{"id":3717,"date":"2026-10-02T13:44:20","date_gmt":"2026-10-02T05:44:20","guid":{"rendered":"https:\/\/www.shoppingguid.com\/?p=3717"},"modified":"2026-10-02T13:44:20","modified_gmt":"2026-10-02T05:44:20","slug":"%e4%b8%8d%e5%bf%85%e5%86%8d%e7%ad%89%e5%91%a8%e4%b8%80%e5%bc%80%e7%9b%98%ef%bc%8chyperliquid-%e7%9a%84-hip-3-%e6%ad%a3%e5%9c%a8%e6%88%90%e4%b8%ba-cme-%e7%9a%84%e5%ae%9a%e4%bb%b7%e5%8f%82%e8%80%83","status":"publish","type":"post","link":"https:\/\/www.jiankangguanli1.com\/?p=3717","title":{"rendered":"\u4e0d\u5fc5\u518d\u7b49\u5468\u4e00\u5f00\u76d8\uff0cHyperliquid \u7684 HIP-3 \u6b63\u5728\u6210\u4e3a CME \u7684\u5b9a\u4ef7\u53c2\u8003"},"content":{"rendered":"
\n
\n

\u4f5c\u8005\uff1a shaunda devens\uff0cBlockworks Research<\/span><\/p>\n

\u7f16\u8bd1\uff1a \u6df1\u6f6e TechFlow <\/span><\/p>\n

\u6df1\u6f6e\u5bfc\u8bfb\uff1a<\/strong> \u968f\u7740 HIP-3 \u63d0\u6848\u7684\u63a8\u8fdb\uff0cHyperliquid \u6b63\u5728\u52a0\u901f\u4ece\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\u5411\u4f20\u7edf\u91d1\u878d\uff08TradFi\uff09\u8d44\u4ea7\u6269\u5f20\u3002\u8fd1\u671f\u767d\u94f6\u5e02\u573a\u7684\u5267\u70c8\u6ce2\u52a8\u4e3a\u8fd9\u4e00\u53bb\u4e2d\u5fc3\u5316\u884d\u751f\u54c1\u534f\u8bae\u63d0\u4f9b\u4e86\u4e00\u6b21\u7edd\u4f73\u7684\u538b\u529b\u6d4b\u8bd5\u673a\u4f1a\u3002<\/p>\n

\u672c\u6587\u901a\u8fc7\u8be6\u5c3d\u7684\u6210\u4ea4\u3001\u62a5\u4ef7\u53ca\u8ba2\u5355\u7c3f\u6570\u636e\uff0c\u6df1\u5ea6\u5bf9\u6bd4\u4e86 Hyperliquid \u4e0e\u4f20\u7edf\u671f\u8d27\u5de8\u5934 CME\uff08\u829d\u5546\u6240\uff09\u5728\u6781\u7aef\u884c\u60c5\u53ca\u5468\u672b\u4f11\u5e02\u671f\u95f4\u7684\u5fae\u89c2\u8868\u73b0\u3002<\/p>\n

\u7814\u7a76\u53d1\u73b0\uff0c\u867d\u7136\u5728\u6df1\u5ea6\u4e0a\u4ecd\u65e0\u6cd5\u6bd4\u62df\u4f20\u7edf\u5de8\u5934\uff0c\u4f46 Hyperliquid \u5728\u6563\u6237\u7ea7\u8ba2\u5355\u6267\u884c\u53ca\u300c24\/7 \u5168\u5929\u5019\u4ef7\u683c\u53d1\u73b0\u300d\u65b9\u9762\u5c55\u73b0\u51fa\u4e86\u72ec\u7279\u7684\u7ade\u4e89\u4f18\u52bf\uff0c\u751a\u81f3\u6210\u4e3a\u4e86\u5b9a\u4ef7\u5468\u65e5\u5f00\u76d8\u7684\u91cd\u8981\u53c2\u8003\u5de5\u5177\u3002<\/p>\n

\u5168\u6587\u5982\u4e0b\uff1a<\/h3>\n

HIP-3 \u6b63\u5728\u63a8\u52a8 Hyperliquid \u8d70\u5411\u52a0\u5bc6\u9886\u57df\u4e4b\u5916\uff0c\u76ee\u524d\u4f20\u7edf\u91d1\u878d\uff08TradFi\uff09\u5de5\u5177\u5df2\u5360\u8be5\u5e73\u53f0\u6210\u4ea4\u989d\u7684 31%\uff0c\u65e5\u5747\u540d\u4e49\u4ea4\u6613\u91cf\u8d85\u8fc7 50 \u4ebf\u7f8e\u5143\u3002\u767d\u94f6\u662f\u8fd9\u4e9b\u8d44\u91d1\u6d41\u4e2d\u6700\u91cd\u8981\u7684\u4e00\u90e8\u5206\uff0c\u4e0a\u5468\u4e94\u7684\u5267\u70c8\u884c\u60c5\u4e3a HIP-3 \u7684\u5e02\u573a\u5065\u5eb7\u72b6\u51b5\u63d0\u4f9b\u4e86\u4e00\u6b21\u538b\u529b\u6d4b\u8bd5\u3002<\/p>\n

\u901a\u8fc7\u4f7f\u7528\u9ad8\u9891\u6210\u4ea4\/\u62a5\u4ef7\/\u8ba2\u5355\u7c3f\u6570\u636e\uff0c\u5e76\u4ee5 CME\/COMEX \u5fae\u578b\u767d\u94f6\uff08Micro Silver\uff09\u671f\u8d27\u4e3a\u57fa\u51c6\uff0c\u6211\u4eec\u53d1\u73b0\uff0c\u5bf9\u4e8e\u8f83\u5c0f\u7684\u3001\u6563\u6237\u6743\u91cd\u8f83\u9ad8\u7684\u8ba2\u5355\uff0cHyperliquid \u767d\u94f6\u5728\u5d29\u76d8\u524d\u63d0\u4f9b\u4e86\u66f4\u7a84\u7684\u4ef7\u5dee\u548c\u66f4\u597d\u7684\u6267\u884c\u3002\u6211\u4eec\u8fd8\u5c55\u793a\u4e86\u4e00\u4e2a\u5168\u65b0\u7684 24\/7 \u4f7f\u7528\u6848\u4f8b\uff1a\u9488\u5bf9\u5468\u65e5\u91cd\u65b0\u5f00\u76d8\u62cd\u5356\u8fdb\u884c\u4ed3\u4f4d\u5e03\u5c40\u548c\u5b9a\u4ef7\u3002<\/p>\n

\u6838\u5fc3\u53d1\u73b0\uff1a<\/strong><\/h2>\n
    \n
  • \u5d29\u76d8\u524d\uff1a<\/strong> \u5728\u6c38\u7eed\u5408\u7ea6\u4e3b\u6d41\u7684\u4ea4\u6613\u89c4\u6a21\u4e0b\uff0cHyperliquid \u5728\u4e70\u4e00\u5356\u4e00\u4ef7\uff08top-of-book\uff09\u6781\u5177\u7ade\u4e89\u529b\u3002\u5176\u4ef7\u5dee\u4e2d\u4f4d\u6570\u4e3a 2.4 \u57fa\u70b9\uff08bps\uff09\uff0c\u800c COMEX \u4e3a 3 \u57fa\u70b9\uff1b\u5176\u6267\u884c\u6ed1\u70b9\u4e2d\u4f4d\u6570\u8f83\u57fa\u51c6\u4ec5 0.5 \u57fa\u70b9\u3002\u8d44\u91d1\u6d41\u4ee5\u6563\u6237\u89c4\u6a21\u4e3a\u4e3b\uff08\u6210\u4ea4\u4e2d\u4f4d\u6570\u4e3a 1,200 \u7f8e\u5143\uff09\uff0c\u6df1\u5ea6\u867d\u7a33\u5065\u4f46\u76f8\u5bf9\u6709\u9650\uff1aHyperliquid \u5728 \u00b15 \u57fa\u70b9\u5185\u7684\u6df1\u5ea6\u7ea6\u4e3a 23 \u4e07\u7f8e\u5143\uff0c\u800c COMEX \u7ea6\u4e3a 1,300 \u4e07\u7f8e\u5143\u3002<\/li>\n
  • \u5d29\u76d8\u671f\u95f4\uff1a<\/strong> \u4e24\u4e2a\u5e73\u53f0\u7684\u8868\u73b0\u5747\u6709\u6240\u4e0b\u964d\uff0c\u4f46 Hyperliquid \u51fa\u73b0\u4e86\u8f83\u91cd\u7684\u6267\u884c\u5c3e\u90e8\u98ce\u9669\uff08execution tail\uff09\u3002Hyperliquid \u7684\u4ef7\u5dee\u6269\u5927\u4e86 2.1 \u500d\uff0c\u800c COMEX \u4e3a 1.6 \u500d\u3002\u5e02\u573a\u4e00\u5ea6\u51fa\u73b0\u8f83\u57fa\u51c6\u8d85\u8fc7 400 \u57fa\u70b9\u7684\u504f\u79bb\uff0c\u968f\u540e\u901a\u8fc7\u8d44\u91d1\u8d39\u7387\u56de\u5f52\u5747\u503c\u3002\u4e3b\u8981\u7684\u53d7\u635f\u70b9\u5728\u4e8e\u6267\u884c\u8d28\u91cf\uff1aHyperliquid 1% \u7684\u4ea4\u6613\u6210\u4ea4\u4ef7\u683c\u504f\u79bb\u4e2d\u4ef7\uff08mid\uff09\u8d85\u8fc7 50 \u57fa\u70b9\uff0c\u800c COMEX \u5219\u5b8c\u5168\u6ca1\u6709\u3002<\/li>\n
  • \u5468\u672b\u671f\u95f4\uff1a<\/strong> Hyperliquid \u662f\u552f\u4e00\u4e00\u4e2a\u5728 COMEX \u5173\u95ed\u671f\u95f4\u6301\u7eed\u4ea4\u6613\u7684\u3001\u7c7b\u4f3c\u4ea4\u6613\u6240\u7684\u8ba2\u5355\u9a71\u52a8\u578b\u767d\u94f6\u884d\u751f\u54c1\u5e73\u53f0\u3002\u5728 49 \u5c0f\u65f6\u5185\u5904\u7406\u4e86 17.5 \u4e07\u7b14\u4ea4\u6613\uff0c\u540d\u4e49\u6210\u4ea4\u989d\u8fbe 2.57 \u4ebf\u7f8e\u5143\uff0c\u4ef7\u5dee\u4e2d\u4f4d\u6570\u538b\u7f29\u81f3 0.93 \u57fa\u70b9\u3002\u7136\u800c\uff0cHIP-3 \u7684\u5468\u672b\u4ea4\u6613\u7ed3\u6784\u6027\u504f\u8584\uff0c\u4ea4\u6613\u91cf\u4ec5\u4e3a\u5e73\u65e5\u6c34\u5e73\u7684 0.31 \u500d\u3002<\/li>\n
  • \u6211\u4eec\u8ba4\u4e3a\uff0c<\/strong> \u4e3a\u91cd\u65b0\u5f00\u76d8\u8fdb\u884c\u5b9a\u4ef7\u4ee5\u53ca\u5728\u5355\u4e00\u4ef7\u683c\u5f00\u76d8\u524d\u5206\u9636\u6bb5\u5bf9\u51b2\u98ce\u9669\uff0c\u662f 24\/7 \u4ea4\u6613\u7684\u6838\u5fc3\u7528\u4f8b\u3002\u4e0d\u8fc7\uff0c\u4ece\u76ee\u524d Hyperliquid \u80a1\u7968\u7c7b\u8d44\u4ea7\u7684\u8868\u73b0\u6765\u770b\uff0c\u5f00\u76d8\u524d\u7684\u4ef7\u683c\u9884\u6d4b\u6548\u679c\u5e76\u4e0d\u663e\u8457\u4f18\u4e8e\u5468\u4e94\u6536\u76d8\u4ef7\u3002<\/li>\n<\/ul>\n

