\u6027\u80fd\u7684\u540c\u65f6\u5f15\u5165 HyperEVM\uff0c\u968f\u540e\u5f62\u6210\u4e00\u4e2a\u4ee5\u793e\u533a\u4e3a\u4e2d\u5fc3\u7684\u6709\u673a\u751f\u6001\u7cfb\u7edf\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u5e94\u8be5\u5bc6\u5207\u6ce8\u610f\u8be5\u534f\u8bae\u7684\u540e\u7eed\u7684\u53d1\u5c55\uff0c\u4ee5\u8bc4\u4f30\u4ed6\u4eec\u662f\u5426\u80fd\u8bc1\u660e\u6240\u63d0\u51fa\u7684\u613f\u666f\u3002<\/p>\n<p><\/p>\n<p><\/p>\n<h2 class=\"_content_replace_h1\">&lt;\u53c2\u8003\u8d44\u6599&gt;<\/h2>\n<ul>\n<li>Hyperliquid Docs<\/li>\n<li>ASXN, Hyperliquid: The Hyperoptimized Order Book L1<\/li>\n<li>Biden Cho, Hyperliquid: The HYPE Begins<\/li>\n<li>HyperLend, HyperVision<\/li>\n<li>ASXN, Hyperliquid Dashboard<\/li>\n<li>hypurrscan.io<\/li>\n<li>purrburn.fun<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u514d\u8d23\u58f0\u660e\uff1a\u672c\u62a5\u544a\u7684\u5185\u5bb9\u53cd\u6620\u4e86\u5404\u81ea\u4f5c\u8005\u7684\u89c2\u70b9\uff0c\u4ec5\u4f9b\u53c2\u8003\uff0c\u5e76\u4e0d\u6784\u6210\u8d2d\u4e70\u6216\u51fa\u552e\u4ee3\u5e01\u6216\u4f7f\u7528\u534f\u8bae\u7684\u5efa\u8bae\u3002 \u672c\u62a5\u544a\u4e2d\u7684\u4efb\u4f55 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-962","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts\/962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=962"}],"version-history":[{"count":1,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts\/962\/revisions"}],"predecessor-version":[{"id":2670,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts\/962\/revisions\/2670"}],"wp:attachment":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}