{"id":12315,"date":"2026-05-21T19:22:57","date_gmt":"2026-05-21T11:22:57","guid":{"rendered":"https:\/\/www.invbus.com\/blog\/?p=12315"},"modified":"2026-05-21T19:22:59","modified_gmt":"2026-05-21T11:22:59","slug":"%e8%b0%81%e5%9c%a8%e6%8e%a7%e5%88%b6%e4%bd%a0%e7%9a%84%e7%88%86%e4%bb%93%e7%ba%bf%ef%bc%9f%e6%8f%ad%e7%a7%98%e4%b8%89%e5%a4%a7%e5%b9%b3%e5%8f%b0%e6%b0%b8%e7%bb%ad%e5%90%88%e7%ba%a6%e8%83%8c%e5%90%8e","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=12315","title":{"rendered":"\u8c01\u5728\u63a7\u5236\u4f60\u7684\u7206\u4ed3\u7ebf\uff1f\u63ed\u79d8\u4e09\u5927\u5e73\u53f0\u6c38\u7eed\u5408\u7ea6\u80cc\u540e\u7684\u4ef7\u683c\u6218\u4e89\u4e0e\u4eba\u6027\u56f0\u5c40"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">AI\u603b\u7ed3\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e8b\u4ef6\u80cc\u666f<\/strong>\uff1a2025\u5e743\u6708\uff0cJELLYJELLY\u5408\u7ea6\u5728\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240Hyperliquid\u4e0a\u4ef7\u683c\u66b4\u6da8429%\uff0c\u5f15\u53d1\u6e05\u7b97\u5371\u673a\u3002Binance\u7b49\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08CEX\uff09\u8d81\u673a\u4e0a\u7ebf\u540c\u6b3e\u5408\u7ea6\u65bd\u538b\uff0c\u6700\u7ec8Hyperliquid\u901a\u8fc7\u9a8c\u8bc1\u8005\u6295\u7968\u7d27\u6025\u5e72\u9884\uff0c\u66b4\u9732\u53bb\u4e2d\u5fc3\u5316\u5e73\u53f0\u7684\u4ef7\u683c\u673a\u5236\u4e0e\u98ce\u9669\u5206\u914d\u95ee\u9898\u3002<\/li>\n\n\n\n<li><strong>\u6838\u5fc3\u673a\u5236\u5bf9\u6bd4<\/strong>\uff1a\n<ul class=\"wp-block-list\">\n<li><strong>\u6307\u6570\u4ef7\u683c<\/strong>\uff1aHyperliquid\u91c7\u7528\u52a0\u6743\u4e2d\u4f4d\u6570\u9884\u8a00\u673a\u4ef7\u683c\uff083\u79d2\u66f4\u65b0\uff09\uff0c\u6297\u64cd\u7eb5\u4f46\u5ef6\u8fdf\u8f83\u9ad8\uff1bBinance\/OKX\u4f9d\u8d56\u591a\u4ea4\u6613\u6240\u73b0\u8d27\u5747\u4ef7\uff0c\u5b9e\u65f6\u6027\u66f4\u5f3a\u3002<\/li>\n\n\n\n<li><strong>\u6807\u8bb0\u4ef7\u683c<\/strong>\uff1aBinance\u7ed3\u5408\u76d8\u53e3\u4e2d\u95f4\u4ef7\u3001\u6210\u4ea4\u4ef7\u548c\u51b2\u51fb\u4ef7\u683c\uff08\u6a21\u62df\u5927\u5355\u5f71\u54cd\uff09\uff0c\u5e73\u6ed1\u6297\u63d2\u9488\uff1bOKX\u4ec5\u7528\u76d8\u53e3\u4e2d\u95f4\u4ef7\uff0c\u654f\u611f\u9002\u5408\u9ad8\u9891\u4ea4\u6613\uff1bHyperliquid\u878d\u5408\u9884\u8a00\u673aEMA\u3001\u81ea\u8eab\u76d8\u53e3\u548cCEX\u52a0\u6743\u4e2d\u503c\uff0c\u5f3a\u8c03\u53bb\u4e2d\u5fc3\u5316\u9a8c\u8bc1\u3002<\/li>\n\n\n\n<li><strong>\u8d44\u91d1\u8d39\u7387<\/strong>\uff1aBinance\u4ee5\u8ba2\u5355\u7c3f\u6df1\u5ea6\u548c\u56fa\u5b9a\u5229\u7387\u4e3a\u4e3b\uff088\u5c0f\u65f6\u7ed3\u7b97\uff09\uff0c\u7a33\u5b9a\uff1bOKX\u7b97\u6cd5\u7b80\u5355\u6ce2\u52a8\u5927\uff1bHyperliquid\u5f15\u5165\u6ea2\u4ef7\u6307\u6570\uff0c\u6781\u7aef\u65f6\u8d39\u7387\u9ad8\u8fbe4%\/\u5c0f\u65f6\uff0c\u5e76\u901a\u8fc7\u6bcf\u5c0f\u65f6\u5206\u6bb5\u7ed3\u7b97\u52a0\u901f\u4ef7\u683c\u56de\u5f52\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u5e73\u53f0\u54f2\u5b66\u4e0e\u7528\u6237\u7b56\u7565<\/strong>\uff1a\n<ul class=\"wp-block-list\">\n<li><strong>Binance<\/strong>\uff1a\u5236\u5ea6\u7406\u6027\u8bbe\u8ba1\uff0c\u9002\u5408\u673a\u6784\u4e0e\u91cf\u5316\u4ea4\u6613\uff0c\u5f3a\u8c03\u53ef\u9884\u6d4b\u6027\u548c\u98ce\u9669\u7f13\u51b2\u3002<\/li>\n\n\n\n<li><strong>OKX<\/strong>\uff1a\u884c\u4e3a\u91d1\u878d\u5bfc\u5411\uff0c\u5438\u5f15\u9ad8\u9891\u4ea4\u6613\u8005\uff0c\u5229\u7528\u4ef7\u683c\u654f\u611f\u6027\u548c\u9ad8\u6ce2\u52a8\u535a\u5f08\u3002<\/li>\n\n\n\n<li><strong>Hyperliquid<\/strong>\uff1a\u94fe\u4e0a\u7ed3\u6784\u4e3b\u4e49\uff0c\u901a\u8fc7\u900f\u660e\u7b97\u6cd5\u548c\u8282\u70b9\u5171\u8bc6\u6297\u64cd\u7eb5\uff0c\u4f46JELLYJELLY\u4e8b\u4ef6\u663e\u793a\u6781\u7aef\u60c5\u51b5\u4e0b\u4ecd\u9700\u4eba\u6cbb\u5e72\u9884\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u4e89\u8bae\u672c\u8d28<\/strong>\uff1a\u7b97\u6cd5\u80cc\u540e\u662f\u5e02\u573a\u79e9\u5e8f\u7684\u9009\u62e9\u2014\u2014Binance\u7684\u7a33\u5b9a\u5236\u5ea6\u3001OKX\u7684\u535a\u5f08\u81ea\u7531\u3001Hyperliquid\u7684\u4ee3\u7801\u900f\u660e\uff0c\u5747\u65e0\u6cd5\u5b8c\u5168\u6d88\u9664\u4eba\u6027\u4e0e\u6781\u7aef\u60c5\u5883\u7684\u6311\u6218\u3002\u6700\u7ec8\uff0c\u4ea4\u6613\u8005\u9700\u5728\u98ce\u9669\u504f\u597d\u4e0e\u4fe1\u4efb\u673a\u5236\u95f4\u6743\u8861\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CEX\u7684\u8d44\u4ea7\u6c89\u6dc0\u89c4\u6a21\u662fDEX\u7684\u767e\u500d\uff0c\u4ea4\u6613\u91cf\u662fDEX\u7684\u5341\u500d\uff0cHyperliquid\u662f\u600e\u4e48\u4fdd\u8bc1\u81ea\u5df1\u4e0d\u88abBinance\u7275\u7740\u9f3b\u5b50\u8d70\uff1f\u662f\u53bb\u4e2d\u5fc3\u5316\u7684\u7ed3\u6784\u5417\uff1f\u662f\u7b97\u6cd5\u5417\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u6211\u4eec\u5728\u8bf4\u201c\u53bb\u4e2d\u5fc3\u5316\u201d\u4ea4\u6613\u6240\uff0c\u6211\u4eec\u6307\u7684\u662f\u4ec0\u4e48\uff1f\u5230\u5e95\u54ea\u4e9b\u90e8\u5206\u624d\u662f\u9700\u8981\u201c\u53bb\u4e2d\u5fc3\u5316\u201d\u7684\uff1f\u8d44\u4ea7\uff1f\u64ae\u5408\uff1f\u4ef7\u683c\uff1f\u6e05\u7b97\uff1f<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5f15\u8a00\uff1a\u4e00\u6b21\u5408\u7ea6\u98ce\u66b4\uff0c\u63ed\u5f00\u4e2d\u5fc3\u5316\u548c\u53bb\u4e2d\u5fc3\u5316\u4e4b\u4e89<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">2025 \u5e74 3 \u6708\uff0cJELLYJELLY \u5408\u7ea6\u5728 Hyperliquid \u4e0a\u5f15\u7206\u4e86\u4e00\u573a\u5e02\u573a\u9a9a\u4e71\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u77ed\u77ed\u51e0\u5c0f\u65f6\u5185\uff0c\u8be5\u5408\u7ea6\u4ef7\u683c\u66b4\u6da8 