    HyperLiquid\uff1aHIP-3\u6355\u83b7\u4ea4\u6613\u91cf<\/strong><\/h2>\n

    \u767d\u94f6\u5e02\u573a\u4e0a\u5468\u9762\u4e34\u7ed3\u6784\u6027\u6d41\u52a8\u6027\u4e8b\u4ef6\u3002\u968f\u7740\u6563\u6237\u3001\u671f\u8d27\u53ca\u533a\u57df\u73b0\u8d27\u5e02\u573a\u6d41\u52a8\u6027\u9700\u6c42\u540c\u6b65\u6fc0\u589e\uff0c\u767d\u94f6\u4ef7\u683c\u6025\u5267\u91cd\u4f30\u3002\u767d\u94f6\u5728\u9ad8\u6210\u4ea4\u91cf\u4e0b\u4ece\u5cf0\u503c\u5230\u4f4e\u8c37\u4e0b\u8dcc\u7ea6 17%\uff1b\u7f8e\u56fd\u6563\u6237\u6295\u8d44\u8005\u5728\u5355\u65e5\u5185\u5411\u767d\u94f6 ETF \u6ce8\u5165\u4e86\u7ea6 1.7 \u4ebf\u7f8e\u91d1\uff0c\u636e\u62a5\u9053\u8fd9\u662f\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u5927\u7684\u5355\u65e5\u6d41\u5165\uff0c\u51e0\u4e4e\u662f 2021 \u5e74\u300c\u767d\u94f6\u6324\u5151\uff08silver-squeeze\uff09\u300d\u5cf0\u503c\u7684\u4e24\u500d\u3002\u4e0e\u6b64\u540c\u65f6\uff0cCOMEX \u6d3b\u8dc3\u5ea6\u52a0\u901f\u5347\u81f3\u591a\u5e74\u9ad8\u70b9\uff0c\u800c\u4e0a\u6d77\u91d1\u4ea4\u6240\u4ef7\u683c\u5bf9\u4f26\u6566\u57fa\u51c6\u51fa\u73b0\u4e86\u4e24\u4f4d\u6570\u7684\u7f8e\u5143\u6ea2\u4ef7\u3002<\/p>\n

    \u5bf9\u4e8e\u52a0\u5bc6\u884c\u4e1a\u800c\u8a00\uff0c\u66f4\u91cd\u8981\u7684\u8fdb\u5c55\u662f\uff0c\u8fd9\u4e9b\u8d44\u91d1\u6d41\u5e76\u672a\u5c40\u9650\u4e8e\u4f20\u7edf\u91d1\u878d\u5e73\u53f0\u3002\u968f\u7740\u6ce2\u52a8\u6027\u4e0a\u5347\u53ca\u4f20\u7edf\u5546\u54c1\u5e02\u573a\u4e34\u8fd1\u5468\u672b\uff0c\u5bf9\u91d1\u5c5e\u655e\u53e3\u7684\u589e\u91cf\u9700\u6c42\u8fc1\u79fb\u5230\u4e86 24\/7 \u884d\u751f\u54c1\u4ea4\u6613\u5e73\u53f0\uff0c\u5728\u90a3\u91cc\uff0c\u4ed3\u4f4d\u8c03\u6574\u548c\u98ce\u9669\u8f6c\u79fb\u53ef\u4ee5\u5728\u6ca1\u6709\u4ea4\u6613\u65f6\u95f4\u9650\u5236\u7684\u60c5\u51b5\u4e0b\u7ee7\u7eed\u8fdb\u884c\u3002<\/p>\n

    \"image\"<\/p>\n

    \u5728 Hyperliquid \u4e0a\uff0c\u767d\u94f6\u6c38\u7eed\u5408\u7ea6\u5168\u5468\u7ed3\u7b97\u4e86\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u540d\u4e49\u4ea4\u6613\u91cf\u3002HIP-3 \u4e0b\u7684\u80a1\u7968\u548c\u5546\u54c1\u6c38\u7eed\u5408\u7ea6\u4e5f\u63a8\u5411\u65b0\u9ad8\uff0c\u65e5\u6210\u4ea4\u91cf\u5728 66 \u5929\u5185\u4ece 3.78 \u4ebf\u7f8e\u5143\u89c4\u6a21\u6269\u5927\u5230 48 \u4ebf\u7f8e\u5143\u3002\u5230\u5468\u4e94\uff0c\u4e0e TradFi \u6302\u94a9\u7684\u5de5\u5177\u7ea6\u5360\u5e73\u53f0\u603b\u6210\u4ea4\u989d\u7684 31%\u3002\u767d\u94f6\u8dc3\u5347\u81f3\u8be5\u5e73\u53f0\u6700\u6d3b\u8dc3\u4ea4\u6613\u5408\u7ea6\u7684\u7b2c\u4e00\u68af\u961f\uff0c\u6d3b\u52a8\u6784\u6210\u53d1\u751f\u4e86\u5b9e\u8d28\u6027\u8f6c\u53d8\uff1a\u5468\u4e94\u6210\u4ea4\u91cf\u524d\u5341\u7684\u5408\u7ea6\u4e2d\u6709\u4e94\u9879\u662f\u975e\u52a0\u5bc6\u8d44\u4ea7\u3002<\/p>\n

    \u6211\u4eec\u4e00\u76f4\u5c06 HIP-3 \u89c6\u4e3a\u4e00\u79cd\u53ef\u6269\u5c55\u7684 Delta-one\uff08\u4e00\u9636\u654f\u611f\u5ea6\uff09\u5305\u88c5\u5668\u3002\u5176\u56de\u62a5\u662f\u7ebf\u6027\u7684\uff0c\u5408\u7ea6\u6ca1\u6709\u5230\u671f\u65e5\uff0c\u6301\u6709\u6210\u672c\u901a\u8fc7\u8d44\u91d1\u8d39\u7387\uff08funding\uff09\u548c\u57fa\u5dee\uff08basis\uff09\u6765\u4f53\u73b0\uff0c\u800c\u975e\u671f\u6743\u5f0f\u7684\u4ef7\u503c\u65f6\u95f4\u8870\u51cf\u3002<\/p>\n

    \u4ece\u6295\u8d44\u89d2\u5ea6\u770b\uff0c\u8de8\u8d8a\u52a0\u5bc6\u9886\u57df\u4e4b\u5916\u7684\u4ea4\u6613\u5e73\u53f0\u53ef\u4ee5\u589e\u52a0\u5dee\u5f02\u5316\u7684\u3001\u5bf9\u5468\u671f\u4e0d\u654f\u611f\u7684\u6536\u5165\u6765\u6e90\u3002\u8fd9\u5177\u6709\u91cd\u8981\u610f\u4e49\uff0c\u56e0\u4e3a Hyperliquid \u7684\u534f\u8bae\u6536\u5165\u5728\u6ce2\u52a8\u6027\u4e2d\u6392\u540d\u9760\u524d\uff0c\u6bcf\u5468\u6536\u5165\u6ce2\u52a8\u7387\u7ea6 40%\u3002\u53e6\u5916\uff0c\u9690\u542b\u7684\u5206\u6790 \u8868\u660e\uff0c\u5373\u4fbf\u53ea\u6355\u6349 TradFi \u884d\u751f\u54c1\u6d41\u7684\u4e00\u5c0f\u90e8\u5206\uff0c\u4e5f\u80fd\u4f7f\u6536\u5165\u7ffb\u500d\u4ee5\u4e0a\uff0c\u4ee3\u8868\u4e86\u4e00\u6761\u5b9e\u73b0\u9636\u68af\u5f0f\u589e\u957f\u7684\u53ef\u884c\u8def\u5f84\u3002<\/p>\n

    \u7136\u800c\uff0c\u8fd9\u4e9b\u5e02\u573a\u80fd\u5426\u89c4\u6a21\u5316\u53d6\u51b3\u4e8e\u4e09\u4e2a\u5b9e\u65bd\u7ea6\u675f\uff1a\u8fde\u7eed\u4e14\u5177\u97e7\u6027\u7684\u9884\u8a00\u673a\uff08oracle\uff09\u8bbe\u8ba1\u3001\u8db3\u4ee5\u7ef4\u6301\u4ef7\u683c\u6807\u8bb0\u5b8c\u6574\u6027\u7684\u8ba2\u5355\u7c3f\u6df1\u5ea6\uff0c\u4ee5\u53ca\u5f53\u5e95\u5c42\u53c2\u8003\u5e02\u573a\u65ad\u65ad\u7eed\u7eed\u65f6\u53ef\u9760\u7684\u5bf9\u51b2\u8def\u5f84\u3002\u5728\u8fd9\u4e00\u6846\u67b6\u4e0b\uff0c\u767d\u94f6\u4e8b\u4ef6\u662f Hyperliquid \u6302\u94a9 TradFi \u6c38\u7eed\u5408\u7ea6\u7684\u7b2c\u4e00\u6b21\u6709\u610f\u4e49\u7684\u538b\u529b\u6d4b\u8bd5\uff0c\u5e76\u4ee5 COMEX \u4f5c\u4e3a\u57fa\u51c6\u3002<\/p>\n

    \u672c\u62a5\u544a\u8bc4\u4f30\u4e86\u4e09\u4e2a\u9636\u6bb5\uff08\u504f\u79bb\u524d\u3001\u629b\u552e\u671f\u3001\u5468\u672b\uff09\u7684\u8868\u73b0\uff0c\u5e76\u8861\u91cf\u4e86\u5728\u5916\u90e8\u5e02\u573a\u53d7\u635f\u6216\u5173\u95ed\u65f6\u7684\u4ef7\u683c\u5b8c\u6574\u6027\u3001\u6d41\u52a8\u6027\u97e7\u6027\u548c\u98ce\u9669\u5f15\u64ce\u884c\u4e3a\u3002\u6211\u4eec\u901a\u8fc7\u5bf9\u6bd4 Hyperliquid \u5728\u91cd\u5408\u4ea4\u6613\u65f6\u6bb5\u5185\u7684\u5b9a\u4ef7\u3001\u57fa\u5dee\u548c\u6d41\u52a8\u6027\u6307\u6807\u4e0e COMEX \u8fdb\u884c\u951a\u5b9a\u5206\u6790\uff0c\u7136\u540e\u5229\u7528\u300c\u5468\u672b\u81f3\u91cd\u65b0\u5f00\u76d8\u300d\u7684\u8fc7\u6e21\u671f\u6765\u91cf\u5316\u8865\u6da8\u884c\u4e3a\u3002<\/p>\n

