999xleverage

[Dr.PR @0xDrPR]

干，jeff 2023年就说了bitget可能成为下一个ftx

他给出的具体理由是：2022 年底他们在 Bitget 做高频交易时，发现撮合引擎不诚实。最直观的例子是：他们的单已经挂在买一/卖一，却能看到成交发生在更差的价格上，自己的单却纹丝不动。界面上就能看到。

后来从前员工处得知，Bitget 当时对零售吃单（taker）流量是内部 B-booking（自己当对手盘吃掉），而不是真正送到公开订单簿撮合。

他认为这比普通 CEX 养内部做市商更严重：一边对外宣称自己是订单簿交易所，一边偷偷用完全不同的结构处理用户单，既不道德，在多数司法管辖区也可能违法。

动机很明确：零售流量（尤其是跟单交易放大波动后）对赌非常赚钱。所以他们很长一段时间不引入外部做市商，自己吃这块利润。

他们发现这些问题后立刻停用该交易所。Jeff 认为，即使后来改了，这种「觉得这样运营没问题」的心态本身就不该再拿到更多融资去扩张。

[realTaki @realTaki42]

在没有 PERP 之前，空头任何做空都需要借币/借股/买远期期货的，空头成本向来很高，加上美股永动机一样的涨，所以大多数人都不会去做空。

币圈是做空成本最低的地方，甚至裸空都能轻松赚，因为连默认费率都倾向于做空者。而且引入美股xSTOCK合约之后，还在沿用旧的设计就实在太怠惰了。

以美股散户最常见的定投+2倍做多组合来比较：

假设做市商完美和股市0价差，然后散户2倍做多同样的股票（也就是借了100%的钱），在IBKR上成本只有5%借现金利息，再减去股票借出做空有收益，热门股成本甚至可能是正收益，大部分股也能控制成本在3%左右。

在币圈买股2倍做多，0价差的时候是一年成本高达20%。而大多数散户在美股定投长持预期年化也只有7%-12%，这些美股钻石手价值投资者只要切换到币圈，同样的买入策略只会每年亏钱亏到失去信仰。

看起并不能吸引美股散户跨圈来币圈交易所？
@binance @heyibinance @cz_binance @HyperliquidX 也许到了应该修改 xSTOCK和BTC ETH等主流币的默认基础费率的时候了，不止是合理性的问题。如果可以不长期剥削合约多头，而是善待多头，CZ 说的超级周期慢慢也就来了。

[OKX中文 @okxchinese]

https://t.co/SIjAthZoRk

[999xleverage @leveragerate999]

@0xitislt ag的这个也是内部赛马的么

[999xleverage @leveragerate999]

@YeruiZhang rui老师买了aster啊

[999xleverage @leveragerate999]

@0xitislt 为何

[Sliipy⚡ @0xKaKa03]

这几天有朋友在问我怎么刷polymarket的交易量，其实最好的刷量策略就是在上面做套利，目前还不是很卷。有错误定价的地方就有套利空间，整理了几个玩法都是推上大佬玩过的：

[999xleverage @leveragerate999]

@cryptobraveHQ binance也出过，叫stock token

[Boywus @Boywus]

《剖析VOXEL事件中的高频印钞算法》
本文借BITGET的VOXEL/USDT事件中获利上千万美元算法为原型，进行简单拆解分享。从侧面证明 @qntxxx 的获利完全属于市场正常交易，应不属于系统BUG。
甚至当天你只需要把程序启动，不需要特别复杂的参数，BG的做市商主动开启了印钞，并且撒给了全市场。

本策略属于高频交易中实战策略LEAD-LAG衍生分支，目前仍然有效，有几个需要注意点:
1.本策略属于高频交易，有可能拉高账户的撤单率和taker率
2.容易引发交易所风控如果产生了大量盈利，你不一定能全提走，笔者多次与多个交易所谈判，有部分账号只拿回了充值本金
3.需要低延迟服务器、高性能编程和多账户交易，由于多账户需要多IP，涉及一定的分布式部署