429%\uff0c\u5373\u5c06\u89e6\u53d1\u4e86\u5927\u89c4\u6a21\u6e05\u7b97\u3002\u5982\u906d\u6e05\u7b97\uff0c\u90a3\u4e48\u7a7a\u5934\u4ed3\u4f4d\u88ab\u6253\u5165\u94fe\u4e0a\u6d41\u52a8\u6027\u91d1\u5e93 HLP\uff0c\u9020\u6210\u5343\u4e07\u7f8e\u5143\u7ea7\u7684\u6d6e\u52a8\u4e8f\u635f\u3002\u5728\u94fe\u4e0a\u4ed3\u4f4d\u5df2\u5c8c\u5c8c\u53ef\u5371\uff0c\u533a\u7247\u4e00\u7247\u54d7\u7136\u3002\u4e0e\u6b64\u540c\u65f6Binance\u66f4\u662f\u7f55\u89c1\u5e95\u201d\u8fde\u591c\u201d\u4e0a\u7ebfJELLYJELLY\u7684\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613&#8230;. \u773c\u770b\u5c31\u8981\u88abCEX\u8054\u5408\u6253\u7206&#8230;&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u7ec8\u5728\u6838\u5f39\u5373\u5c06\u88ab\u5f15\u7206\u7684\u524d\u4e00\u523b\uff0cHyperliquid \u9a8c\u8bc1\u8005\u7d27\u6025\u6295\u7968\u4ecb\u5165\uff0c\u5f3a\u5236\u4e0b\u67b6\u3001\u5e73\u4ed3\u3001\u51bb\u7ed3\u4ea4\u6613\uff0c\u4e00\u65f6\u95f4\u5927\u5bb6\u5bf9\u201c\u53bb\u4e2d\u5fc3\u5316\u201d\u4ea4\u6613\u6240\u6253\u4e0a\u5927\u5927\u7684\u95ee\u53f7\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e00\u4e8b\u4ef6\u4e0d\u4ec5\u6210\u4e3a\u52a0\u5bc6\u793e\u533a\u4e89\u8bba\u4e0d\u4f11\u7684\u7126\u70b9\uff0c\u4e5f\u66b4\u9732\u4e86\u4e00\u4e2a\u6838\u5fc3\u95ee\u9898\uff1a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u53bb\u4e2d\u5fc3\u5316\u7684\u4ea4\u6613\u5e73\u53f0\u4e0a\uff0c\u4ef7\u683c\u7531\u4ec0\u4e48\u51b3\u5b9a\uff1f\u98ce\u9669\u7a76\u7adf\u662f\u8c01\u627f\u62c5\uff1f\u7b97\u6cd5\uff0c\u771f\u7684\u662f\u4e2d\u7acb\u7684\u5417\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u672c\u6587\u5c06\u4ee5 JELLYJELLY \u4e8b\u4ef6\u4e3a\u5f15\uff0c\u5256\u6790\u4e09\u5927\u5e73\u53f0\u5728\u6c38\u7eed\u5408\u7ea6\u6838\u5fc3\u673a\u5236\u2014\u2014\u6307\u6570\u4ef7\u683c\u3001\u6807\u8bb0\u4ef7\u683c\u3001\u8d44\u91d1\u8d39\u7387\u2014\u2014\u4e0a\u7684\u7b97\u6cd5\u5dee\u5f02\uff0c\u5e76\u6df1\u5165\u89e3\u6790\u5b83\u4eec\u80cc\u540e\u7684\u91d1\u878d\u54f2\u5b66\u4e0e\u98ce\u9669\u4f20\u5bfc\u673a\u5236\u3002\u4f60\u5c06\u770b\u5230\uff0c\u4e0d\u540c\u7b97\u6cd5\u5982\u4f55\u5851\u9020\u4e0d\u540c\u7684\u4ea4\u6613\u98ce\u683c\uff0c\u5982\u4f55\u670d\u52a1\u4e8e\u4e0d\u540c\u7c7b\u578b\u7684\u64cd\u76d8\u8005\uff0c\u4ee5\u53ca\uff0c\u5982\u4f55\u51b3\u5b9a\u4f60\u662f\u5426\u80fd\u5728\u98ce\u66b4\u4e2d\u5168\u8eab\u800c\u9000\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e0d\u4ec5\u662f\u4e00\u6b21\u5408\u7ea6\u7684\u6280\u672f\u89e3\u5256\uff0c\u66f4\u662f\u4e00\u573a\u5e02\u573a\u79e9\u5e8f\u8bbe\u8ba1\u7684\u54f2\u5b66\u8f83\u91cf\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e00\u3001\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u6982\u8ff0<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u8fdb\u5165\u6b63\u9898\u4e4b\u524d\uff0c\u5148\u660e\u786e\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u7684\u4e09\u5927\u6784\u6210\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6307\u6570\u4ef7\u683c\uff08Index Price\uff09\uff1a\u8ddf\u8e2a\u73b0\u8d27\u5e02\u573a\u4ef7\u683c\u53d8\u5316\uff0c\u662f\u201c\u7406\u8bba\u951a\u201d\u3002Hyperliquid\u8fd9\u91cc\u662f\u79f0\u4e4b\u4e3aOracle price\uff08\u9884\u8a00\u673a\u4ef7\u683c\uff09<\/li>\n\n\n\n<li>\u6807\u8bb0\u4ef7\u683c\uff08Mark Price\uff09\uff1a\u7528\u4e8e\u8ba1\u7b97\u672a\u5b9e\u73b0\u76c8\u4e8f\u3001\u7206\u4ed3\u7b49\u5173\u952e\u4e8b\u4ef6\u7684\u51b3\u5b9a\u6027\u4ef7\u683c\u3002<\/li>\n\n\n\n<li>\u8d44\u91d1\u8d39\u7387\uff08Funding Rate\uff09\uff1a\u8fde\u63a5\u73b0\u8d27\u4e0e\u5408\u7ea6\u4e16\u754c\u7684\u7ecf\u6d4e\u673a\u5236\uff0c\u5f15\u5bfc\u5408\u7ea6\u4ef7\u683c\u5411\u73b0\u8d27\u56de\u5f52\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u662f\u4e09\u5bb6\u5e73\u53f0\u5bf9\u4e8e\u6307\u6570\u4ef7\u683c\uff0c\u6807\u8bb0\u4ef7\u683c\u548c\u8d44\u91d1\u8d39\u7387\u7b97\u6cd5\u7684\u6982\u89c8\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/cdn-img.panewslab.com\/panews\/2025\/06\/27\/images\/99PZyX4Hyp.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/cdn-img.panewslab.com\/panews\/2025\/06\/27\/images\/99PZyX4Hyp.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\u8c01\u5728\u63a7\u5236\u4f60\u7684\u7206\u4ed3\u7ebf\uff1f\u63ed\u79d8\u4e09\u5927\u5e73\u53f0\u6c38\u7eed\u5408\u7ea6\u80cc\u540e\u7684\u4ef7\u683c\u6218\u4e89\u4e0e\u4eba\u6027\u56f0\u5c40\"\/><\/div><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/cdn-img.panewslab.com\/panews\/2025\/06\/27\/images\/W1fzv4XVgq.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/cdn-img.panewslab.com\/panews\/2025\/06\/27\/images\/W1fzv4XVgq.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\u8c01\u5728\u63a7\u5236\u4f60\u7684\u7206\u4ed3\u7ebf\uff1f\u63ed\u79d8\u4e09\u5927\u5e73\u53f0\u6c38\u7eed\u5408\u7ea6\u80cc\u540e\u7684\u4ef7\u683c\u6218\u4e89\u4e0e\u4eba\u6027\u56f0\u5c40\"\/><\/div><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/cdn-img.panewslab.com\/panews\/2025\/06\/27\/images\/2vbwUgb68P.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/cdn-img.panewslab.com\/panews\/2025\/06\/27\/images\/2vbwUgb68P.