    \u6700\u7ec8\uff0c\u6211\u4eec\u7684\u76ee\u6807\u662f\u56de\u7b54\uff1aHyperliquid \u7684 HIP-3 \u4ea7\u54c1\u662f\u5426\u9002\u5408\u4f5c\u4e3a\u6c38\u7eed\u80a1\u7968\/\u5546\u54c1\u655e\u53e3\u7684\u4ea4\u6613\u573a\u6240\uff0c\u4ee5\u53ca Hyperliquid \u662f\u5426\u5df2\u7ecf\u521b\u9020\u4e86\u4e00\u4e2a\u9ad8\u6027\u80fd\u7684 24\/7 \u80a1\u7968\u548c\u5546\u54c1\u5e02\u573a\u3002<\/p>\n

    \u6570\u636e<\/strong><\/h3>\n

    \u6211\u4eec\u4f7f\u7528\u6765\u81ea Hyperliquid \u767d\u94f6\u6c38\u7eed\u5408\u7ea6\uff08XYZ100\uff09\u7684\u9010\u7b14\u4ea4\u6613\u3001\u62a5\u4ef7\u53ca\u8ba2\u5355\u7c3f\u6570\u636e\uff0c\u4e0e COMEX\uff08\u829d\u5546\u6240 CME \u65d7\u4e0b\u7684\u6307\u5b9a\u5408\u7ea6\u5e02\u573a\uff09\u8fd1\u6708\u767d\u94f6\u671f\u8d27\uff08SILH6\uff09\u8fdb\u884c\u5bf9\u6bd4\u5206\u6790\u3002<\/p>\n

    \u5bf9\u4e8e Hyperliquid\uff0c\u6211\u4eec\u91c7\u7528 TradeXYZ \u90e8\u7f72\u7684\u5e02\u573a\uff0c\u56e0\u4e3a\u5b83\u59cb\u7ec8\u627f\u8f7d\u7740\u6700\u9ad8\u7684 HIP-3 \u4ea4\u6613\u91cf\u3002<\/p>\n

    \u6211\u4eec\u5c06 Hyperliquid \u4e0e COMEX \u5fae\u578b\u767d\u94f6\uff08SILH6\uff09\u8fdb\u884c\u5bf9\u6bd4\uff0c\u56e0\u4e3a\u5176\u5355\u4f4d\u5927\u5c0f\u66f4\u7b26\u5408\u6c38\u7eed\u5408\u7ea6\u4e0a\u300c\u6563\u6237\u5230\u4e2d\u578b\u89c4\u6a21\u300d\u7684\u8ba2\u5355\u5206\u5e03\u3002\u5728\u5d29\u6e83\u5f53\u65e5\uff0cSILH6 \u6210\u4ea4\u4e86 641,926 \u624b\uff08\u7ea6 6.42 \u4ebf\u76ce\u53f8\uff0c\u6309 78-120 \u7f8e\u5143\/\u76ce\u53f8\u8ba1\u7b97\uff0c\u540d\u4e49\u4ef7\u503c\u7ea6 500-770 \u4ebf\u7f8e\u5143\uff09\uff0c\u800c\u5b8f\u89c2\u5408\u7ea6\uff08SIH6\uff09\u867d\u7136\u6df1\u5ea6\u66f4\u6df1\uff0c\u4f46\u5728\u5d29\u6e83\u524d\u7684\u4ef7\u5dee\u548c\u6ed1\u70b9\u4e0a\u8868\u73b0\u4e00\u822c\u3002\u7531\u4e8e\u672c\u62a5\u544a\u5173\u6ce8\u5178\u578b\u6c38\u7eed\u5408\u7ea6\u89c4\u6a21\u4e0b\u7684\u6267\u884c\u8d28\u91cf\uff0cSILH6 \u662f\u6700\u76f8\u5173\u7684 COMEX \u53c2\u8003\u6807\u51c6\u3002<\/p>\n

    \"image\"<\/p>\n

    \"image\"<\/p>\n

    \u6570\u636e\u96c6\u6db5\u76d6 1 \u6708 30 \u65e5\u81f3 2 \u6708 1 \u65e5\uff0c\u5305\u542b 54 \u4e07\u7b14 Hyperliquid \u4ea4\u6613\u548c 130 \u4e07\u6b21\u6df1\u5ea6\u5feb\u7167\uff0c\u5e76\u4e0e\u5d29\u76d8\u5f53\u5929\u7684 51 \u4e07\u7b14 COMEX \u4ea4\u6613\u53ca\u5b8c\u6574\u7684 10 \u7ea7\u8ba2\u5355\u7c3f\u6570\u636e\u8fdb\u884c\u57fa\u51c6\u5bf9\u6bd4\u3002\u6211\u4eec\u5c06\u5206\u6790\u5206\u4e3a\u4e09\u4e2a\u9636\u6bb5\uff1a\u5d29\u76d8\u524d\uff08\u5468\u4e94 UTC 12:00\u201317:00\uff09\u3001\u629b\u552e\u671f\uff08UTC 17:00\u201322:00\uff09\u4ee5\u53ca\u5468\u672b\uff08\u5468\u4e94\u6536\u76d8\u81f3\u5468\u65e5\u91cd\u65b0\u5f00\u76d8\uff09\u3002<\/p>\n

    \"image\"<\/p>\n

    \u5d29\u76d8\u524d\u7684\u5e02\u573a<\/strong><\/h3>\n

    \u6211\u4eec\u9996\u5148\u4ece\u5d29\u76d8\u524d\u7684\u57fa\u51c6\u7ebf\u5f00\u59cb\uff0c\u6b64\u65f6 COMEX \u548c Hyperliquid \u90fd\u5728\u6b63\u5e38\u4ea4\u6613\uff0c\u5916\u90e8\u53c2\u8003\u5b8c\u6574\u3002<\/p>\n

    \u4ece\u8868\u9762\u4e0a\u770b\uff0cHyperliquid \u7684\u767d\u94f6\u6c38\u7eed\u5408\u7ea6\u5df2\u7ecf\u50cf\u662f\u4e00\u4e2a\u76f8\u5f53\u6210\u719f\u7684\u5e02\u573a\uff1a\u62a5\u4ef7\u59cb\u7ec8\u4fdd\u6301\u7d27\u51d1\uff0c\u6d3b\u8dc3\u5ea6\u5f88\u9ad8\u3002\u4e70\u4e00\u5356\u4e00\u4ef7\u5dee\u5e73\u5747\u4e3a 2.7 \u57fa\u70b9\uff08\u4e2d\u4f4d\u6570\u4e3a 2.4 \u57fa\u70b9\uff09\uff0c90% \u7684\u89c2\u6d4b\u503c\u7b49\u4e8e\u6216\u4f4e\u4e8e 5 \u57fa\u70b9\u3002<\/p>\n

    \"image\"<\/p>\n

    \u5929\u7136\u7684\u57fa\u51c6\u662f COMEX \u8fd1\u6708\u767d\u94f6\u671f\u8d27\uff08SILH6\uff09\uff0c\u5b83\u662f\u91cd\u5408\u65f6\u6bb5\u5185\u6d41\u52a8\u6027\u6700\u5f3a\u7684\u53ef\u4ea4\u6613\u53c2\u8003\u3002\u5fc5\u987b\u6307\u51fa\uff0cCOMEX \u5728\u7ed3\u6784\u4e0a\u6df1\u5ea6\u66f4\u6df1\uff0c\u4f9d\u7136\u662f\u673a\u6784\u7ea7\u7684\u6d41\u52a8\u6027\u573a\u6240\u3002\u6211\u4eec\u7684\u76ee\u7684\u4e0d\u662f\u7b80\u5355\u5bf9\u6bd4\uff0c\u800c\u662f\u6d4b\u8bd5 Hyperliquid \u5728\u8ffd\u8e2a\u5e95\u5c42\u57fa\u51c6\u7684\u540c\u65f6\uff0c\u80fd\u5426\u4e3a\u5176\u4e3b\u6d41\u89c4\u6a21\u7684\u8ba2\u5355\u63d0\u4f9b\u53ef\u9760\u7684\u4ef7\u683c\u5b8c\u6574\u6027\u548c\u6267\u884c\u529b\u3002<\/p>\n

    \"image\"<\/p>\n

    \u5728 UTC 12:00\u201317:00 \u671f\u95f4\uff0cCOMEX \u7684\u540d\u4e49\u6210\u4ea4\u989d\u7ea6\u4e3a 855 \u4ebf\u7f8e\u5143\uff0c\u800c Hyperliquid \u4e3a 6.79 \u4ebf\u7f8e\u5143\u3002\u5c3d\u7ba1\u89c4\u6a21\u5dee\u8ddd\u60ac\u6b8a\uff0c\u4f46\u4ef7\u5dee\u4e2d\u4f4d\u6570\u975e\u5e38\u63a5\u8fd1\uff1aCOMEX \u5e73\u5747\u7ea6\u4e3a 3.1 \u57fa\u70b9\uff0cHyperliquid \u5e73\u5747\u7565\u7a84\u3002<\/p>\n

    \u5c3d\u7ba1\u5982\u6b64\uff0cCOMEX \u7684\u4ef7\u5dee\u5206\u5e03\u5728\u5c3e\u90e8\u66f4\u7d27\u51d1\uff0c96% \u7684\u89c2\u6d4b\u503c\u5728 5 \u57fa\u70b9\u4ee5\u5185\uff0c\u800c Hyperliquid \u4e3a 90%\uff0c\u8fd9\u4e0e\u4e3b\u8981\u671f\u8d27\u5e73\u53f0\u4e0a\u66f4\u6df1\u3001\u66f4\u7a33\u5b9a\u7684\u88ab\u52a8\u6d41\u52a8\u6027\u4e00\u81f4\u3002\u6b64\u5916\uff0cHyperliquid \u66f4\u7a84\u7684\u62a5\u4ef7\u9700\u8981\u5728\u80cc\u666f\u4e0b\u7406\u89e3\uff1a\u5176\u8d44\u91d1\u6d41\u66f4\u6613\u4e8e\u7ba1\u7406\u4e14\u504f\u5411\u6563\u6237\uff08\u5e73\u5747\u4ea4\u6613\u7ea6 5000 \u7f8e\u5143\uff0c\u4e2d\u4f4d\u6570 1190 \u7f8e\u5143\uff09\uff0c\u8fd9\u5728\u673a\u5236\u4e0a\u964d\u4f4e\u4e86\u8ba2\u5355\u7c3f\u9876\u90e8\u7684\u300c\u6bd2\u6027\uff08toxicity\uff09\u300d\u3002<\/p>\n