以BITGET为交易市场，Binance为指导市场进行讲解，实战中可能有多个指导市场共同决定，只以开多为例子进行讲解，其他指标均简化说明；

理论基础：我们一般认为指导市场的价格比交易所市场快几个tick，且能量强度高；宏观上的大涨趋势、插针，在微观上仍然是多个波峰波谷组成的，所以我们本质只要做到在微观交易中跟随指导市场做最简单的招数：低买高卖。
先定义一下: TTL 订单生存时间，指下单到交易所后，到你下次的撤单之间的间隔，先简单取值100ms

再理解什么是basis
1. 先订阅两边的orderbook，简单化理解，不使用最新成交价，取 mid price为市场价
2. 假设取60个 binance的midprice和 bitget的midprice
3. 算出两个交易所价格之间的 基差 做一定的平滑处理得到 常态版本的基差 basis
理论上再对Binance价格做其他变化处理，得到一个在bitget市场上的公平价，为了简化算，我们直接用：

biget市场公平价 = BinancePrice - basis

代表我们认为，bitget的价格一定跟随binance的价格；
再定义一下下单价格： 下单价格 = 公平价 * (1-delta);
delta一般是一个动态取值，为了解决常态基差过于死板问题，为了理解简单，直接先固定取值 0.2%。

最后得到简化版本的完整流程：每隔100ms运行一次，先撤销以前的所有挂单，输入 公平价 和delta，得到下单价格，在bitget下单。

假设市场的价格从 105，每个tick都下跌1，跌到100又涨回102；且Binance价格比BITGET快一个tick，则遵循下面的表格
TICK | BINANCE| BITGET
00:00:00| 104 |105
00:00:01| 103 | 104
00:00:02| 102 | 103
00:00:03 | 101 | 102
00:00:04 | 100 | 101
00:00:05 | 101 | 100
00:00:06 | 102 | 101
在第四秒的时候，你在BITGET上的下单价格是 100 * (1 - 0.2%) = 99.8，小于市场价格101， 会挂在买盘上，不成交
在第五秒的时候，先撤单99.8的单子；你在BITGET上的新下单价格是 101 * (1- 0.2%) = 100.798； BITGET的市场价是100，所以你会直接按照100的价格成交，完成了市价买入；最后在101可以获利出场。

由于平常时候，交易市场都一直跟随指导市场进行价格变化，无大波动的时候基差比较稳定，只有在指导市场出现大幅变化的时候才有大量机会，特别是在跌下来又拉上去这种情况，使得两个市场的价格完全偏离 常态基差，所以本策略一般表现成 take盘口，高频接针，和吃清算单的特征。

以4/20日 VOXEL为实例，16:10 -16:25的时候：Binance价格在 0.1340 -0.1459，只有短暂高点的 0.14888，而BITGET的价格被做市商控盘稳定在 0.1263 -0.1573 ，且产生了 百亿美元 天量交易额。导致使用BINANCE价格作为指导价格，下单立即成交，并且使用指导价格卖出也立即成交。相当于是BITGET的做市商不跟随指导市场，硬是高价买货，低价卖货，技术上应该属于做市商自己的参数设置错误。

如果你觉得我写的对你有帮助，请帮我点赞，关注，后面将继续分享这个策略的生产环境优化，比如delta和TTL怎么取值等等。

[Crypto阿泉（努力赚钱赔付版） @CryptoJason1379]

Coinbase 200U奖励粗暴速通
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[999xleverage @leveragerate999]

@kate12301230C 啥时候TGE～

[Aster 🥷 @Aster_DEX]

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[0x老董 @crypto_laodong]

https://t.co/K1JaCdMYzz

[Abhi Pingle @abhi_pingle]

HLP Vault Overview

Almost half of @HyperliquidX's TVL is deposited in its Hyperliquidity Provider — HLP for short — vault, which is currently yielding an APR of 30%. As we’ve seen recently from DYDX, competitors are starting to catch on that this is the superior design philosophy. But just what exactly is the HLP vault and how does it make Hyperliquid a more efficient venue for trading?

This post is part of a series on Hyperliquid’s architecture, which we’re creating as we research and integrate their platform at @TheoNetwork_.

An overview of Hyperliquid vaults

Vaults are a native primitive on the Hyperliquid L1 blockchain, introduced some time back in Q2 2023. The idea behind Hyperliquid vaults is pretty much the same as the idea behind any other crypto vault: users deposits their assets — in Hyperliquid’s case USDC — to be actively allocated according to some strategy.