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\u8c01\u5728\u63a7\u5236\u4f60\u7684\u7206\u4ed3\u7ebf\uff1f\u63ed\u79d8\u4e09\u5927\u5e73\u53f0\u6c38\u7eed\u5408\u7ea6\u80cc\u540e\u7684\u4ef7\u683c\u6218\u4e89\u4e0e\u4eba\u6027\u56f0\u5c40\"\/><\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5047\u8bbe\u4f60\u5b9e\u5728\u662f\u770b\u4e0d\u4e86\u8fd9\u4e48\u591a\u6587\u5b57\uff0c\u5c31\u8bb0\u4f4f\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u8c01\u63a7\u5236\u4e86Mark price\uff08\u6807\u8bb0\u4ef7\u683c\uff09\uff0c\u8c01\u5c31\u6709\u5408\u7ea6\u7684\u751f\u6740\u5927\u6743\uff0c\u6240\u4ee5Hyperliquid\u7684\u201c\u53bb\u4e2d\u5fc3\u5316\u201d\u5185\u6838\u5c31\u5728\u4e8e\uff1a\u5982\u4f55\u4fdd\u8bc1Mark price\u4e0d\u88ab\u64cd\u63a7\u4e14\u53ef\u88ab\u9a8c\u8bc1\u3002<\/li>\n\n\n\n<li>Hyperliquid\u662f\u5728Binance\u7b97\u6cd5\u7684\u57fa\u7840\u4e0a\u505a\u4e86\u4e00\u4e9b\u4f18\u5316\uff0c\u8ba9\u4ef7\u683c\u80fd\u5728\u6781\u7aef\u5e02\u573a\u73af\u5883\u4ee5\u53caHyperliquid\u573a\u5185\u4ea4\u6613\u88ab\u64cd\u7eb5\u7684\u60c5\u51b5\u4e0b\uff0c\u4ef7\u683c\u53ef\u4ee5\u5feb\u901f\u56de\u5f52\u5230\u5e02\u573a\u4ef7\u3002<\/li>\n\n\n\n<li>Hyperliquid\u4e3a\u4e86\u89c4\u907f\u5f02\u5e38\u503c\uff08\u63d2\u9488\uff09\u771f\u7684\u662f\u4e0b\u4e86\u5927\u529f\u592b\u3002<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e8c\u3001\u771f\u00b7\u9b54\u9b3c\u90fd\u5728\u7ec6\u8282\u91cc<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u662f\u65e0\uff08\u786c\uff09\u804a\uff08\u6838\uff09\u7684\u5206\u754c\u7ebf\uff0c\u8bf7\u81ea\u5907\u6c34\u58f6\u4ee5\u9632\u88ab\u564e\u5230\u3002\u5426\u5219\uff0c\u5efa\u8bae\u76f4\u63a5\u8df3\u53bb\u4e0b\u4e00\u4e2a\u7ae0\u8282\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A\u3001\u6307\u6570\u4ef7\u683c\uff08Index Price \uff09\/ \u9884\u8a00\u673a\u4ef7\u683c \uff08Oracle price\uff09\u5bf9\u6bd4<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hyperliquid \u8fd9\u91cc\u7684\u6307\u6570\u4ef7\u683c\u79f0\u4e4b\u4e3a\u9884\u8a00\u673a\u4ef7\u683c\uff08Oracle price) \uff0c\u5176\u5b8c\u5168\u72ec\u7acb\u4e8e\u81ea\u8eab\u5e02\u573a\uff0c\u7531\u9a8c\u8bc1\u8005\u8282\u70b9\u6784\u5efa\uff0c\u4f7f\u7528\u52a0\u6743\u4e2d\u4f4d\u6570\u6cd5\u5bf9\u6297\u6781\u7aef\u4ef7\u683c\u6ce2\u52a8\uff0c\u8fd9\u8ba9\u5b83\u66f4\u6297\u64cd\u7eb5\uff08\u63d2\u9488\uff09\uff0c\u4f46\u66f4\u65b0\u9891\u7387\u8f83\u6162\uff083s \u4e00\u6b21\uff09\u3002\u8bf4\u4eba\u8bdd\u5c31\u662f\u4e3a\u4e86\u8981\u5254\u9664\u70b9\u5f02\u5e38\u503c\u548c\u6ce2\u52a8\uff0c\u8ba9\u4ef7\u683c\u66f4\u5e73\u6ed1\u3002\u5728\u8fd9\u91cc\u8bf4\u7684\u66f4\u65b0\u9891\u7387\u201c\u6162\u201d\u4e5f\u662f\u4e00\u79cd\u5e73\u6ed1\u7684\u673a\u5236\uff0c\u4e0d\u4e00\u5b9a\u5c31\u662f\u574f\u4e8b\u3002\u591a\u8bf4\u4e00\u53e5\uff0c\u56e0\u4e3a\u65f6\u95f4\u5dee\u7684\u7279\u6027\uff0c\u6240\u4ee5Hyperliquid\u4e0a\u4e5f\u5bc4\u5c45\u7740\u597d\u591a\u806a\u660e\u7684\u79d1\u5b66\u5bb6\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/cdn-img.panewslab.com\/panews\/2025\/06\/27\/images\/J1O5U1tjIe.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/cdn-img.panewslab.com\/panews\/2025\/06\/27\/images\/J1O5U1tjIe.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\u8c01\u5728\u63a7\u5236\u4f60\u7684\u7206\u4ed3\u7ebf\uff1f\u63ed\u79d8\u4e09\u5927\u5e73\u53f0\u6c38\u7eed\u5408\u7ea6\u80cc\u540e\u7684\u4ef7\u683c\u6218\u4e89\u4e0e\u4eba\u6027\u56f0\u5c40\"\/><\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">B\u3001\u6807\u8bb0\u4ef7\u683c\uff08Mark Price\uff09\u673a\u5236\u5dee\u5f02\u4e0e\u7b97\u6cd5\u7ec6\u8282<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Binance&nbsp;\u7684\u6807\u8bb0\u4ef7\u683c\u7b97\u6cd5\u5efa\u7acb\u5728\u201c\u4ef7\u683c\u5e73\u6ed1\u6027\u201d\u548c\u201c\u5e02\u573a\u6df1\u5ea6\u53cd\u6620\u201d\u4e24\u5927\u539f\u5219\u4e4b\u4e0a\u3002\u5176\u516c\u5f0f\u57fa\u4e8e\u4e09\u7c7b\u4ef7\u683c\u7684\u4e2d\u4f4d\u6570\uff1a\u5408\u7ea6\u5e02\u573a\u7684\u4e70\u4e00\/\u5356\u4e00\u4e2d\u95f4\u4ef7\u3001\u6210\u4ea4\u4ef7\u683c\u3001\u4ee5\u53ca\u51b2\u51fb\u4ef7\u683c\uff08Impact Bid\/Ask Price\uff09\u3002\u51b2\u51fb\u4ef7\u683c\u901a\u8fc7\u6a21\u62df\u5927\u989d\u5e02\u4ef7\u5355\u5bf9\u8ba2\u5355\u7c3f\u7684\u5f71\u54cd\uff0c\u53cd\u6620\u6d41\u52a8\u6027\u771f\u5b9e\u6210\u672c\uff0c\u907f\u514d\u88ab\u6d45\u8584\u76d8\u53e3\u7684\u201c\u4f2a\u4ef7\u683c\u201d\u8bef\u5bfc\u3002\u7ed3\u5408 EMA \u5904\u7406\u540e\u7684\u4e2d\u503c\u6784\u9020\uff0c\u4f7f\u5f97 Binance \u7684\u6807\u8bb0\u4ef7\u683c\u53d8\u5316\u5e73\u7a33\u3001\u6297\u63d2\u9488\uff0c\u9002\u5408\u5927\u8d44\u91d1\u7a33\u5b9a\u5e03\u5c40\u4e0e\u5236\u5ea6\u5957\u5229\u7b56\u7565\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OKX&nbsp;\u5219\u91c7\u53d6\u66f4\u201c\u6fc0\u8fdb\u201d\u65b9\u5f0f\uff0c\u4ec5\u4f7f\u7528\u76d8\u53e3\u4e2d\u7684\u4e70\u4e00\/\u5356\u4e00\u4e2d\u95f4\u4ef7\u4f5c\u4e3a\u6807\u8bb0\u4ef7\u683c\u6765\u6e90\u3002\u8be5\u7b97\u6cd5\u4e0d\u53c2\u8003\u6210\u4ea4\u4ef7\uff0c\u4e5f\u4e0d\u8003\u8651\u8ba2\u5355\u7c3f\u6df1\u5ea6\uff0c\u56e0\u6b64\u4ef7\u683c\u5bf9\u5fae\u5c0f\u4ea4\u6613\u6781\u5176\u654f\u611f\uff0c\u6781\u6613\u56e0\u5927\u5355\u5403\u7a7f\u76d8\u53e3\u800c\u9020\u6210\u5267\u70c8\u6ce2\u52a8\u3002\u867d\u7136\u6ce2\u52a8\u6027\u66f4\u9ad8\uff0c\u4f46\u4ef7\u683c\u56de\u5f52\u73b0\u8d27\u901f\u5ea6\u66f4\u5feb\uff0c\u56e0\u6b64\u66f4\u9002\u5408\u9ad8\u9891\u4ea4\u6613\u8005\u3001\u63d2\u9488\u535a\u5f08\u8005\u4e0e\u77ed\u7ebf\u64cd\u4f5c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hyperliquid&nbsp;\u7684\u6807\u8bb0\u4ef7\u683c\u7ed3\u6784\u7b97\u662fBinance\u548cOKX\u7684\u7ed3\u5408\u4f53\uff0c\u4ece\u6570\u636e\u6765\u6e90\u7684\u5f62\u5f0f\u6765\u8bf4\u53ef\u4ee5\u8bf4\u662f\u5177\u6709\u201c\u53bb\u4e2d\u5fc3\u5316\u7279\u5f81\u201d\u3001\u56e0\u4e3a\u5b83\u7531\u82e5\u5e72\u4e2a\u8282