    \u867d\u7136\u4e70\u4e00\u5356\u4e00\u4ef7\u7684\u6267\u884c\u529b\u4e0d\u76f8\u4e0a\u4e0b\uff0c\u4f46\u6d41\u52a8\u6027\u6df1\u5ea6\u5e76\u975e\u5982\u6b64\u3002COMEX \u5728 \u00b12 \u57fa\u70b9\u5185\u627f\u8f7d\u4e86 198 \u4e07\u7f8e\u5143\uff0c\u800c Hyperliquid \u4e3a 3 \u4e07\u7f8e\u5143\uff1b\u00b13 \u57fa\u70b9\u5185 COMEX \u4e3a 545 \u4e07\u7f8e\u5143\uff0cHyperliquid \u4e3a 8.3 \u4e07\u7f8e\u5143\uff1b\u00b15 \u57fa\u70b9\u5185 COMEX \u4e3a 1300 \u4e07\u7f8e\u5143\uff0cHyperliquid \u4e3a 23.1 \u4e07\u7f8e\u5143\u3002\u5bf9\u4e8e\u8de8\u8d8a\u4ef7\u5dee\u6210\u4ea4\u7684\u6563\u6237\u8ba2\u5355\uff0c\u66f4\u7a84\u7684\u62a5\u4ef7\u662f\u5b9e\u5b9e\u5728\u5728\u7684\u4f18\u52bf\u3002\u800c\u5bf9\u4e8e\u8d85\u8fc7 5 \u4e07\u7f8e\u5143\u540d\u4e49\u4ef7\u503c\u7684\u4ea4\u6613\uff0c\u6df1\u5ea6\u7684\u5dee\u8ddd\u51b3\u5b9a\u4e86\u6700\u7ec8\u7684\u5b9e\u73b0\u6210\u672c\u3002<\/p>\n

    \"image\"<\/p>\n

    \u5373\u4fbf\u5982\u6b64\uff0c\u5bf9\u4e8e\u4e00\u4e2a\u6ca1\u6709\u6307\u5b9a\u505a\u5e02\u5546\uff08Designated Market Makers\uff09\u7684\u5e73\u53f0\u6765\u8bf4\uff0cHyperliquid \u5c55\u793a\u7684\u6df1\u5ea6\u5e76\u975e\u5fae\u4e0d\u8db3\u9053\u3002\u8ba2\u5355\u7c3f\u57fa\u672c\u5bf9\u79f0\uff0c\u5404\u6863\u4f4d\u7684\u4e70\/\u5356\u6df1\u5ea6\u6bd4\u63a5\u8fd1 1\uff0c\u5e76\u4ece \u00b15 \u57fa\u70b9\u5185\u7684\u7ea6 23.1 \u4e07\u7f8e\u5143\u6269\u5c55\u5230 \u00b110 \u57fa\u70b9\u5185\u7684 81.4 \u4e07\u7f8e\u5143\uff0c\u4ee5\u53ca \u00b125 \u57fa\u70b9\u5185\u7684\u7ea6 150 \u4e07\u7f8e\u5143\u3002<\/p>\n

    \"image\"<\/p>\n

    \u4e0d\u8fc7\uff0c\u4e0e\u4f20\u7edf\u671f\u8d27\u5e73\u53f0\u76f8\u6bd4\uff0cHyperliquid \u5c55\u793a\u7684\u6df1\u5ea6\u5728\u8861\u91cf\u300c\u575a\u5b9e\u6267\u884c\u529b\u300d\u65b9\u9762\u8868\u73b0\u8f83\u5f31\u3002\u5339\u914d\u53d1\u751f\u5728\u5177\u6709\u533a\u5757\u7ea7\u6392\u5e8f\u7684\u94fe\u4e0a CLOB\uff08\u4e2d\u592e\u9650\u4ef7\u8ba2\u5355\u7c3f\uff09\u4e0a\uff0c\u5176\u4e2d\u53d6\u6d88\u8ba2\u5355\u7684\u5904\u7406\u4f18\u4e8e\u540c\u533a\u5757\u5185\u7684\u59d4\u6258\u8ba2\u5355\u3002\u56e0\u6b64\uff0c\u6267\u884c\u4f18\u5148\u7ea7\u90e8\u5206\u7531\u4ea4\u6613\u7c7b\u578b\u51b3\u5b9a\uff0c\u800c\u975e\u4ec5\u4ec5\u7531\u5230\u8fbe\u65f6\u95f4\u51b3\u5b9a\uff0c\u8fd9\u524a\u5f31\u4e86\u50cf CME \u8fd9\u6837\u6301\u7eed\u79bb\u7ebf\u64ae\u5408\u5f15\u64ce\u4e2d\u300c\u53ef\u89c1\u6df1\u5ea6\u7b49\u540c\u4e8e\u4fdd\u8bc1\u6210\u4ea4\u91cf\u300d\u7684\u5173\u8054\u6027\u3002<\/p>\n

    \u6267\u884c\u8d28\u91cf\u63d0\u4f9b\u4e86\u4ef7\u5dee\u548c\u6df1\u5ea6\u4e4b\u5916\u7684\u4fe1\u606f\u3002\u4f7f\u7528\u4ea4\u6613\u65f6\u7684\u6700\u4f73\u4e70\u5356\u4ef7\uff08BBO\uff09\uff0c\u504f\u79bb\u4e2d\u4ef7\u7684\u6210\u4ea4\u6ed1\u70b9\u4e2d\u4f4d\u6570\u5728 COMEX \u4e3a 1.5 \u57fa\u70b9\uff0cHyperliquid \u4e3a 2 \u57fa\u70b9\u3002COMEX \u7684\u6267\u884c\u5f02\u5e38\u7d27\u51d1\uff0c99% \u7684\u4ea4\u6613\u5728\u504f\u79bb\u4e2d\u4ef7 5 \u57fa\u70b9\u4ee5\u5185\u3002Hyperliquid \u7684\u5206\u5e03\u66f4\u5e7f\uff0c83% \u5728 5 \u57fa\u70b9\u4ee5\u5185\uff0c96% \u5728 10 \u57fa\u70b9\u4ee5\u5185\uff0c\u5076\u5c14\u4f1a\u51fa\u73b0\u504f\u79bb\u4e2d\u4ef7 20 \u57fa\u70b9\u4ee5\u4e0a\u7684\u6210\u4ea4\uff0c\u8fd9\u4e0e\u95f4\u6b47\u6027\u7684\u8ba2\u5355\u7c3f\u7f3a\u53e3\u548c\u8f83\u8584\u7684\u627f\u8f7d\u529b\u4e00\u81f4\u3002<\/p>\n

    \"image\"<\/p>\n

    \"image\"<\/p>\n

    \u6ed1\u70b9\u968f\u4ea4\u6613\u89c4\u6a21\u5c0f\u5e45\u589e\u52a0\uff08COMEX \u5728 1 \u624b\u65f6\u7ea6 1.5 \u57fa\u70b9\uff0c2-5 \u624b\u65f6\u4e3a 1.6 \u57fa\u70b9\uff09\uff0c\u8fd9\u7b26\u5408\u6df1\u539a\u8ba2\u5355\u7c3f\u7684\u8868\u73b0\u3002\u5728 Hyperliquid \u4e0a\uff0c\u659c\u7387\u66f4\u9661\u5ced\uff0c\u4ece 1000 \u7f8e\u5143\u4ee5\u4e0b\u7684\u7ea6 1.9 \u57fa\u70b9\u5347\u81f3 5 \u4e07\u7f8e\u5143\u4ee5\u4e0a\u7684 2.8 \u57fa\u70b9\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e24\u4e2a\u5e73\u53f0\u4e4b\u95f4\u7684\u6267\u884c\u5dee\u8ddd\u8fdc\u6bd4\u62a5\u4ef7\u6df1\u5ea6\u6bd4\u6240\u663e\u793a\u7684\u8981\u7a84\u3002\u5bf9\u4e8e Hyperliquid \u7684\u4e2d\u4f4d\u6570\u4ea4\u6613\uff08\u7ea6 1,200 \u7f8e\u5143\uff09\uff0c\u6267\u884c\u6210\u672c\u4e0e COMEX \u4e2d\u4f4d\u6570\u7684\u5dee\u5f02\u4ec5\u7ea6\u4e3a 0.5 \u4e2a\u57fa\u70b9\uff0c\u5c3d\u7ba1 COMEX \u7684\u4e2d\u4f4d\u6570\u4ea4\u6613\u89c4\u6a21\u8981\u5927\u5f97\u591a\u3002<\/p>\n

    \u6700\u540e\uff0c\u89e3\u8bfb\u6267\u884c\u529b\u8fd8\u9700\u8981\u8003\u8651\u9884\u8a00\u673a\uff08oracle\uff09\u548c\u6807\u8bb0\u4ef7\u683c\uff08mark price\uff09\u7684\u8bbe\u8ba1\uff0c\u56e0\u4e3a\u4ea4\u6613\u8005\u53ef\u80fd\u5728\u4e00\u4e2a\u6df1\u5ea6\u8f83\u597d\u4f46\u672a\u53cd\u6620\u5e95\u5c42\u4ef7\u683c\u7684\u6807\u8bb0\u8ba2\u5355\u7c3f\u4e2d\u6210\u4ea4\u3002\u5728 HIP-3 \u4e0b\uff0c\u9884\u8a00\u673a\u662f\u7531\u90e8\u7f72\u8005\u53d1\u5e03\u7684\u975e\u4ea4\u6613\u53c2\u8003\uff0c\u5177\u6709\u56fa\u5b9a\u7684\u8282\u594f\u548c\u94b3\u5236\u673a\u5236\uff08clamps\uff09\uff1b\u800c\u7ba1\u7406\u8d44\u91d1\u8d39\u7387\u3001\u4fdd\u8bc1\u91d1\u548c\u5f3a\u5e73\u7684\u6807\u8bb0\u4ef7\u683c\u662f\u9884\u8a00\u673a\u548c\u672c\u5730\u8ba2\u5355\u7c3f\u4fe1\u53f7\u7684\u7a33\u5065\u805a\u5408\uff0c\u540c\u6837\u53d7\u5230\u9650\u5236\u4ee5\u9632\u6b62\u5267\u70c8\u53d8\u52a8\u3002\u8fd9\u79cd\u5206\u79bb\u5141\u8bb8\u6210\u4ea4\u4ef7\u7ef4\u6301\u6301\u7eed\u7684\u6ea2\u4ef7\u6216\u6298\u4ef7\uff0c\u800c\u4e0d\u4f1a\u673a\u68b0\u5730\u5f3a\u5236\u7acb\u5373\u5f3a\u5e73\uff0c\u5c06\u98ce\u9669\u7ba1\u7406\u951a\u5b9a\u5728\u53d8\u52a8\u8f83\u6162\u7684\u53c2\u8003\u4ef7\u4e0a\uff0c\u540c\u65f6\u4ecd\u5141\u8bb8\u6301\u7eed\u7684\u8ba2\u5355\u7c3f\u9a71\u52a8\u578b\u4ef7\u683c\u53d1\u73b0\u3002<\/p>\n