Anyone can create a vault on Hyperliquid so long as they deposit at least 100 USDC themselves, after which other users can deposit. Vault assets are then managed by the vault creator who is able to open long and short positions on Hyperliquid.

If you’re familiar with copytrading, the premise is very similar — except vaults are a more explicit way of enabling it.

Vaults are extremely cool for two reasons: first, they’re transparent. Users can see exactly how collateral in vaults is allocated, both at present and historically. Second, they’re non-custodial. The vault creator doesn’t directly hold the assets, and the way vaults are designed means users can withdraw at any time (pursuant to a lock-up period).

Components of the HLP vault

The vault we’re specifically interested in today is the HLP, or Hyperliquidity Provider, vault. This is a singular vault enshrined at the protocol level, where funds are allocated to strategies that augments the liquidity (and general performance) of Hyperliquid as a perps trading platform.

As with any other Hyperliquid vault, anyone can deposit USDC to the HLP vault. Now the HLP vault generates alpha — that’s trader speak for returns — using a few different strategies:

1. Market making
2. Price Taking
3. Funding
4. Liquidations

At the protocol level the strategies are actually called Strategy A, Strategy B, and Liquidator, but let’s stick to our more descriptive labels.

Starting with the first of these categories, market making is actually the one we know the least about. What we do know is that Hyperliquid runs offchain algorithms that continuously calculate fair prices for the assets it lists. Based on these algorithms, the market making strategy opens long or short trades when assets are mispriced. In practice this happens a bunch; right now the HLP vault has 130 open positions. But again, the algorithm taking these trades is off-chain, so we don’t know the exact criteria it’s looking for or how it sizes.

Moving onto funding, the HLP vault is also used to provide liquidity for the “less popular” side of perps trades. It shouldn’t come as a surprise that most Hyperliquid users are crypto bulls, so there’s inherently more longs for the majority of assets. The HLP vault is used to take the other side of these trades, providing liquidity for the platform’s userbase while earning the funding rate in return.

The third strategy — liquidations — was once managed by a standalone Liquidator vault, although it’s since been rolled into the HLP vault.

Liquidations take place when a user’s account equity drops below the maintenance margin, which is anywhere from 1% to 16.7% depending on the leverage used. Initially, Hyperliquid attempts to close these positions with market orders, and any left over collateral goes to the user. However, when there’s not enough liquidity in the books to close the position without a shortfall, a backstop liquidation occurs through the HLP vault.

In a backstop liquidation, both the position itself and the margin are transferred to the vault. Even if the account technically has positive equity, it’s all transferred to the vault — thus ensuring backstop liquidations are profitable for the HLP vault (and thus depositors) in the long-term.

Hidden

There’s one last source of alpha for the HLP vault which we didn’t list above, because it isn’t actually a strategy, but an inherent feature of Hyperliquid as a trading platform. That is: a portion of both maker and taker fees captured whenever Hyperliquid users take trades are directed to the HLP vault. For new, low-volume users, these fees start at 1 and 3.5 bps, respectively.

(In case you’re curious what happens to the rest of the fees, they go to an insurance fund as well as an open interest rewards program.)

Wrapping Up

The HLP vault stands as a pivotal innovation within Hyperliquid’s ecosystem, not just in terms of its design, but in how it fundamentally enhances the efficiency and liquidity of the platform. By intertwining strategies like market making, funding, and liquidations, Hyperliquid ensures that both the platform and its users benefit symbiotically. If you enjoyed this overview please make sure to follow along with @TheoNetwork_ as we continue to research and develop new products in the ecosystem.

[999xleverage @leveragerate999]

@zen913 老板求个邀请码

[999xleverage @leveragerate999]

@HashKey_Global @CatizenAI @blockpatch @topdotco @HashKeyHSK @HashKeyGroup @GoodMorningJ47 J姐假笑😝

[999xleverage @leveragerate999]

@sky_gpt mark

[大赌哥 FLOCK @y95277777]

#Nubit 轻节点任务即将到来，配置需求非常非常低，基本上是台电脑就能跑，虽然目前还未明牌激励，但考虑到官方已经整合了安装脚本，部署非常简单，建议运行该节点，具体步骤可以参考教程操作

https://t.co/4H2BwJ3YB3