\u70b9\u63a7\u5236\u3002\u8282\u70b9\u4eec\u4f1a\u878d\u5408\u4e09\u4e2a\u4ef7\u683c\u6765\u6e90\u6765\u8ba1\u7b97\u6807\u8bb0\u4ef7\u683c\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Oracle\u4ef7\u683c\u4e0e\u5408\u7ea6\u4e2d\u4ef7\u4e4b\u5dee\u7684150\u79d2\u6307\u6570\u79fb\u52a8\u5e73\u5747\uff08EMA\uff09\uff1b<\/li>\n\n\n\n<li>Hyperliquid\u5e73\u53f0\u81ea\u8eab\u7684\u4e70\u4e00\u3001\u5356\u4e00\u4e0e\u6700\u540e\u6210\u4ea4\u4ef7\u7684\u4e2d\u4f4d\u6570\uff1b<\/li>\n\n\n\n<li>\u591a\u5bb6CEX\uff08Binance\u3001OKX\u3001Bybit\u3001Mexc\u3001Gate\u7b49\uff09\u7684\u6c38\u7eed\u4e2d\u4ef7\u52a0\u6743\u4e2d\u503c\uff08\u6743\u91cd3,2,2,1,1\uff09\u3002<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5\u5176\u4e2d\u4efb\u610f\u4e24\u8005\u5931\u6548\uff0c\u7cfb\u7edf\u5c06\u8865\u5145\u4e00\u4e2a30\u79d2EMA\u5904\u7406\u7684\u4e2d\u503c\u4f5c\u4e3a\u66ff\u4ee3\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u94fe\u4e0a\u9a8c\u8bc1\u8005\u7684\u804c\u8d23\u4e0d\u4ec5\u662f\u5b9a\u65f6\u66f4\u65b0Oracle\u548cMark Price\uff0c\u8fd8\u9700\u5bf9\u8f93\u5165\u6e90\u7684\u5b8c\u6574\u6027\u3001\u65f6\u95f4\u6233\u3001\u504f\u79bb\u5bb9\u5fcd\u8303\u56f4\u8fdb\u884c\u4e00\u81f4\u6027\u9a8c\u8bc1\u3002\u8fd9\u79cd\u673a\u5236\u5728Hyperliquid\u4e0a\u5f62\u6210\u4e86\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u7684\u201c\u7b97\u6cd5\u6c11\u4e3b\u201d\uff0c\u5373\u4f7f\u5e73\u53f0\u548c\u9a8c\u8bc1\u4eba\u4e5f\u65e0\u6cd5\u5f3a\u5236\u4fee\u6539\u6807\u8bb0\u4ef7\u683c\u903b\u8f91\uff0c\u6781\u5927\u5730\u589e\u5f3a\u4e86\u6297\u64cd\u7eb5\u80fd\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6709\u9274\u4e8e\u6807\u8bb0\u4ef7\u683c\u662f\u51b3\u5b9a\u4ed3\u4f4d\u662f\u5426\u76c8\u4e8f\/\u7206\u4ed3\/\u6e05\u7b97\u7684\u201c\u552f\u4e00\u6807\u51c6\u201d\uff0c\u6240\u4ee5\u201c\u4fdd\u62a4\u201d\u6807\u8bb0\u4ef7\u683c\u6210\u4e3a\u4e86\u6700\u91cd\u8981\u7684\u4e8b\u60c5\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hyperliquid\u7684\u201c\u53bb\u4e2d\u5fc3\u5316\u201d\u6838\u5fc3\u4e4b\u5904\u5c31\u662f\u544a\u8bc9\u6240\u6709\u4eba\uff1a\u6211\u6ca1\u529e\u6cd5\u6539\u53d8Mark Price\u6765\u72d9\u51fb\u4f60\u7684\u4ed3\u4f4d\uff0c\u800c\u4e0d\u662f\u4ec0\u4e48\u94fe\u4e0a\u64ae\u5408\u3001\u53bb\u4e2d\u5fc3\u5316\u8d26\u6237\u7b49\u7b49&#8230;.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u3001\u8d44\u91d1\u8d39\u7387\u7b97\u6cd5\u4e0e\u5e02\u573a\u884c\u4e3a\u53cd\u9988\u673a\u5236<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8d44\u91d1\u8d39\u7387\u4f5c\u4e3a\u6c38\u7eed\u5408\u7ea6\u8fde\u63a5\u73b0\u8d27\u548c\u5408\u7ea6\u5e02\u573a\u7684\u5173\u952e\u7ecf\u6d4e\u6760\u6746\uff0c\u76f4\u63a5\u5f71\u54cd\u5408\u7ea6\u4ef7\u683c\u4e0e\u73b0\u8d27\u4ef7\u683c\u7684\u504f\u79bb\u7a0b\u5ea6\uff0c\u5e76\u5f15\u5bfc\u5e02\u573a\u81ea\u6211\u7ea0\u504f\u3002\u4e09\u5927\u5e73\u53f0\u5728\u8d44\u91d1\u8d39\u7387\u7684\u7b97\u6cd5\u8bbe\u8ba1\u4e0a\uff0c\u4f53\u73b0\u4e86\u622a\u7136\u4e0d\u540c\u7684\u6280\u672f\u8def\u5f84\u548c\u4ea4\u6613\u54f2\u5b66\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8d44\u91d1\u8d39\u7387\u7684\u7b97\u6cd5\u4e0a\uff0cHyperliquid\u5728Binance\u7684\u51b2\u51fb\u4ef7\u683c\uff08impact price\uff0c\u8ba2\u5355\u7c3f\u6df1\u5ea6\uff09\u548c\u8d37\u6b3e\u5229\u7387\u7684\u57fa\u7840\u6a21\u578b\u5f15\u5165\u4e86\u6ea2\u4ef7\u6307\u6570Premium index\uff08\u4e0eBybit\u548cBitget\u5341\u5206\u8fd1\u4f3c\uff09\uff0c\u8ba1\u7b97\u4e2d\u66ff\u6362\u4e86Oracle price\u7684\u4ee5\u66f4\u8d34\u8fd1\u5e02\u573a\u771f\u5b9e\u60c5\u51b5\uff08Bybit\u548cBitget\u5747\u4f7f\u7528\u4e86\u6307\u6570\u4ef7\u683c\uff09\u3002\u6bd5\u7adf\u5728\u540c\u7b49\u6df1\u5ea6\u6761\u4ef6\u4e0b\uff0c\u4ef7\u683c\u4e3a1u\u7684\u8ba2\u5355\u7c3f\u6df1\u5ea6\uff0c\u4e0e\u6da8\u52303u\u6216\u8005\u8dcc\u52300.5u\u7684\u8ba2\u5355\u7c3f\u6df1\u5ea6\u7684\u610f\u4e49\u662f\u4e0d\u540c\u7684\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6ea2\u4ef7\u6307\u6570Premium index\u4f1a\u6bcf5\u79d2\u53d6\u6837\uff0c\u5e76\u4e14\u6309\u7167\u6bcf\u5c0f\u65f6\u7684\u5747\u503c\u8ba1\u7b97\uff08\u6bcf\u5c0f\u65f6\u53d6\u6837720\u6b21\uff09\uff0c\u9632\u6b62\u77ed\u65f6\u7684\u5267\u70c8\u6ce2\u52a8\uff08\u63d2\u9488\uff09\uff0c\u501f\u8d37\u5229\u7387\u56fa\u5b9a\u4e3a0.01%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u79cd\u7b97\u6cd5\u6709\u4ec0\u4e48\u95ee\u9898\uff0c\u6216\u8005\u9650\u5236\u5462\uff1f\u6709\u7684\uff0c\u5728\u5408\u7ea6\u4ef7\u683c\u548c\u73b0\u8d27\u4ef7\u683c\u504f\u79bb\u7684\u65f6\u5019\uff0c\u4f1a\u9700\u8981\u6bd4\u8f83\u957f\u7684\u65f6\u95f4\u6765\u201c\u56de\u5f52\u201d\u3002\uff08\u4e0eBinance\u7c7b\u4f3c\uff09<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e3a\u4e86\u5f25\u8865\u8fd9\u4e2a\u77ed\u677f\uff08Hyper\u53ef\u6ca1\u6709Binance\u5de8\u91cf\u7684\u8d44\u91d1\u6c89\u6dc0\u548c\u5957\u5229\uff0c\u4ef7\u683c\u5f88\u53ef\u80fd\u77ed\u65f6\u95f4\u5185\u5c31\u4e0d\u4f1a\u56de\u5f52\u4e86\uff09\uff0c\u8fd9\u91cc\u5c31\u51fa\u73b03\u4e2a\u5177\u6709Hyperliquid\u7279\u8272\u7684\u8bbe\u5b9a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c\u4e00\u4e2a\u662f\u582a\u79f0\u6050\u6016\u7684\u8d44\u91d1\u8d39\u7387\uff0c\u5728\u6781\u7aef\u60c5\u51b5\u4f1a\u51fa\u73b04%\/\u5c0f\u65f6\u7684\u8d44\u91d1\u8d39\uff0c\u5c31\u662f96% \/ \u5929\uff0c\u800c\u4e14\u8d44\u91d1\u8d39\u7387\u7684\u6536\u53d6\u9891\u7387\u548c\u4e0a\u9650\u4e0d\u8ddf\u7740\u8d44\u4ea7\u53d8\u52a8<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c\u4e8c\u4e2a\u662f\u8d44\u91d1\u8d39\u7684\u4f9d\u636e\u662foracle