    \u5728\u5d29\u76d8\u524d\u7684\u7a97\u53e3\u671f\uff0cHyperliquid \u8f83 COMEX \u4fdd\u6301\u4e86\u7ea6 29 \u57fa\u70b9\u7684\u6301\u7eed\u6ea2\u4ef7\u3002\u8be5\u6ea2\u4ef7\u5206\u89e3\u4e3a\uff1a\u9884\u8a00\u673a vs COMEX \u90e8\u5206\uff08\u7ea6 18 \u57fa\u70b9\uff0c\u53cd\u6620\u4e86\u9884\u8a00\u673a\u5e95\u5c42\u4e00\u7bee\u5b50\u8d44\u4ea7\u4e0e\u8fd1\u6708\u671f\u8d27\u7684\u5dee\u5f02\uff09\u4ee5\u53ca\u6c38\u7eed\u5408\u7ea6 vs \u9884\u8a00\u673a\u6ea2\u4ef7\uff08\u7ea6 9 \u57fa\u70b9\uff0c\u53cd\u6620\u4e86\u6c38\u7eed\u5408\u7ea6\u672c\u8eab\u7684\u51c0\u591a\u5934\u9700\u6c42\u548c\u8d44\u91d1\u8d39\u538b\u529b\uff09\u3002\u6ea2\u4ef7\u975e\u5e38\u7a33\u5b9a\uff0c\u5f88\u5c11\u51fa\u73b0\u5012\u6302\u3002<\/p>\n

    \"image\"<\/p>\n

    \"image\"<\/p>\n

    \u5c06\u6267\u884c\u60c5\u51b5\u4e0e\u9884\u8a00\u673a\u5bf9\u6bd4\u663e\u793a\uff0c\u6ea2\u4ef7\u4e2d\u4f4d\u6570\u7ea6\u4e3a +9 \u57fa\u70b9\u3002<\/p>\n

    \u603b\u4e4b\uff0c\u5d29\u76d8\u524d\u7684\u57fa\u51c6\u6570\u636e\u663e\u793a\uff0c\u5bf9\u4e8e\u5176\u89c4\u6a21\u548c\u53c2\u4e0e\u8005\u7fa4\u4f53\u800c\u8a00\uff0c\u8be5\u5e73\u53f0\u4e3a\u6563\u6237\u548c\u4e2d\u7b49\u89c4\u6a21\u7684\u8d44\u91d1\u6d41\u63d0\u4f9b\u4e86\u6e05\u6670\u7684\u7ed3\u7b97\u3002\u5c3d\u7ba1 Hyperliquid \u5728\u6240\u6709\u6863\u4f4d\u4e0a\u7684\u6df1\u5ea6\u90fd\u660e\u663e\u8f83\u8584\uff0c\u4f46\u51ed\u501f\u8f83\u5c0f\u7684\u8d44\u91d1\u6d41\u89c4\u6a21\uff0c\u5b83\u4ecd\u80fd\u63d0\u4f9b\u6781\u5177\u7ade\u4e89\u529b\u7684\u4ef7\u5dee\uff0c\u4e2d\u4f4d\u6570\u4ea4\u6613\u4e0e\u673a\u6784\u57fa\u51c6\u7684\u5dee\u8ddd\u5728 0.5 \u57fa\u70b9\u4ee5\u5185\u3002<\/p>\n

    \u6df1\u5ea6\u5dee\u8ddd\u786e\u5b9e\u5b58\u5728\uff0c\u4e14\u5bf9\u4e8e\u5927\u989d\u4ea4\u6613\u548c\u6781\u7aef\u60c5\u51b5\u5177\u6709\u91cd\u8981\u7684\u7ecf\u6d4e\u5f71\u54cd\u3002\u4f46\u8003\u8651\u5230\u8be5\u5e02\u573a\u5178\u578b\u7684\u4ea4\u6613\u89c4\u6a21\uff0c\u5728\u8131\u94a9\u5f00\u59cb\u524d\uff0cHyperliquid \u5df2\u7ecf\u8fd0\u884c\u5728\u4ee4\u4eba\u60ca\u8bb6\u7684\u9ad8\u6c34\u5e73\u5e02\u573a\u8d28\u91cf\u4e4b\u4e0a\u3002<\/p>\n

    \u5d29\u76d8\u671f\u95f4\u7684\u5e02\u573a<\/strong><\/h3>\n

    UTC \u65f6\u95f4 1 \u6708 30 \u65e5\u5468\u4e94\u7ea6 17:00\uff0c\u6709\u62a5\u9053\u79f0\u7279\u6717\u666e\u6709\u610f\u63d0\u540d\u7f8e\u8054\u50a8\u524d\u7406\u4e8b\u51ef\u6587\u00b7\u6c83\u4ec0\uff08Kevin Warsh\uff09\u63a5\u66ff\u9c8d\u5a01\u5c14\u62c5\u4efb\u4e3b\u5e2d\uff0c\u7531\u4e8e\u6c83\u4ec0\u88ab\u5e7f\u6cdb\u89c6\u4e3a\u8d27\u5e01\u653f\u7b56\u9e70\u6d3e\uff0c\u767d\u94f6\u4ef7\u683c\u5267\u70c8\u91cd\u4f30\uff0c\u906d\u9047\u4e86\u81ea 1980 \u5e74 3 \u6708\u4ee5\u6765\u6700\u5927\u7684\u5355\u65e5\u8dcc\u5e45\u3002\u767d\u94f6\u4ece\u5468\u56db\u63a5\u8fd1 120 \u7f8e\u5143\/\u76ce\u53f8\u7684\u9ad8\u4f4d\u4e0b\u8dcc\u7ea6 31% \u81f3 78 \u7f8e\u5143\u5de6\u53f3\u7684\u76d8\u4e2d\u4f4e\u70b9\u3002\u671f\u8d27\u3001ETF \u548c\u6c38\u7eed\u5408\u7ea6\u7684\u6760\u6746\u591a\u5934\u540c\u65f6\u9762\u4e34\u4fdd\u8bc1\u91d1\u538b\u529b\uff0c\u5f3a\u5236\u5e73\u4ed3\u6210\u4e3a\u76d8\u9762\u7684\u91cd\u8981\u7ec4\u6210\u90e8\u5206\u3002<\/p>\n

    \u5bf9\u4e8e\u6c38\u7eed\u5408\u7ea6\u5e73\u53f0\uff0c\u8fd9\u79cd\u53cd\u9988\u5faa\u73af\u53ef\u80fd\u662f\u81ea\u6211\u5f3a\u5316\u7684\u3002\u968f\u7740\u53c2\u8003\u4ef7\u4e0b\u8dcc\uff0c\u505a\u5e02\u5546\u505a\u7a7a\u6c38\u7eed\u5408\u7ea6\uff0c\u5df2\u4e8f\u635f\u7684\u4ed3\u4f4d\u5411\u8ba2\u5355\u7c3f\u5f3a\u5e73\u3002\u5982\u679c\u6d41\u52a8\u6027\u64a4\u79bb\u7684\u901f\u5ea6\u5feb\u4e8e\u5f3a\u5e73\u6d41\u7684\u7ed3\u7b97\u901f\u5ea6\uff0c\u6210\u4ea4\u4ef7\u53ef\u80fd\u4f1a\u8df3\u8fc7\u591a\u4e2a\u6863\u4f4d\uff0c\u6269\u5927\u57fa\u5dee\u5e76\u589e\u52a0\u5c3e\u90e8\u5b9e\u73b0\u6ed1\u70b9\u3002<\/p>\n

    \u4e24\u4e2a\u5e73\u53f0\u7684\u62a5\u4ef7\u4ef7\u5dee\u5747\u51fa\u73b0\u6076\u5316\uff0cHyperliquid \u7684\u5c3e\u90e8\u53cd\u5e94\u66f4\u5927\u3002\u5728 Hyperliquid \u4e0a\uff0c\u4ef7\u5dee\u4e2d\u4f4d\u6570\u4ece\u5d29\u76d8\u524d\u7684 2.4 \u57fa\u70b9\u6269\u5927\u5230\u5d29\u76d8\u671f\u95f4\u7684 5.1 \u57fa\u70b9\uff082.1 \u500d\uff09\u3002P95 \u4ece 6.0 \u57fa\u70b9\u5347\u81f3 18.2 \u57fa\u70b9\uff0c\u4ec5\u6709 49.5% \u7684\u89c2\u6d4b\u503c\u4fdd\u6301\u5728 5 \u57fa\u70b9\u6216\u4ee5\u4e0b\uff08\u5d29\u76d8\u524d\u4e3a 90.5%\uff09\u3002<\/p>\n

    18:20 UTC \u9644\u8fd1\u6700\u7cdf\u7cd5\u7684 5 \u5206\u949f\u7a97\u53e3\u5185\uff0c\u4ef7\u5dee\u4e2d\u4f4d\u6570\u8fbe\u5230\u4e86 17 \u57fa\u70b9\u3002COMEX \u4e5f\u51fa\u73b0\u4e86\u6269\u5927\uff0c\u4ece\u4e2d\u4f4d\u6570 3.0 \u57fa\u70b9\u6269\u81f3 4.8 \u57fa\u70b9\uff08P95 \u4e3a 12.7 \u57fa\u70b9\uff09\uff0c\u5e76\u6574\u4f53\u4fdd\u6301\u4e86\u66f4\u7d27\u51d1\u7684\u5206\u5e03\u3002\u5176\u6700\u7cdf\u7cd5\u7684 5 \u5206\u949f\u7a97\u53e3\u5728 18:20 \u8fbe\u5230 10.1 \u57fa\u70b9\u3002<\/p>\n

    \"image\"<\/p>\n

    \u540c\u6837\uff0c\u6df1\u5ea6\u7f29\u51cf\u4e5f\u53cd\u6620\u4e86\u6d41\u52a8\u6027\u7684\u9000\u6f6e\u3002\u5728 Hyperliquid \u4e0a\uff0c\u00b15 \u57fa\u70b9\u5185\u7684\u6df1\u5ea6\u4ece\u5d29\u76d8\u524d\u7684\u7ea6 23.1 \u4e07\u7f8e\u5143\u964d\u81f3\u6574\u4e2a\u5d29\u76d8\u7a97\u53e3\u7684 6.5 \u4e07\u7f8e\u5143\uff0c\u4e14\u5728\u5d29\u76d8\u9ad8\u5cf0\u671f\u7684\u4e2d\u4f4d\u6570\u4e3a\u96f6\u2014\u2014\u4e3b\u8981\u662f\u56e0\u4e3a\u4ef7\u5dee\u672c\u8eab\u5df2\u7ecf\u6269\u51fa\u4e86 \u00b15 \u57fa\u70b9\u7684\u8303\u56f4\u3002<\/p>\n

    \u5728\u66f4\u5bbd\u7684\u6863\u4f4d\u4e0a\uff0c\u5373\u4f7f\u5728\u9ad8\u5cf0\u538b\u529b\u4e0b\uff0c\u6d41\u52a8\u6027\u4f9d\u7136\u5b58\u5728\uff1a\u00b125 \u57fa\u70b9\u5185\u6709 54.2 \u4e07\u7f8e\u5143\uff0c\u00b150 \u57fa\u70b9\u5185\u7ea6\u6709 107 \u4e07\u7f8e\u5143\u3002COMEX \u5728\u7a84\u6863\u4f4d\u4e0a\u4e5f\u8868\u73b0\u51fa\u540c\u6837\u7684\u673a\u68b0\u6a21\u5f0f\uff08\u00b12 \u548c \u00b13 \u57fa\u70b9\u5728\u9ad8\u5cf0\u671f\u7ecf\u5e38\u4e3a\u96f6\uff09\uff0c\u4f46\u7edd\u5bf9\u5bb9\u91cf\u4ecd\u9ad8\u51fa\u4e00\u4e2a\u6570\u91cf\u7ea7\u3002\u5728\u5cf0\u503c\u538b\u529b\u4e0b\uff0cCOMEX \u5728 \u00b15 \u57fa\u70b9\u5185\u4ecd\u6301\u6709\u7ea6 116 \u4e07\u7f8e\u5143\uff0c\u800c Hyperliquid \u7ea6\u4e3a\u96f6\u3002<\/p>\n

