50倍开多被爆却赚走200万美元，Hyperliquid「内幕哥」是怎么做到的？

区块律动Pubblicato 2025-03-13Pubblicato ultima volta 2025-03-13

Introduzione

所以，不是所有带有 APR 的矿都是稳定理财，一旦本金有受损风险，撤离是第一选择。

本来是个平平无奇等 CPI 数据的下午，但前些日子引起中文社区高度关注的 HyperLiquid 巨鲸「内幕哥」再次凭一己之力搅动了大半个以太坊合约市场，并成功吸引了全网的注意力。

据官方数据显示，因为以 0xf3 开头地址（以下简称内幕哥）的做多和清算操作，Hyperliquid 财库 HLP（Hyperliquidity Provider）短时亏损超 400 万美元。

那这位曾被社区视作拥有究极内幕的地址究竟是如何操作，以及 HyperLiquid 是怎么被这位巨鲸薅走流动性的呢？BlockBeats 结合巨鲸操作解读及社区分析为大家梳理了其具体的交易路径与套利策略。

一人撸掉 Hyperliquid 400 万美元，「内幕哥」做了什么？

3 月 12 日下午，「内幕哥」（地址：0xf3f496c9486be5924a93d67e98298733bb47057c）向 Hyperliquid 存入 522 万美元，并以 50 倍杠杆分别在 1,884.4 美元（清算价格 1,838.2 美元）和 82,003.9 美元（清算价格 61,182 美元）位置开多 ETH 和 BTC。在此前 2 天里，这位内幕哥就以 100% 的胜率进行了两次 ETH 超短期做多操作，净赚 220 万美元。

随后，内幕哥又将自己的 ETH 多单持仓增至 72924.87 枚，价值约 1.38 亿美元，达到其个人开仓的单币最高记录。一系列猛如虎的开单操作让他的浮盈来到 99.3 万美元，但距离清算价只有 29 美元。

紧接着，他又将自己的所有 BTC 头寸转换为 ETH 多头，并进一步将 1000 万美元桥接到 Hyperliquid 作为保证金，以 1,921 美元的价格下达 5,508.08 枚 ETH 的做多订单。此时，他一共向 Hyperliquid 转入 1523 万枚 USDC 保证金，其 ETH 多单持仓增至 14 万枚，价值 2.7 亿美元，占到 Hyperliquid ETH 合约总仓位（11 亿美元）的 24.65%，仓位浮盈高达 310 万美元。

截至此刻，「内幕哥」的操作都一切正常，其清算价为 1,877 美元，低于市价。但很快，他便开始了让众人惊掉下巴的骚操作。

据 Hyperscan 信息显示，内幕哥在 17:08 分连续做出三个操作：平仓、平仓、被清算，随后将约 800 万美元 USDC 提走。ETH 价格也因这位合约巨鲸的平仓急剧下挫，短短 5 分钟内便从 1,970 美元下跌至 1,910 美元附近。

然而引起社区关注的并非 ETH 的巨幅波动，要知道，即便在超高杠杆的情况下，内幕哥的清算价格也是在 1,877 美元附近，距离 1,970 美元的市价还有一段距离。

这是为什么呢？仔细端详 Hyperscan 信息后我们发现，原来这位内幕哥给大家在链上演了一出颇具复古风味的「穿仓大法」。

据 Hyper 区块浏览器记录显示，内幕哥在多头仓位未平仓的情况下，连续在 17:05 分进行了三次提现尝试。第一次提现并未成功，前端显示「提款金额超出单笔上限」，内幕哥随后分 800 万美元和 900 万美元两笔交易将总额超 1700 万美元的 USDC 进行提现。

这比他为本次操作所提供的约 1500 万美元保证金多出近 200 万美元，也就是说，剩下仓位全部被清算，内幕哥也已经稳稳锁定了近 200 万美元的利润。

在大量保证金被提走后，内幕哥仓位的清算价格迅速抬升。17:08 分，这十余万枚 ETH 多单在 1,915 美元被平仓，并由 Hyperliquid 财库接管以完成清算。但由于金额巨大，平仓过程中 ETH 持续下跌产生亏损，最终由 HLP 承担了全部约 400 万美元的损失。

7 年了，Perp DEX 龙头还是得「交学费」

在爆仓发生后不久，Hyperliquid 就发文，称将 BTC 和 ETH 的最大杠杆将分别更新为 40 倍和 25 倍，以提高较大仓位的维持保证金要求，以为较大仓位的后备清算提供更好的缓冲。

在惊叹「内幕哥」骚操作的同时，另一个让许多社区成员好奇的点是：为什么别人被清算，却要 Hyperliquid 平台来承担损失？

HLP 本质上是爆仓基金，最大的潜在受害者就是 HLP 的存款用户。而导致此次 hyperliquid 巨大亏损的问题主要是可以任意提取浮盈，除此之外还有不对大额订单开仓杠杆进行限制以及 HLP 保险库会以固定价格接管爆仓仓位。

提取浮盈这一操作目前在大部分 CEX 中是不被允许的，浮盈属于未实现利润，不卖出合约就提取浮盈相当于预支利润，大额浮盈被提取短时间内容易造成很大的流动性风险。

hyperliquid 的流动性主要来自于 Binance 和一些其他交易所的外盘，由于没有穿仓机制，hyperliquid 接手被爆仓的订单后会在二级市场上交易掉，之所以爆仓 16 万个 ETH 没有把币价砸穿，是因为这一笔爆仓清算是场外接管，并不在订单簿上出现，而是直接被 hlp 基金买走了。以前小仓位清算时，HLP 清算接管后可以利用差价赚取收益，但此次爆仓金额数量实在过于巨大，接管后直接给 HLP 带来巨额亏损。

针对此事，知名 KOL 憨巴龙王发文阐释，为何 CEX 不允许提取浮盈。他在推文中提到，之前交易所没有爆仓接管机制，都是直接挂在市场深度上，如果爆仓单没被平掉，就是穿仓，会在下一个结算周期下移，或者上移。

2018 年 7 月，OKX 出现了一个超级大户，开 20 倍杠杆从比特币 7000 美元开始疯狂做多，一直把价格拉升到 8400，然后把保证金全部移走，订单爆仓了，5 万个未平的 BTC 卖单直接挂在 8020 上。如果继续跌，空单盈利会比多单盈利多，这一缺口就由所有的空单持有人一起平摊穿仓损失。自此以后，OKX 合约系统就逐步完善，规定浮盈不准移保证金等来限制这种穿仓风险。

在爆仓事件发生前，HLP 的流动性提供者大概可获益 20% 的 APY，但这一巨大的亏损使得流动性提供者们上个月所有收益都在这几分钟之内消失了。这也反映了投资 Defi 的风险，流动性池子存在被价格操控的可能性，越小的池子价格波动和无常损失的风险就越大，即使如 HLP 这种流动性较为充沛的池子也难顶黑天鹅事件的砸盘。

所以，不是所有带有 APR 的矿都是稳定理财，一旦本金有受损风险，撤离是第一选择。

从此次 hyperliquid 爆仓事件来看，HLP 及其用户承担了大量损失，投资 Defi 是高收益但高风险的项目。尽管导致这一巨额亏损发生的主要原因是平台对于合约监管的不到位，但仍暴露出 Defi 目前的不成熟，仍可能存在未被发现的漏洞来被「钻空子」。幸运的是此次事件对市场并未造成毁灭性打击，它给机构、做市商以及散户都敲响了警钟，提醒各方参与者要更加做好风险管理，审视机制漏洞。亡羊补牢，为时未晚。

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