price\u800c\u4e0d\u662fmark price\uff0c\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u662f\u4e3a\u9632\u6b62\u4ef7\u683c\u64cd\u7eb5\u3002\u6709\u4e00\u79cd\u5373\u4f7f\u4f60\u64cd\u63a7\u4e86\u573a\u5185\u4ef7\u683c\uff0c\u4e14\u65e0\u5957\u5229\u8005\u642c\u5e73\u4ef7\u683c\u7684\u6781\u7aef\u5f3a\u51b5\u4e0b\uff0c\u4e5f\u80fd\u4f9d\u9760\u8d44\u91d1\u8d39\u7387\u7684\u9010\u6b65\u56de\u5f52\u4ef7\u683c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c\u4e09\u4e2a\u662f\u8d44\u91d1\u8d39\u7387\u7684\u6536\u53d6\u9891\u7387<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ece\u7b97\u6cd5\u4e0a\uff0cHyperliquid\u8d44\u91d1\u8d39\u7387\u7684\u7b97\u6cd5\u662f\u4ee5\u6bcf8\u5c0f\u65f6\u6765\u8ba1\u7b97\uff0c\u4f46\u662f\u6536\u53d6\u65f6\uff0c\u786e\u5b9e\u6309\u7167\u6bcf\u5c0f\u65f6\u215b\u6765\u6536\u53d6\uff0c\u4e3e\u4e2a\u4f8b\u5b50\uff0c\u5047\u8bbe8\u5c0f\u65f6\u7684\u8d44\u91d1\u8d39\u7387\u65f60.1%\uff0c\u90a3\u4e48\u63a5\u4e0b\u67651\u5c0f\u65f6\u591a\u4ed3\u5c06\u4f1a\u9879\u7a7a\u4ed3\u652f\u4ed80.0125%\u7684\u8d44\u91d1\u8d39\u3002\u4ee5\u8fd9\u79cd\u201c\u5c0f\u788e\u6b65\u5feb\u8dd1\u201d\u7684\u65b9\u5f0f\u6765\u52a0\u901f\u4ef7\u683c\u56de\u5f52\u7684\u201c\u901f\u5ea6\u201d\uff0c\u4ee5\u5f25\u8865Binance\u5f0f\u8ba2\u5355\u7c3f\u6df1\u5ea6\u6a21\u5f0f\u7684\u5c40\u9650\u6027\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0e\u4e4b\u5f62\u6210\u5bf9\u6bd4\u7684\u662f\uff0cBinance \u7684\u8d44\u91d1\u8d39\u7387\u4f9d\u8d56\u4e8e\u8f83\u957f\u7684\u7ed3\u7b97\u5468\u671f\uff08\u901a\u5e388\u5c0f\u65f6\uff09\uff0c\u8ba1\u7b97\u65f6\u7ed3\u5408\u8ba2\u5355\u7c3f\u6df1\u5ea6\u6a21\u62df\u5927\u989d\u5e02\u4ef7\u5355\u7684\u51b2\u51fb\u4e70\u5356\u4ef7\uff0c\u540c\u65f6\u8003\u8651\u501f\u8d37\u5229\u7387\uff08\u56fa\u5b9a\u4e3a0.01%\uff09\uff0c\u5176\u8bbe\u8ba1\u65e8\u5728\u4e3a\u673a\u6784\u6295\u8d44\u8005\u548c\u4e2d\u957f\u7ebf\u4ea4\u6613\u8005\u63d0\u4f9b\u66f4\u5e73\u6ed1\u4e14\u9884\u671f\u660e\u786e\u7684\u8d44\u91d1\u6210\u672c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u800cOKX\u7684\u8d44\u91d1\u8d39\u7387\u7b97\u6cd5\u5219\u76f8\u5bf9\u7b80\u5355\uff0c\u57fa\u4e8e\u76d8\u53e3\u4e70\u4e00\u5356\u4e00\u4ef7\u683c\u7684\u504f\u5dee\u8ba1\u7b97\uff0c\u7ed3\u7b97\u5468\u671f\u540c\u6837\u8f83\u957f\u3002\u7f3a\u4e4f\u5bf9\u8ba2\u5355\u7c3f\u6df1\u5ea6\u53ca\u501f\u8d37\u6210\u672c\u7684\u7efc\u5408\u8003\u91cf\uff0c\u5bfc\u81f4\u8d44\u91d1\u8d39\u7387\u6ce2\u52a8\u5267\u70c8\uff0c\u9002\u5408\u9ad8\u9891\u3001\u77ed\u7ebf\u6fc0\u8fdb\u7b56\u7565\uff0c\u4f46\u4e5f\u5e26\u6765\u66f4\u9ad8\u7684\u7206\u4ed3\u98ce\u9669\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hyperliquid\u4e5f\u7b97\u662f\u5728Binance\u7684\u201c\u5e02\u573a\u7ed3\u6784\u201d\u548cOKX\u7684\u201c\u5e02\u573a\u5bfc\u5411\u201d\u4e2d\u627e\u5230\u5c5e\u4e8e\u81ea\u5df1\u7684\u5e73\u8861\u4e4b\u9053\u2014\u2014 \u4ee5\u76f8\u5bf9\u5e73\u7f13\u7684\uff08\u8ba2\u5355\u7c3f\u6df1\u5ea6\u548cPremium\uff09\u7b97\u6cd5\u4e3a\u57fa\u7840\uff0c\u52a0\u4e0a\u9ad8\u9891\u7684\u8d44\u91d1\u8d39\u7387\u7ed3\u7b97\u548c\u573a\u5916\u5582\u4ef7\uff0c\u8f85\u4e4b\u4ee5\u6781\u7aef\u60c5\u51b5\u4e0b\u7684\u9ad8\u8d44\u91d1\u8d39\uff0c\u8ba9\u573a\u5185\u7684\u4ef7\u683c\u53ef\u4ee5\u5728\u6781\u7aef\u73af\u5883\u4e0b\u8fc5\u901f\u56de\u987e\u5230\u5e02\u573a\u4ef7\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e09\u8005\u7684\u7b97\u6cd5\u5dee\u5f02\uff0c\u5728\u5b9e\u9645\u4ea4\u6613\u4e2d\u4ea7\u751f\u4e86\u6df1\u523b\u5f71\u54cd\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e09\u3001\u7b97\u6cd5\u51b3\u5b9a\u547d\u8fd0\uff1a\u4e0d\u540c\u5e73\u53f0\u9002\u914d\u7684\u4ea4\u6613\u7b56\u7565\u4e0e\u80cc\u540e\u91d1\u878d\u54f2\u5b66<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u8bf4\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u662f\u4e00\u573a\u65e0\u58f0\u7684\u6218\u4e89\uff0c\u90a3\u4e48\u4e0d\u540c\u5e73\u53f0\u7684\u4ef7\u683c\u7b97\u6cd5\u3001\u6e05\u7b97\u903b\u8f91\u4e0e\u8d44\u91d1\u673a\u5236\uff0c\u5c31\u662f\u8fd9\u573a\u6218\u4e89\u4e2d\u7684\u201c\u4f5c\u6218 doctrine\uff08\u6559\u4e49\uff09\u201d\u3002\u4e09\u5bb6\u5e73\u53f0\uff0c\u4e09\u79cd\u54f2\u5b66\uff0c\u4e09\u7c7b\u4ea4\u6613\u8005\uff0c\u5728\u5e02\u573a\u673a\u5236\u4e0e\u4eba\u6027\u535a\u5f08\u4e4b\u95f4\uff0c\u6298\u5c04\u51fa\u4e0d\u540c\u7684\u91d1\u878d\u7d20\u517b\u548c\u4ef7\u503c\u89c2\u3002\u91cd\u7533\u4e00\u6b21\uff0c\u6a21\u5f0f\u548c\u7b97\u6cd5\u4e0d\u5206\u5bf9\u9519\u4f18\u52a3\u9ad8\u4e0b\uff0c\u53ea\u8bba\u5f97\u5931\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Binance\uff1a\u5236\u5ea6\u7406\u6027\u8005\u7684\u8bbe\u8ba1\uff08\u91cf\u5316\u91d1\u878d\u4e0e\u6709\u6548\u5e02\u573a\u5047\u8bf4\uff09<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Binance\u7684\u6574\u4f53\u8bbe\u8ba1\u504f\u5411\u201c\u5236\u5ea6\u5316\u3001\u6e29\u548c\u5316\u201d\uff0c\u5176\u6838\u5fc3\u7406\u5ff5\u662f\u201c\u8ba9\u5e02\u573a\u53ef\u9884\u671f\u201d \u3002\u8fd9\u4e0e\u91cf\u5316\u91d1\u878d\u5b66\u6d3e\u548c\u6709\u6548\u5e02\u573a\u5047\u8bf4\uff08EMH\uff09\u7684\u7cbe\u795e\u9ad8\u5ea6\u5951\u5408\uff0c\u5373\u5047\u8bbe\u5e02\u573a\u5927\u4f53\u662f\u7406\u6027\u7684\uff0c\u53ef\u4ee5\u901a\u8fc7\u7edf\u8ba1\u5efa\u6a21\u6765\u9a6f\u670d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u673a\u5236\u4f53\u73b0\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6807\u8bb0\u4ef7\u683c\u7684\u5e73\u6ed1\u673a\u5236\uff1a\u00a0\u901a\u8fc7\u4e2d\u4f4d\u6570\u3001\u79fb\u52a8\u5e73\u5747\u548c\u51b2\u51fb\u4ef7\u683c\u6982\u5ff5\uff0c\u786e\u4fdd\u6807\u8bb0\u4ef7\u683c\u7a33\u5b9a\u4e14\u6297\u64cd\u7eb5\uff0c\u51cf\u5c11\u4e86\u56e0\u77ac\u65f6\u6ce2\u52a8\u5bfc\u81f4\u7684\u6e05\u7b97\u98ce\u9669\u3002\u8fd9\u79cd\u8bbe\u8ba1\u4e3a\u5927\u8d44\u91d1\u63d0\u4f9b\u4e86\u53ef\u9884\u6d4b\u7684\u6e05\u7b97\u9608\u503c\uff0c\u4f7f\u5176\u80fd\u591f\u8fdb\u884c\u66f4\u7a33\u5065\u7684\u5934\u5bf8\u7ba1\u7406\u3002<\/li>\n\n\n\n<li>\u8d44\u91d1\u8d39\u7387\u7684\u7cbe\u7ec6\u5efa\u6a21\uff1a\u00a0\u7ed3\u5408\u8ba2\u5355\u7c3f\u6df1\u5ea6\u6a21\u62df\u5927\u989d\u5e02\u4ef7\u5355\u7684\u51b2\u51fb\u6210\u672c\u548c\u56fa\u5b9a\u7684\u501f\u8d37\u5229\u7387\uff0c\u5176\u8d44\u91d1\u8d39\u7387\u8bbe\u8ba1\u65e8\u5728\u63d0\u4f9b\u5e73\u6ed1\u4e14\u9884\u671f\u660e\u786e\u7684\u8d44\u91d1\u6210\u672c\u3002\u8f83\u957f\u7684\u7ed3\u7b97\u5468\u671f\uff08\u901a\u5e388\u5c0f\u65f6\uff09\u8fdb\u4e00\u6b65\u964d\u4f4e\u4e86\u9ad8\u9891\u8d44\u91d1\u6210\u672c\u6ce2\u52a8\u5bf9\u4e2d\u957f\u7ebf\u7b56\u7565\u7684\u5f71\u54cd\u3002<\/li>\n\n\n\n<li>\u98ce\u9669\u7f13\u51b2\u673a\u5236\uff1a\u00a0Binance\u8bbe\u6709\u5e9e\u5927\u7684\u4fdd\u9669\u57fa\u91d1\uff0c\u7528\u4e8e\u8986\u76d6\u7834\u4ea7\u5934\u5bf8\u7684\u635f\u5931\uff0c\u5e76\u5728\u4fdd\u9669\u57fa\u91d1\u4e0d\u8db3\u65f6\u542f\u52a8\u81ea\u52a8\u51cf\u4ed3\uff08ADL\uff09\u673a\u5236\u3002\u8fd9\u4e9b\u673a\u5236\u5c42\u5c42\u8bbe\u9632\uff0c\u4e3a\u6bcf\u4e00\u4e2a\u53ef\u80fd\u5bfc\u81f4\u5e02\u573a\u7cfb\u7edf\u6027\u5d29\u6e83\u7684\u8282\u70b9\u90fd\u9884\u8bbe\u4e86\u7f13\u51b2\u533a\uff0c\u65e8\u5728\u6700\u5927\u9650\u5ea6\u5730\u51cf\u5c11\u793e\u4f1a\u5316\u635f\u5931\u3002<\/li>\n\n\n\n<li>\u5e02\u573a\u884c\u4e3a\u53cd\u9988\uff1a\u00a0\u8fd9\u79cd\u7a33\u5065\u7684\u5efa\u6a21\u601d\u7ef4\uff0c\u5438\u5f15\u4e86\u8ffd\u6c42\u7a33\u5b9a\u6536\u76ca\u3001\u98ce\u9669\u53ef\u63a7\u7684\u673a\u6784\u6295\u8d44\u8005\u548c\u4e2d\u957f\u7ebf\u4ea4\u6613\u8005\u3002\u4ed6\u4eec\u4f9d\u8d56\u4e8e\u5e02\u573a\u89c4\u5219\u7684\u660e\u786e\u6027\u548c\u53ef\u9884\u6d4b\u6027\uff0c\u901a\u8fc7\u7cbe\u5bc6\u7684\u91cf\u5316\u6a21\u578b\u548c\u5957\u5229\u7b56\u7565\uff0c\u5728\u76f8\u5bf9\u7a33\u5b9a\u7684\u73af\u5883\u4e2d\u5b9e\u73b0\u8d44\u672c\u7684\u7a33\u5065\u589e\u957f\u3002Binance\u7684\u7cfb\u7edf\u662f\u4e3a\u90a3\u4e9b\u76f8\u4fe1\u5e02\u573a\u53ef\u4ee5\u901a\u8fc7\u4e25\u8c28\u7684\u6570\u5b66\u6a21\u578b\u548c\u5236\u5ea6\u8bbe\u8ba1\u6765\u7ba1\u7406\u548c\u9884\u6d4b\u7684\u201c\u5236\u5ea6\u7406\u6027\u8005\u201d\u6240\u6784\u5efa\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>OKX\uff1a\u4ea4\u6613\u672c\u80fd\u8005\u7684\u8bbe\u8ba1\uff08\u884c\u4e3a\u91d1\u878d\u5b66\uff09<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">OKX\u7684\u7b56\u7565\u8bbe\u8ba1\u5219\u63a5\u8fd1\u201c\u5feb\u3001\u72e0\u3001\u51c6\u201d\uff0c\u5176\u54f2\u5b66\u662f\u201c\u5e02\u573a\u5c31\u662f\u4eba\u6027\u7684\u53cd\u6620\u201d \u3002\u8fd9\u4e0e\u884c\u4e3a\u91d1\u878d\u5b66\u903b\u8f91\u4e0d\u8c0b\u800c\u5408\uff0c\u5b83\u63a5\u53d7\u5e02\u573a\u662f\u975e\u7406\u6027\u7684\uff0c\u4ea4\u6613\u8005\u662f\u60c5\u7eea\u5316\u7684\uff0c\u771f\u6b63\u806a\u660e\u7684\u4eba\u4e0d\u662f\u53bb\u6784\u5efa\u5e73\u6ed1\u6a21\u578b\uff0c\u800c\u662f\u53bb\u51fb\u7a7f\u90a3\u4e9b\u201c\u5047\u8bbe\u201d\uff0c\u5728\u5267\u70c8\u6ce2\u52a8\u4e2d\u5bfb\u627e\u535a\u5f08\u7a7a\u95f4\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u673a\u5236\u4f53\u73b0\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6807\u8bb0\u4ef7\u683c\u7684\u654f\u611f\u6027\uff1a\u00a0\u5982\u679c\u5176\u6807\u8bb0\u4ef7\u683c\u4e3b\u8981\u4f9d\u8d56\u4e8e\u76d8\u53e3\u4e70\u4e00\/\u5356\u4e00\u4e2d\u95f4\u4ef7\uff0c\u5219\u4ef7\u683c\u5bf9\u5fae\u5c0f\u4ea4\u6613\u6781\u5176\u654f\u611f\uff0c\u6781\u6613\u56e0\u5927\u5355\u5403\u7a7f\u76d8\u53e3\u800c\u9020\u6210\u5267\u70c8\u6ce2\u52a8 \u3002\u8fd9\u79cd\u8bbe\u8ba1\u52a0\u901f\u4e86\u4ef7\u683c\u53d1\u73b0\uff0c\u4f46\u540c\u65f6\u4e5f\u589e\u52a0\u4e86\u6e05\u7b97\u7684\u4e0d\u786e\u5b9a\u6027\u3002<\/li>\n\n\n\n<li>\u8d44\u91d1\u8d39\u7387\u7684\u6ce2\u52a8\u6027\uff1a\u00a0\u8d44\u91d1\u8d39\u7387\u7b97\u6cd5\u76f8\u5bf9\u7b80\u5355\uff0c\u7f3a\u4e4f\u5bf9\u8ba2\u5355\u7c3f\u6df1\u5ea6\u7684\u7efc\u5408\u8003\u91cf\uff0c\u5bfc\u81f4\u5176\u8d44\u91d1\u8d39\u7387\u6ce2\u52a8\u5267\u70c8 \u3002\u5c3d\u7ba1OKX\u5df2\u5c1d\u8bd5\u7f29\u77ed\u90e8\u5206\u5408\u7ea6\u7684\u7ed3\u7b97\u5468\u671f\uff08\u5982\u4ece8\u5c0f\u65f6\u52304\u5c0f\u65f6\u62162\u5c0f\u65f6\uff09\u4ee5\u63d0\u9ad8\u8d44\u91d1\u8d39\u7387\u7684\u54cd\u5e94\u901f\u5ea6\uff0c\u4f46\u8fd9\u8fdb\u4e00\u6b65\u653e\u5927\u4e86\u5176\u6ce2\u52a8\u7279\u6027\u3002<\/li>\n\n\n\n<li>\u6e05\u7b97\u673a\u5236\uff1a\u00a0\u6e05\u7b97\u903b\u8f91\u76f4\u63a5\u4e14\u8fc5\u901f\uff0c\u65e8\u5728\u5feb\u901f\u5904\u7406\u98ce\u9669\u5934\u5bf8\u3002<\/li>\n\n\n\n<li>\u5e02\u573a\u884c\u4e3a\u53cd\u9988\uff1a\u00a0\u8fd9\u79cd\u673a\u5236\u5929\u7136\u5438\u5f15\u4e86\u9ad8\u9891\u4ea4\u6613\u8005\uff08HFT\uff09\u3001\u201c\u63d2\u9488\u515a\u201d\u548c\u77ed\u7ebf\u4ea4\u6613\u5458 \u3002\u4ed6\u4eec\u4e0d\u60e7\u6015\u6ce2\u52a8\uff0c\u53cd\u800c\u9700\u8981\u6ce2\u52a8\u2014\u2014\u56e0\u4e3a\u53ea\u6709\u201c\u4ef7\u683c\u5931\u5e8f\u201d\u624d\u662f\u4ed6\u4eec\u7684\u5229\u6da6\u6765\u6e90\u3002\u4ed6\u4eec\u64c5\u957f\u6355\u6349\u77ac\u65f6\u4ef7\u683c\u504f\u5dee\uff0c\u5229\u7528\u76d8\u53e3\u6df1\u5ea6\u4e0d\u8db3\u8fdb\u884c\u5feb\u901f\u5957\u5229\u6216\u6295\u673a\u3002OKX\u7684\u7cfb\u7edf\u662f\u4e3a\u90a3\u4e9b\u76f8\u4fe1\u5e02\u573a\u5145\u6ee1\u975e\u7406\u6027\u3001\u613f\u610f\u5728\u6df7\u4e71\u4e2d\u640f\u6740\u7684\u201c\u4ea4\u6613\u672c\u80fd\u8005\u201d\u6240\u6784\u5efa\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Hyperliquid\uff1a\u94fe\u4e0a\u7ed3\u6784\u4e3b\u4e49\u8005\u7684\u8bbe\u8ba1\uff08\u5236\u5ea6\u7ed3\u6784\u4e3b\u4e49\u4e0e\u4ee3\u7801\u5373\u6cd5\u5f8b\uff09<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Hyperliquid\u5219\u8bd5\u56fe\u6253\u9020\u4e00\u4e2a\u5168\u65b0\u7684\u91d1\u878d\u8303\u5f0f\uff1a\u53bb\u4e2d\u5fc3\u5316\u6cbb\u7406 + \u53ef\u7f16\u7a0b\u4ef7\u683c\u673a\u5236\u3002\u5b83\u7684\u54f2\u5b66\u662f\uff1a\u7b97\u6cd5\u4e0d\u662f\u9884\u6d4b\u5e02\u573a\uff0c\u800c\u662f\u8bbe\u5b9a\u79e9\u5e8f \u3002\u4e0e\u5176\u8bf4Hyperliquid\u662f\u4ea4\u6613\u6240\uff0c\u4e0d\u5982\u8bf4\u5b83\u66f4\u50cf\u4e00\u4e2a\u8fd0\u884c\u5728\u533a\u5757\u94fe\u4e0a\u7684\u91d1\u878d\u534f\u8bae\u2014\u2014\u4ef7\u683c\u7531\u9a8c\u8bc1\u8005\u8282\u70b9\u5408\u8bae\u5171\u8bc6\uff0c\u4ed3\u4f4d\u6e05\u7b97\u7531HLP Vault\u6258\u5e95\uff0c\u6240\u6709\u4ea4\u6613\u6570\u636e\u4e0a\u94fe\u516c\u5f00\uff0c\u4e0d\u5141\u8bb8\u5e73\u53f0\u9ed1\u7bb1\u64cd\u4f5c\u3001\u4e5f\u4e0d\u5bb9\u8bb8\u4ea4\u6613\u6240\u201c\u63d2\u624b\u201d\u4ef7\u683c\u4e0e\u4ed3\u4f4d\u5904\u7406\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u91cc\u591a\u63d2\u4e00\u53e5\uff0c\u6240\u8c13\u7684\u9690\u79c1\u4fdd\u62a4\u90fd\u662f\u6709\u4ee3\u4ef7\u7684\uff0c\u4e0d\u5916\u4e4e\u5c31\u662f\u5728\u4f60\u7684\u4ed3\u4f4d\u548c\u8eab\u4efd\u4e4b\u95f4\u505a\u9009\u62e9\u3002\u4f60\u9009\u62e9\u4e86\u9690\u85cf\u8eab\u4efd\uff0c\u90a3\u4e48\u4f60\u7684\u8d44\u4ea7\u4f59\u989d\u548c\u4ed3\u4f4d\u5c31\u8981\u516c\u5f00\u900f\u660e\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002\u4e0d\u7ba1\u662f\u4e2d\u5fc3\u5316\u8fd8\u662f\u53bb\u4e2d\u5fc3\u5316\uff0c\u6ca1\u6709\u4f18\u52a3\u597d\u574f\uff0c\u53ea\u6709\u9002\u4e0d\u9002\u5408\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u673a\u5236\u4f53\u73b0\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9a8c\u8bc1\u8005\u5171\u8bc6\u4ef7\u683c\uff1a\u00a0\u6307\u6570\u4ef7\u683c\u548c\u6807\u8bb0\u4ef7\u683c\u7531\u53bb\u4e2d\u5fc3\u5316\u9a8c\u8bc1\u8005\u8282\u70b9\u4ece\u591a\u4e2aCEX\u805a\u5408\u6784\u5efa\uff0c\u5e76\u91c7\u7528\u52a0\u6743\u4e2d\u4f4d\u6570\u7b49\u65b9\u6cd5\u589e\u5f3a\u6297\u64cd\u7eb5\u6027\u3002\u6807\u8bb0\u4ef7\u683c\u7684\u8ba1\u7b97\u903b\u8f91\u7531\u94fe\u4e0a\u5171\u8bc6\u786e\u4fdd\u5176\u4e0d\u53ef\u66f4\u6539\uff0c\u589e\u5f3a\u4e86\u6297\u64cd\u7eb5\u80fd\u529b \u3002<\/li>\n\n\n\n<li>HLP Vault\u6258\u5e95\uff1a\u00a0Hyperliquid\u6d41\u52a8\u6027\u91d1\u5e93\uff08HLP\uff09\u4f5c\u4e3a\u534f\u8bae\u5c42\u9762\u7684\u505a\u5e02\u548c\u6e05\u7b97\u673a\u5236\uff0c\u65e8\u5728\u6c11\u4e3b\u5316\u673a\u6784\u7ea7\u7b56\u7565\uff0c\u5e76\u4e3a\u6e05\u7b97\u63d0\u4f9b\u6d41\u52a8\u6027\u652f\u6301\u3002\u8fd9\u662f\u4e00\u79cd\u793e\u533a\u5171\u62c5\u98ce\u9669\u548c\u6536\u76ca\u7684\u6a21\u5f0f\u3002<\/li>\n\n\n\n<li>\u9ad8\u9891\u8d44\u91d1\u8d39\u7387\u4e0e\u6781\u7aef\u4e0a\u9650\uff1a\u00a0\u8d44\u91d1\u8d39\u7387\u7b97\u6cd5\u7ed3\u5408\u4e86\u8ba2\u5355\u7c3f\u6df1\u5ea6\u548c\u5916\u90e8\u9884\u8a00\u673a\u4ef7\u683c\uff0c\u5e76\u901a\u8fc7\u6bcf\u5c0f\u65f6\u6536\u53d61\/8\u76848\u5c0f\u65f6\u8d44\u91d1\u8d39\u7387\uff0c\u4ee5\u53ca\u5728\u6781\u7aef\u60c5\u51b5\u4e0b\u9ad8\u8fbe4%\/\u5c0f\u65f6\u7684\u8d44\u91d1\u8d39\u7387\u4e0a\u9650\uff0c\u52a0\u901f\u5e02\u573a\u4ef7\u683c\u56de\u5f52\u3002\u8fd9\u79cd\u8bbe\u8ba1\u65e8\u5728\u901a\u8fc7\u7b97\u6cd5\u5f3a\u5236\u5feb\u901f\u7ea0\u504f\u3002<\/li>\n\n\n\n<li>\u94fe\u4e0a\u900f\u660e\u6027\uff1a\u00a0\u6240\u6709\u4ea4\u6613\u6570\u636e\u548c\u6e05\u7b97\u8fc7\u7a0b\u90fd\u516c\u5f00\u8bb0\u5f55\u5728\u94fe\u4e0a\uff0c\u65e8\u5728\u6d88\u9664\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7684\u9ed1\u7bb1\u64cd\u4f5c\u3002<\/li>\n\n\n\n<li>\u5e02\u573a\u884c\u4e3a\u53cd\u9988\uff1a\u00a0Hyperliquid\u6240\u8df5\u884c\u7684\u662f\u4e00\u79cd\u5236\u5ea6\u7ed3\u6784\u4e3b\u4e49\u7684\u91d1\u878d\u54f2\u5b66\u2014\u2014\u5373\u4f7f\u4e16\u754c\u662f\u6df7\u4e71\u7684\uff0c\u4f46\u53ea\u8981\u7b97\u6cd5\u89c4\u5219\u8db3\u591f\u900f\u660e\u4e14\u4e0d\u53ef\u66f4\u6539\uff0c\u5c31\u53ef\u4ee5\u6784\u5efa\u51fa\u4e00\u79cd\u76f8\u5bf9\u201c\u4e2d\u7acb\u201d\u7684\u5e02\u573a\u79e9\u5e8f \u3002\u5b83\u5438\u5f15\u4e86\u90a3\u4e9b\u5bfb\u6c42\u901a\u8fc7\u53ef\u9a8c\u8bc1\u4ee3\u7801\u548c\u5206\u5e03\u5f0f\u6cbb\u7406\u6765\u91cd\u5efa\u4fe1\u4efb\u7cfb\u7edf\u7684\u4ea4\u6613\u8005\u3002\u7136\u800c\uff0cJELLYJELLY\u4e8b\u4ef6\u63ed\u793a\u4e86\u8fd9\u79cd\u54f2\u5b66\u5728\u5b9e\u8df5\u4e2d\u7684\u5f20\u529b\uff1a\u5c3d\u7ba1\u6807\u8bb0\u4ef7\u683c\u7684\u903b\u8f91\u65e8\u5728\u4e0d\u53ef\u7be1\u6539\uff0c\u4f46\u5f53\u7cfb\u7edf\u9762\u4e34\u751f\u5b58\u5371\u673a\u65f6\uff0c\u66f4\u9ad8\u5c42\u9762\u7684\u6cbb\u7406\uff08\u9a8c\u8bc1\u4eba\u8282\u70b9\u6295\u7968\uff09\u4ecd\u7136\u53ef\u4ee5\u4ecb\u5165\u5e76\u8986\u76d6\u534f\u8bae\u884c\u4e3a\uff0c\u8fd9\u8868\u660e\u201c\u4ee3\u7801\u5373\u6cd5\u5f8b\u201d\u5728\u6781\u7aef\u60c5\u51b5\u4e0b\u4ecd\u9700\u9762\u5bf9\u201c\u4eba\u6cbb\u201d\u7684\u8003\u9a8c\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u603b\u7ed3\u6765\u770b