    \"image\"<\/p>\n

    \u6267\u884c\u8d28\u91cf\u5728\u4e24\u4e2a\u5e73\u53f0\u7684\u4e2d\u4f4d\u6570\u6c34\u5e73\u4e0a\u5747\u6709\u6240\u4e0b\u964d\uff0c\u4f46\u5c3e\u90e8\u8868\u73b0\u5206\u5316\u3002Hyperliquid \u7684\u504f\u79bb\u4e2d\u4ef7\u6210\u4ea4\u6ed1\u70b9\u4e2d\u4f4d\u6570\u4ece 2.0 \u57fa\u70b9\u5347\u81f3 4.1 \u57fa\u70b9\uff08~2 \u500d\uff09\uff0cCOMEX \u4ece 1.5 \u57fa\u70b9\u5347\u81f3 2.7 \u57fa\u70b9\uff08~1.8 \u500d\uff09\u3002COMEX \u4fdd\u6301\u4e86\u6267\u884c\u7684\u7d27\u51d1\u6027\uff0c\u800c Hyperliquid \u51fa\u73b0\u4e86\u539a\u5c3e\uff08heavy tail\uff09\uff1a\u7ea6 1,900 \u7b14 Hyperliquid \u4ea4\u6613\uff08\u5360\u5d29\u76d8\u6210\u4ea4\u7684 1%\uff0c\u7ea6 2,100 \u4e07\u7f8e\u5143\u540d\u4e49\u4ef7\u503c\uff09\u7684\u6267\u884c\u504f\u79bb\u4e2d\u4ef7\u8d85\u8fc7 50 \u57fa\u70b9\uff1bCOMEX \u5219\u4e00\u7b14\u4e5f\u6ca1\u6709\u3002<\/p>\n

    \"image\"<\/p>\n

    \u7531\u4e8e\u6d41\u52a8\u6027\u8f83\u4f4e\u548c\u5f3a\u5e73\u6d41\u7684\u5f71\u54cd\uff0cHyperliquid \u7684\u6807\u8bb0\u4ef7\u683c\u6700\u7ec8\u786e\u5b9e\u504f\u79bb\u4e86\u9884\u8a00\u673a\u3002HL-COMEX \u57fa\u5dee\u5728 18:30 UTC \u8fbe\u5230 463 \u57fa\u70b9\u7684\u5cf0\u503c\uff0c\u4f46\u8d85\u8fc7 400 \u57fa\u70b9\u7684\u65f6\u95f4\u4ec5\u6301\u7eed\u4e86 95 \u79d2\uff0c\u5e76\u5728 19 \u5206\u949f\u5185\u4ece\u5cf0\u503c\u56de\u843d\u81f3 50 \u57fa\u70b9\u4ee5\u4e0b\u3002\u4ef7\u5dee\u4e5f\u9075\u5faa\u4e86\u7c7b\u4f3c\u7684\u8f68\u8ff9\u3002<\/p>\n

    \"image\"<\/p>\n

    \u603b\u4f53\u800c\u8a00\uff0cHyperliquid \u7684\u4ef7\u5dee\u6269\u5927\u5f97\u66f4\u591a\uff0c\u6267\u884c\u5206\u5e03\u51fa\u73b0\u4e86\u91cd\u5c3e\uff0c\u8fd9\u7b26\u5408\u5f3a\u5e73\u6d41\u4e0b\u8f83\u8584\u8ba2\u5355\u7c3f\u7684\u8868\u73b0\u3002\u7136\u800c\uff0c\u8fd9\u79cd\u504f\u79bb\u5e76\u672a\u6301\u7eed\u3002\u5728\u6570\u5341\u5e74\u672a\u89c1\u7684\u5267\u70c8\u6ce2\u52a8\u4e2d\uff0cHyperliquid \u4fdd\u6301\u4e86\u6301\u7eed\u53ef\u4ea4\u6613\u6027\uff0c\u4e14\u57fa\u672c\u951a\u5b9a\u5728\u57fa\u51c6\u4e4b\u4e0a\uff0c\u4e3b\u8981\u53d7\u635f\u70b9\u96c6\u4e2d\u5728\u6781\u901f\u884c\u60c5\u4e2d\u7684\u5c3e\u90e8\u6267\u884c\u4e0a\u3002<\/p>\n

    \u95ed\u5e02<\/strong><\/h2>\n

    UTC \u65f6\u95f4\u5468\u4e94 22:00\uff0cCOMEX \u5173\u95ed\uff0c\u767d\u94f6\u4ef7\u683c\u5f62\u6210\u7684\u4f20\u7edf\u673a\u6784\u53c2\u8003\u5faa\u73af\u6682\u505c\u3002Hyperliquid \u5219\u4fdd\u6301\u5f00\u653e\u3002\u5bf9\u4e8e HIP-3 \u6c38\u7eed\u5408\u7ea6\uff0c\u8fd9\u662f\u5916\u90e8\u9884\u8a00\u673a\u66f4\u65b0\u4e0d\u53ef\u7528\u3001\u5e73\u53f0\u4ece\u300c\u5916\u90e8\u951a\u5b9a\u300d\u8f6c\u5411\u300c\u53d7\u7ea6\u675f\u7684\u5185\u90e8\u5f15\u5bfc\u300d\u53c2\u8003\u8fc7\u7a0b\u7684\u7279\u6b8a\u9636\u6bb5\u3002<\/p>\n

    \u90e8\u7f72\u8005\u7ee7\u7eed\u53d1\u5e03\u6307\u6570\uff0c\u4f46\u4f7f\u7528\u8ba2\u5355\u7c3f\u884d\u751f\u7684\u51b2\u51fb\u4ef7\u683c\u8fdb\u884c\u63a8\u8fdb\uff0c\u5e76\u901a\u8fc7\u7f13\u6162\u7684 EMA\uff08\u6307\u6570\u79fb\u52a8\u5e73\u5747\u7ebf\uff09\u8fdb\u884c\u8fc7\u6ee4\u3002\u7ba1\u7406\u4fdd\u8bc1\u91d1\u548c\u5f3a\u5e73\u7684\u6807\u8bb0\u4ef7\u683c\u662f\u6307\u6570\u3001\u77ed\u5468\u671f\u57fa\u5dee\u8fc7\u6ee4\u5668\u548c\u672c\u5730\u8ba2\u5355\u7c3f\u4fe1\u53f7\u7684\u7a33\u5065\u6df7\u5408\uff0c\u5e76\u53d7\u5230\u6700\u9ad8\u6760\u6746\u7ea6\u675f\u7684\u53d1\u73b0\u8fb9\u754c\u9650\u5236\uff08\u767d\u94f6\u7ea6\u4e3a 5% \u7684\u533a\u95f4\uff09\u3002<\/p>\n

    \"image\"<\/p>\n

    \u5468\u672b\u673a\u5236\u5728\u7406\u8bba\u4e0a\u5b9e\u73b0\u4e86\u975e\u4ea4\u6613\u65f6\u6bb5\u7684\u4ef7\u683c\u53d1\u73b0\u3002\u5f53\u5916\u90e8\u9884\u8a00\u673a\u5728\u5468\u4e00\u6062\u590d\u65f6\uff0c\u8be5\u5185\u90e8\u4ef7\u683c\u4f1a\u88ab\u62c9\u56de\u5916\u90e8\u53c2\u8003\u4ef7\uff0c\u4f46\u8fd9\u4e00\u4e2d\u95f4\u7a97\u53e3\u8ba9\u4ea4\u6613\u8005\u80fd\u5728\u5f00\u76d8\u62cd\u5356\u524d\u6839\u636e\u5468\u4e94\u951a\u5b9a\u7684\u6c34\u5e73\u8fdb\u884c\u4ed3\u4f4d\u5e03\u5c40\u3002<\/p>\n

    \u6574\u4e2a\u5468\u672b\u7a97\u53e3\u7684\u4ea4\u6613\u8fde\u7eed\u6027\u5f88\u9ad8\uff1a17.5 \u4e07\u7b14\u4ea4\u6613\uff0c\u6210\u4ea4\u989d 2.57 \u4ebf\u7f8e\u5143\u3002\u53c2\u4e0e\u8005\u6784\u6210\u8f83\u6b63\u5e38\u65f6\u6bb5\u663e\u8457\u5411\u6563\u6237\u503e\u659c\u3002\u6210\u4ea4\u4e2d\u4f4d\u6570\u964d\u81f3 196 \u7f8e\u5143\uff08\u6b64\u524d\u4e3a 1,245 \u7f8e\u5143\uff09\uff0c99 \u5206\u4f4d\u503c\u964d\u81f3 1.81 \u4e07\u7f8e\u5143\u3002<\/p>\n

    \"image\"<\/p>\n

    \u5728\u8fd9\u4e00\u7ef4\u5ea6\u4e0a\uff0c\u62a5\u4ef7\u6d41\u52a8\u6027\u663e\u8457\u6536\u7d27\u3002\u5468\u672b\u4e70\u4e00\u5356\u4e00\u4ef7\u5dee\u4e2d\u4f4d\u6570\u4e3a 0.93 \u57fa\u70b9\uff0c\u800c\u6b63\u5e38\u4ea4\u6613\u65e5\u4e3a 2.40 \u57fa\u70b9\u3002\u6df1\u5ea6\u6709\u6240\u4e0b\u964d\u4f46\u4fdd\u6301\u7a33\u5b9a\u4e14\u53cc\u5411\u5747\u8861\u3002\u00b110 \u57fa\u70b9\u5185\u7684\u53cc\u5411\u6df1\u5ea6\u4e2d\u4f4d\u6570\u4e3a 35.8 \u4e07\u7f8e\u5143\u3002\u6267\u884c\u529b\u4e5f\u9075\u5faa\u540c\u6837\u6a21\u5f0f\u3002<\/p>\n

    \"image\"<\/p>\n

    \u4f7f\u7528\u6210\u4ea4\u65f6\u7684\u4e2d\u4ef7\u8ba1\u7b97\uff0c\u5468\u672b\u6ed1\u70b9\u4e2d\u4f4d\u6570\u4e3a 0.87 \u57fa\u70b9\uff0c\u800c\u6b63\u5e38\u65f6\u6bb5\u4e3a 1.98 \u57fa\u70b9\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5bf9\u4e8e\u4e3b\u5bfc\u5468\u672b\u8d44\u91d1\u6d41\u7684\u4ea4\u6613\u89c4\u6a21\uff0c\u8de8\u8d8a\u4ef7\u5dee\u6210\u4ea4\u7684\u6210\u672c\u6bd4\u5e73\u65e5\u66f4\u4f4e\uff0c\u5c3d\u7ba1\u7edd\u5bf9\u6df1\u5ea6\u7684\u627f\u8f7d\u529b\u66f4\u5f31\u3002<\/p>\n

    \u4ef7\u683c\u8868\u73b0\u65b9\u9762\uff0c\u5468\u672b\u4ef7\u683c\u662f\u5927\u5e45\u6ce2\u52a8\u7684\uff0c\u800c\u975e\u9759\u6b62\u3002\u767d\u94f6\u4ef7\u683c\u5728\u5468\u672b\u7a97\u53e3\u5185\u4ece 85.76 \u8dcc\u81f3\u91cd\u65b0\u5f00\u76d8\u524d\u7684 83.70\uff0c\u5168\u5929\u5019\u4ea4\u6613\u4ea7\u751f\u4e86\u4e00\u4e2a\u5b9e\u9645\u53d8\u52a8\u7684\u53c2\u8003\u3002<\/p>\n

    \"image\"<\/p>\n

    Globex \u91cd\u65b0\u5f00\u76d8\u4e3a\u300c\u5468\u672b\u4ea4\u6613\u662f\u5426\u4ea7\u751f\u4e86\u53ef\u7528\u7684\u53c2\u8003\u6c34\u5e73\u300d\u63d0\u4f9b\u4e86\u6700\u6e05\u6670\u7684\u8de8\u5e73\u53f0\u68c0\u67e5\u3002\u5728 23:00:00 UTC\uff0cCOMEX \u7684\u7b2c\u4e00\u7b14\u6210\u4ea4\u4ef7\u8f83 Hyperliquid \u4e2d\u4ef7\u9ad8\u51fa\u7ea6 97 \u57fa\u70b9\u3002\u5230 23:00:01\uff0c\u5dee\u8ddd\u5df2\u538b\u7f29\u81f3\u7ea6 10 \u57fa\u70b9\u3002Hyperliquid \u6301\u7eed\u7684\u5468\u672b\u5e02\u573a\u4ea7\u751f\u4e86\u4e00\u4e2a\u4e0e COMEX \u5f00\u76d8\u62cd\u5356\u975e\u5e38\u76f8\u4f3c\u7684\u4ef7\u683c\u6c34\u5e73\u3002\u4ee4\u4eba\u5370\u8c61\u6df1\u523b\u7684\u662f\uff0c\u5468\u65e5\u6700\u540e\u7684\u5185\u90e8\u4ef7\u683c\u6bd4\u5468\u4e94\u6536\u76d8\u4ef7\u66f4\u63a5\u8fd1\u5468\u4e00\u7684\u5f00\u76d8\u4ef7\u3002<\/p>\n

    \"image\"<\/p>\n

    \u5728\u6240\u6709\u7684 HIP-3 \u5e02\u573a\u4e2d\uff0c\u5c3d\u7ba1\u4ea4\u6613\u662f\u8fde\u7eed\u4e0d\u95f4\u65ad\u7684\uff0c\u4f46\u5468\u672b\u5728\u7ed3\u6784\u4e0a\u5c5e\u4e8e\u4f4e\u53c2\u4e0e\u5ea6\u65f6\u6bb5\u3002\u901a\u8fc7\u5bf9 32 \u4e2a xyz \u5e02\u573a\u4f7f\u7528 5 \u5206\u949f K \u7ebf\u56fe\u8fdb\u884c\u5206\u6790\uff08\u5b9a\u4e49\u5468\u672b\u4e3a\u7f8e\u4e1c\u65f6\u95f4\u5468\u4e94 16:00 \u81f3\u5468\u4e00 09:30 \u4e4b\u524d\uff09\uff0c\u6211\u4eec\u53d1\u73b0\uff1a\u5728\u6309\u5de5\u4f5c\u65e5\u540d\u4e49\u4ef7\u503c\u52a0\u6743\u7684\u57fa\u7840\u4e0a\uff0c\u6bcf 5 \u5206\u949f K \u7ebf\u56fe\u7684\u540d\u4e49\u4ef7\u503c\uff08Notional\uff09\u964d\u81f3\u5e73\u65e5\u6c34\u5e73\u7684 0.31 \u500d\uff08\u964d\u5e45\u8fbe 69%\uff09\uff1b\u82e5\u6309\u7b49\u6743\u91cd\u5e73\u5747\u503c\u8ba1\u7b97\uff0c\u5219\u964d\u81f3 0.33 \u500d\uff08\u964d\u5e45\u4e3a 67%\uff09\u3002<\/p>\n

    \u6ce2\u52a8\u7387\uff08Volatility\uff09\u540c\u6837\u6709\u6240\u6536\u7f29\uff0c\u4f46\u5176\u964d\u5e45\u5c0f\u4e8e\u6210\u4ea4\u91cf\u3002\u5728\u540d\u4e49\u4ef7\u503c\u52a0\u6743\u7684\u57fa\u7840\u4e0a\uff0c5 \u5206\u949f\u5b9e\u73b0\u6ce2\u52a8\u7387\u964d\u81f3\u5e73\u65e5\u6c34\u5e73\u7684 0.75 \u500d\uff08\u964d\u5e45\u4e3a 25%\uff09\uff0c\u5e02\u573a\u4e2d\u4f4d\u6570\u964d\u5e45\u5219\u4e3a 36%\u3002\u4e00\u5c0f\u90e8\u5206\u5e02\u573a\u8868\u73b0\u51fa\u6709\u9650\u7684\u6536\u7f29\uff0c\u751a\u81f3\u5728\u5468\u672b\u51fa\u73b0\u66f4\u9ad8\u7684\u6ce2\u52a8\u7387\uff0c\u8fd9\u4e3b\u8981\u5f52\u56e0\u4e8e\u5e95\u5c42\u53c2\u8003\u5e02\u573a\u4ea4\u6613\u65f6\u95f4\u7684\u5dee\u5f02\uff0c\u4ee5\u53ca\u5468\u65e5\u665a\u4e0a\u91cd\u65b0\u5f00\u76d8\uff08Reopen\uff09\u7684\u52a8\u6001\u5728\u5b9a\u4e49\u4e0a\u4ecd\u88ab\u8ba1\u5165\u300c\u5468\u672b\u300d\u8303\u7574\u3002<\/p>\n

    \u767d\u94f6\u5e02\u573a\u5b8c\u5168\u7b26\u5408\u8fd9\u4e00\u6a21\u5f0f\u3002xyz:SILVER \u6bcf 5 \u5206\u949f K \u7ebf\u56fe\u7684\u540d\u4e49\u4ef7\u503c\u4e0b\u964d\u4e86 72%\uff0c\u800c 5 \u5206\u949f\u5b9e\u73b0\u6ce2\u52a8\u7387\u4ec5\u4e0b\u964d 21%\u3002\u66f4\u7a84\u7684\u4ef7\u5dee\uff08Spreads\uff09\u548c\u7a33\u5b9a\u7684\u6267\u884c\u4e2d\u4f4d\u6570\u53ef\u4ee5\u4e0e\u8f83\u4f4e\u7684\u603b\u4f53\u53c2\u4e0e\u5ea6\u4ee5\u53ca\u8fdc\u79bb\u76d8\u53e3\uff08Touch\uff09\u7684\u6df1\u5ea6\u7f29\u51cf\u5e76\u5b58\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5468\u672b\u4ea4\u6613\u9488\u5bf9\u7684\u662f\u8fde\u7eed\u6027\u548c\u5c0f\u989d\u8ba2\u5355\uff08Small-clip\uff09\u6267\u884c\u8fdb\u884c\u7684\u4f18\u5316\uff0c\u800c\u975e\u9488\u5bf9\u673a\u6784\u7ea7\u5bb9\u91cf\u3002\u5c3d\u7ba1\u5468\u672b\u4ea4\u6613\u91cf\u5927\u5e45\u4e0b\u964d\uff0cHyperliquid \u4ecd\u80fd\u4e3a\u8be5\u65f6\u6bb5\u5360\u4e3b\u5bfc\u5730\u4f4d\u7684\u5c0f\u989d\u8d44\u91d1\u6d41\u63d0\u4f9b\u7d27\u51d1\u7684\u6267\u884c\u8d28\u91cf\u3002<\/p>\n

    24\/7 \u5168\u5929\u5019\u4ea4\u6613\u7684\u524d\u666f<\/strong><\/h3>\n

    \u8003\u8651\u5230\u8fd9\u79cd\u7ed3\u6784\uff0cHyperliquid 24\/7 \u6c38\u7eed\u5408\u7ea6\u6700\u5b9e\u9645\u7684\u7528\u4f8b\u4e4b\u4e00\uff0c\u5c31\u662f\u4e3a COMEX \u5468\u65e5\u7684\u91cd\u65b0\u5f00\u76d8\u62cd\u5356\uff08Reopening Auction\uff09\u8fdb\u884c\u5b9a\u4ef7\u3002\u5728 COMEX \u4e0a\uff0c\u5468\u65e5\u5f00\u76d8\u662f\u5355\u4e00\u4ef7\u683c\u547c\u53eb\u62cd\u5356\uff08Single-price call auction\uff09\uff1a\u8ba2\u5355\u5728\u9884\u5f00\u76d8\u671f\u95f4\u79ef\u7d2f\uff0c\u53d1\u5e03\u53c2\u8003\u5f00\u76d8\u4ef7\uff0c\u5e76\u5728\u6301\u7eed\u64ae\u5408\u6062\u590d\u524d\u6709\u4e00\u4e2a\u77ed\u6682\u7684\u4e0d\u53ef\u53d6\u6d88\u7a97\u53e3\u6765\u9501\u5b9a\u8ba2\u5355\u7c3f\u3002\u5f00\u76d8\u4ef7\u7684\u9009\u62e9\u65e8\u5728\u6700\u5927\u5316\u53ef\u6210\u4ea4\u91cf\uff0c\u968f\u540e\u6700\u5c0f\u5316\u5269\u4f59\u4e0d\u5e73\u8861\uff0c\u82e5\u51fa\u73b0\u5e73\u5c40\u5219\u76f8\u5bf9\u4e8e\u5148\u524d\u7684\u7ed3\u7b97\u4ef7\u7b49\u53c2\u8003\u6307\u6807\u8fdb\u884c\u88c1\u51b3\u3002\u8fd9\u79cd\u65b9\u5f0f\u5bf9\u4e8e\u6e05\u7406\u79ef\u538b\u7684\u8ba2\u5355\u6d41\u5f88\u6709\u6548\uff0c\u4f46\u5b83\u4e5f\u5c06\u4fe1\u606f\u3001\u5bf9\u51b2\u9700\u6c42\u548c\u6b62\u635f\u6d41\u96c6\u4e2d\u5230\u4e86\u4e00\u4e2a\u79bb\u6563\u7684\u4ef7\u683c\u70b9\u4e0a\u3002<\/p>\n

    \u50cf Hyperliquid \u8fd9\u6837\u8fde\u7eed\u4ea4\u6613\u7684\u573a\u6240\u6539\u53d8\u4e86\u6267\u884c\u96be\u9898\uff0c\u56e0\u4e3a\u5b83\u5141\u8bb8\u53c2\u4e0e\u8005\u5728\u62cd\u5356\u5c06\u4ef7\u5dee\u538b\u7f29\u4e4b\u524d\u8868\u8fbe\u5e76\u8f6c\u79fb\u98ce\u9669\u3002\u4ea4\u6613\u8005\u65e0\u9700\u88ab\u52a8\u63a5\u53d7\u91cd\u65b0\u5f00\u76d8\u62cd\u5356\u7684\u6700\u7ec8\u6210\u4ea4\u4ef7\uff0c\u800c\u662f\u53ef\u4ee5\u5728\u5468\u672b\u671f\u95f4\u4ee5\u5b9e\u65f6\u7684\u8ba2\u5355\u7c3f\u4ef7\u683c\u5206\u9636\u6bb5\u5efa\u7acb\u5934\u5bf8\u3002\u5b9e\u9645\u4e0a\uff0cHyperliquid \u63d0\u4f9b\u4e86\u4e00\u4e2a\u53ef\u4ea4\u6613\u7684\u5468\u672b\u53c2\u8003\u4ef7\uff0c\u4ee5\u53ca\u4e00\u4e2a\u9488\u5bf9\u89c4\u6a21\u3001\u65f6\u673a\u548c\u4ef7\u683c\u9650\u5236\u7684\u8def\u5f84\u4f9d\u8d56\u578b\u6267\u884c\u8ba1\u5212\uff0c\u800c\u8fd9\u4e9b\u5728 COMEX \u8ba2\u5355\u7c3f\u5173\u95ed\u671f\u95f4\u662f\u4e0d\u5b58\u5728\u7684\u3002<\/p>\n

    \"image\"<\/p>\n

    \u5982\u9884\u8a00\u673a\uff08Oracle\uff09\u4ea4\u63a5\u56fe\u6240\u793a\uff0c\u4ea4\u6613\u8005\u53ef\u4ee5\u5728\u62cd\u5356\u524d\u7684\u5468\u672b\u9488\u5bf9\u5185\u90e8\u5b9a\u4ef7\u8fdb\u884c\u4ea4\u6613\u3002\u5f53\u5916\u90e8\u53c2\u8003\u5b9a\u4ef7\u6062\u590d\u65f6\uff0c\u8be5\u951a\u70b9\u4f1a\u88ab\u62c9\u56de\u9884\u8a00\u673a\uff0c\u8fd9\u4e3a\u4ea4\u6613\u8005\u5b9a\u4ef7\u8fd9\u4e00\u5dee\u8ddd\u521b\u9020\u4e86\u7ecf\u6d4e\u6fc0\u52b1\u3002\u5fae\u5999\u4e4b\u5904\u5728\u4e8e\uff0c\u8fd9\u79cd\u4f18\u52bf\u53d6\u51b3\u4e8e\u5468\u672b\u671f\u95f4\u7684\u6d41\u52a8\u6027\u548c\u540d\u4e49\u5bb9\u91cf\uff0c\u4f46\u5f53\u8fd9\u4e9b\u7ea6\u675f\u5f97\u5230\u6ee1\u8db3\u65f6\uff0cHyperliquid \u5c31\u5c55\u73b0\u51fa\u4e86\u6267\u884c\u4f18\u52bf\u3002<\/p>\n

    \u5728\u6240\u6709\u7684 xyz \u80a1\u7968 HIP-3 \u5e02\u573a\u4e2d\uff0c\u6211\u4eec\u6d4b\u8bd5\u4e86\u5185\u90e8\u65f6\u6bb5\u7684\u5b9a\u4ef7\u662f\u5426\u5728\u5468\u65e5\u9884\u8a00\u673a\u91cd\u65b0\u5f00\u76d8\u524d\u63d0\u4f9b\u4e86\u589e\u91cf\u7684\u4ef7\u683c\u53d1\u73b0\u3002\u5bf9\u6bd4\u65b9\u6cd5\u662f\uff1a\u89c2\u5bdf\u9884\u8a00\u673a\u5f00\u76d8\u76f8\u8f83\u4e8e\u5468\u4e94\u6536\u76d8\u7684\u6ce2\u52a8\uff0c\u4e0e\u91cd\u65b0\u5f00\u76d8\u524d 15 \u5206\u949f\u89c2\u6d4b\u5230\u7684\u4e2d\u4ef7\u6ce2\u52a8\uff08\u5747\u4ee5\u5468\u4e94\u6536\u76d8\u4ef7\u7684\u767e\u5206\u6bd4\u8861\u91cf\uff09\u8fdb\u884c\u5bf9\u6bd4\u3002<\/p>\n

    \"image\"<\/p>\n

    \u5728\u5f53\u524d\u6837\u672c\u4e2d\uff0823 \u4e2a\u5e02\u573a\uff1b191 \u4e2a\u5468\u672b\u6837\u672c\uff0c\u5176\u4e2d 146 \u4e2a\u5177\u6709\u6709\u6548\u7684\u5f00\u76d8\u524d\u4e2d\u4ef7\u5feb\u7167\uff09\uff0c\u5173\u4e8e\u9884\u8a00\u673a\u5c42\u9762\u5b58\u5728\u589e\u91cf\u5468\u672b\u4ef7\u683c\u53d1\u73b0\u7684\u8bc1\u636e\u8f83\u4e3a\u5fae\u5f31\u3002\u5728 50.7% \u7684\u89c2\u6d4b\u503c\u4e2d\uff0c\u5f00\u76d8\u524d\u7684\u4e2d\u4ef7\uff08Mid\uff09\u6bd4\u5468\u4e94\u6536\u76d8\u4ef7\u66f4\u63a5\u8fd1\u9884\u8a00\u673a\u5f00\u76d8\u4ef7\uff0c\u4e2d\u4f4d\u6570\u63d0\u5347\u7ea6\u4e3a +0.4 \u57fa\u70b9\uff0c\u57fa\u672c\u53ef\u4ee5\u5ffd\u7565\u4e0d\u8ba1\u3002<\/p>\n

    \"image\"<\/p>\n

    \u6362\u53e5\u8bdd\u8bf4\uff0c\u5bf9\u4e8e\u8fd9\u4e9b\u5e02\u573a\uff0c\u9884\u8a00\u673a\u5f00\u76d8\u4ef7\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4ecd\u951a\u5b9a\u5728\u5468\u4e94\u6536\u76d8\u4ef7\u4e0a\uff0c\u800c\u5185\u90e8\u65f6\u6bb5\u4e2d\u4ef7\u7684\u504f\u5dee\u5728\u5916\u90e8\u9884\u8a00\u673a\u6062\u590d\u65f6\u5e76\u4e0d\u80fd\u6301\u7eed\u4f53\u73b0\u3002\u8fd9\u8868\u660e\uff0c\u81f3\u5c11\u5bf9\u4e8e\u76ee\u524d HIP-3 \u914d\u7f6e\u548c\u6d41\u52a8\u6027\u673a\u5236\u4e0b\u7684\u80a1\u7968\u800c\u8a00\uff0c\u5468\u672b\u4ea4\u6613\u5c1a\u672a\u4ea7\u751f\u4e00\u4e2a\u7a33\u5065\u4e14\u5177\u5907\u5f3a\u53c2\u8003\u4ef7\u503c\u7684\u53ef\u4ea4\u6613\u57fa\u51c6\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u968f\u7740\u6d41\u52a8\u6027\u548c\u6df1\u5ea6\u7684\u6784\u5efa\uff0c\u6211\u4eec\u9884\u8ba1\u5185\u90e8\u65f6\u6bb5\u5c06\u6210\u4e3a\u91cd\u65b0\u5f00\u76d8\u524d\u66f4\u53ef\u9760\u7684\u5b9a\u4ef7\u53c2\u8003\u3002<\/p>\n

    \u7ed3\u8bba<\/strong><\/h3>\n

    Hyperliquid \u7684 HIP-3 \u767d\u94f6\u6c38\u7eed\u5408\u7ea6\u5728\u6570\u5341\u5e74\u672a\u89c1\u7684\u5267\u70c8\u6ce2\u52a8\u4e2d\u987a\u5229\u5b8c\u6210\u4e86\u6e05\u7ed3\u7b97\uff0c\u6ca1\u6709\u53d1\u751f\u505c\u673a\uff0c\u5e76\u4e3a\u4e3b\u6d41\u7684\u6563\u6237\u548c\u4e2d\u578b\u8d44\u91d1\u6d41\u63d0\u4f9b\u4e86\u7d27\u51d1\u7684\u76d8\u53e3\u5b9a\u4ef7\u3002\u5e02\u573a\u8d28\u91cf\u5728\u538b\u529b\u4e0b\u5982\u9884\u671f\u822c\u6709\u6240\u4e0b\u964d\uff0c\u7279\u522b\u662f\u5728\u5c3e\u90e8\u6267\u884c\u4e0a\uff0c\u4f46\u8fd9\u79cd\u5931\u8861\u662f\u77ed\u6682\u7684\uff0c\u57fa\u5dee\u8fc5\u901f\u56de\u5f52\u5747\u503c\uff0c\u4ef7\u683c\u5f62\u6210\u57fa\u672c\u951a\u5b9a\u5728\u673a\u6784\u57fa\u51c6\u4e4b\u4e0a\u3002\u7136\u800c\uff0cHIP-3 \u7684\u5c40\u9650\u6027\u5728\u4e8e\u5bb9\u91cf\uff1b\u8be5\u5e73\u53f0\u80fd\u5f88\u597d\u5730\u5904\u7406\u4e2d\u5c0f\u89c4\u6a21\u8ba2\u5355\uff0c\u4f46\u76f8\u5bf9\u4e8e COMEX \u7684\u6df1\u5ea6\uff0c\u5927\u989d\u8ba2\u5355\u7684\u6267\u884c\u4ecd\u53d7\u5230\u5b9e\u8d28\u6027\u9650\u5236\u3002<\/p>\n

    \u9664\u4e86\u6c38\u7eed\u5408\u7ea6\u7684\u6807\u51c6\u4f18\u52bf\u5916\uff0c\u5468\u672b\u6a21\u5f0f\u662f\u8be5\u4ea7\u54c1\u6218\u7565\u4ef7\u503c\u6700\u663e\u8457\u7684\u5730\u65b9\u3002Hyperliquid \u5728\u4f20\u7edf\u5e02\u573a\u5173\u95ed\u65f6\u63d0\u4f9b\u4e86\u4e00\u6761\u8fde\u7eed\u7684\u4ef7\u683c\u8def\u5f84\uff0c\u5c06\u539f\u672c\u79bb\u6563\u7684\u91cd\u65b0\u5f00\u76d8\u7f3a\u53e3\u8f6c\u53d8\u4e3a\u4e00\u4e2a\u53ef\u4ea4\u6613\u7684\u53c2\u8003\uff0c\u4ece\u800c\u5728\u62cd\u5356\u524d\u7684\u8c03\u4ed3\u548c\u5f00\u76d8\u5b9a\u4ef7\u4e2d\u521b\u9020\u4e86\u4f18\u52bf\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    \u4f5c\u8005\uff1a shaunda devens\uff0cBlockworks Research \u7f16\u8bd1\uff1a \u6df1\u6f6e TechFlow […]<\/p>\n","protected":false},"author":2,"featured_media":3718,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/posts\/3717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3717"}],"version-history":[{"count":1,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/posts\/3717\/revisions"}],"predecessor-version":[{"id":7788,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/posts\/3717\/revisions\/7788"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/media\/3718"}],"wp:attachment":[{"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}