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Binance\uff1a\u4e3a\u201c\u5236\u5ea6\u7406\u6027\u8005\u201d\u8bbe\u8ba1\uff0c\u89c4\u5219\u660e\u786e\uff0c\u9002\u5408\u8d44\u672c\u7a33\u5b9a\u751f\u957f\u3002<\/li>\n\n\n\n<li>OKX\uff1a\u4e3a\u201c\u4ea4\u6613\u672c\u80fd\u8005\u201d\u8bbe\u8ba1\uff0c\u5feb\u72e0\u731b\uff0c\u9002\u5408\u535a\u5f08\u8005\u3001\u64cd\u76d8\u8005<\/li>\n\n\n\n<li>Hyperliquid\uff1a\u4e3a\u201c\u94fe\u4e0a\u7ed3\u6784\u4e3b\u4e49\u8005\u201d\u8bbe\u8ba1\uff0c\u7b97\u6cd5\u81f3\u4e0a\uff0c\u9002\u5408\u94fe\u4e0a\u5957\u5229\u548c\u5927\u8d44\u91d1\u7684\u6781\u9650\u4ea4\u6613\u8005\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u7ed3\u8bed\uff1a\u7b97\u6cd5\u7684\u5c3d\u5934\uff0c\u662f\u4eba\u5fc3<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ef7\u683c\uff0c\u662f\u4ea4\u6613\u7684\u8868\u8c61\uff1b\u7b97\u6cd5\uff0c\u662f\u4ea4\u6613\u7684\u79e9\u5e8f\u3002\u4f46\u65e0\u8bba\u662f Binance \u7684\u5236\u5ea6\u7f13\u51b2\u3001OKX \u7684\u5e02\u573a\u884c\u4e3a\u81f3\u4e0a\uff0c\u8fd8\u662f Hyperliquid \u7684\u94fe\u4e0a\u5171\u8bc6\uff0c\u672c\u8d28\u4e0a\u90fd\u8bd5\u56fe\u56de\u7b54\u540c\u4e00\u4e2a\u95ee\u9898\uff1a\u6211\u4eec\u8be5\u5982\u4f55\u4fe1\u4efb\u4e00\u4e2a\u770b\u4e0d\u89c1\u7684\u5e02\u573a\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6709\u7684\u7cfb\u7edf\u9009\u62e9\u4ee5\u201c\u7a33\u5b9a\u201d\u4e3a\u951a\uff0c\u544a\u8bc9\u4f60\u89c4\u5219\u6c38\u8fdc\u4e0d\u53d8\uff1b\u6709\u7684\u7cfb\u7edf\u9009\u62e9\u201c\u6ce2\u52a8\u201d\u4e3a\u951a\uff0c\u76f8\u4fe1\u4ea4\u6613\u8005\u603b\u80fd\u9002\u5e94\u98ce\u9669\uff1b\u800c\u4e5f\u6709\u7684\u7cfb\u7edf\uff0c\u8bd5\u56fe\u628a\u4e00\u5207\u5199\u8fdb\u94fe\u4e0a\u7684\u5408\u7ea6\u91cc\uff0c\u4e0d\u518d\u4f9d\u8d56\u4eba\uff0c\u800c\u4f9d\u8d56\u900f\u660e\u7684\u4ee3\u7801\u3001\u5206\u5e03\u7684\u8282\u70b9\u3001\u51b7\u51b0\u51b0\u7684\u516c\u5f0f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7136\u800c\uff0c\u5f53\u5e02\u573a\u5904\u4e8e\u6781\u7aef\u60c5\u5883\uff0c\u7b97\u6cd5\u4f1a\u9000\u573a\uff0c\u4eba\u5fc5\u987b\u767b\u53f0\u3002JELLYJELLY \u7684\u5371\u673a\u544a\u8bc9\u6211\u4eec\uff0c\u518d\u53bb\u4e2d\u5fc3\u5316\u7684\u7cfb\u7edf\u4e5f\u9700\u8981\u4e34\u65f6\u7684\u201c\u4e2d\u592e\u94f6\u884c\u201d\u63a5\u624b\u4ed3\u4f4d\uff1b\u518d\u4e2d\u7acb\u7684\u5171\u8bc6\uff0c\u4e5f\u65e0\u6cd5\u5b8c\u5168\u6d88\u9664\u5bf9\u201c\u6b63\u4e49\u201d\u7684\u4e89\u8bae\u3002\u6700\u7ec8\uff0c\u4ef7\u683c\u4e0d\u662f\u7531\u201c\u7b97\u6cd5\u51b3\u5b9a\u201d\uff0c\u800c\u662f\u7531\u6211\u4eec\u9009\u62e9\u76f8\u4fe1\u8c01\u6765\u51b3\u5b9a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6216\u8bb8\u6211\u4eec\u65e0\u6cd5\u8bbe\u8ba1\u4e00\u4e2a\u5b8c\u7f8e\u7684\u7cfb\u7edf\uff0c\u4f46\u6211\u4eec\u80fd\u8bbe\u8ba1\u51fa\u4e00\u4e2a\u80fd\u5728\u4e0d\u5b8c\u7f8e\u4e2d\u4e0d\u65ad\u81ea\u6211\u4fee\u6b63\u7684\u7cfb\u7edf\u3002Binance\u7528\u5236\u5ea6\u7f13\u51b2\u4e0d\u786e\u5b9a\u6027\uff0cOKX\u7528\u535a\u5f08\u6fc0\u53d1\u5e02\u573a\u6d3b\u529b\uff0c\u800cHyperliquid\u5219\u8bd5\u56fe\u7528\u6cbb\u7406\u4e0e\u900f\u660e\u5efa\u7acb\u65b0\u7684\u5171\u8bc6\u3002\u8fd9\u91cc\u9762\u6ca1\u6709\u5bf9\u9519\u4f18\u52a3\uff0c\u53ea\u6709\u9009\u62e9\uff0c\u6bd5\u7adf\u8fd9\u4e16\u4e0a\u5c31\u6ca1\u6709\u5b8c\u7f8e\u7684\u65b9\u6848\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6216\u8bb8\u6211\u4eec\u65e0\u6cd5\u8bbe\u8ba1\u4e00\u4e2a\u5b8c\u7f8e\u7684\u7cfb\u7edf\uff0c\u4f46\u6211\u4eec\u80fd\u8bbe\u8ba1\u51fa\u4e00\u4e2a\u80fd\u5728\u4e0d\u5b8c\u7f8e\u4e2d\u4e0d\u65ad\u81ea\u6211\u4fee\u6b63\u7684\u7cfb\u7edf\u3002Binance\u7528\u5236\u5ea6\u7f13\u51b2\u4e0d\u786e\u5b9a\u6027\uff0cOKX\u7528\u535a\u5f08\u6fc0\u53d1\u5e02\u573a\u6d3b\u529b\uff0c\u800cHyperliquid\u5219\u8bd5\u56fe\u7528\u6cbb\u7406\u4e0e\u900f\u660e\u5efa\u7acb\u65b0\u7684\u5171\u8bc6\u3002\u8fd9\u91cc\u9762\u6ca1\u6709\u5bf9\u9519\u4f18\u52a3\uff0c\u53ea\u6709\u9009\u62e9\uff0c\u6bd5\u7adf\u8fd9\u4e16\u4e0a\u5c31\u6ca1\u6709\u5b8c\u7f8e\u7684\u65b9\u6848\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u672a\u6765\u7684\u91d1\u878d\u4e16\u754c\uff0c\u7b97\u6cd5\u5c06\u7ee7\u7eed\u6269\u5c55\u5176\u7586\u57df\u3002\u4f46\u5fc5\u987b\u8ba4\u8bc6\u5230\uff0c\u6bcf\u4e00\u4e2a\u5199\u5165\u4ee3\u7801\u7684\u903b\u8f91\uff0c\u80cc\u540e\u90fd\u6295\u5c04\u7740\u4e00\u4e2a\u4ef7\u503c\u5224\u65ad\u7684\u5f71\u5b50\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f60\u8981\u81ea\u7531\uff0c\u7206\u4ed3\u65f6\u5374\u6c42\u516c\u5e73\uff1b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f60\u8981\u516c\u5e73\uff0c\u7206\u4ed3\u65f6\u5374\u8981\u900f\u660e\uff1b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f60\u8981\u900f\u660e\uff0c\u7206\u4ed3\u65f6\u5374\u60f3\u63a7\u5236\u4e00\u5207\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u7ec8\u4f60\u8ffd\u9010\u7684\uff0c\u4e0d\u662f\u4ef7\u683c\uff0c\u662f\u79e9\u5e8f\u7684\u5e7b\u89c9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eba\uff0c\u603b\u8981\u4e3a\u81ea\u5df1\u7684\u4ef7\u503c\u89c2\u8d1f\u8d23\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8ba9\u6211\u4eec\u59cb\u7ec8\u6000\u7740\u4e00\u9897\u656c\u754f\u5e02\u573a\u7684\u5fc3\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Be like a \u798f\u5efa\u4eba<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.panewslab.com\/zh\/columns\/r1v8qru0\" class=\"\">danny<\/a>2025\/06\/27 18:00<br><a href=\"https:\/\/www.panewslab.com\/zh\/articles\/p4197pmc\">https:\/\/www.panewslab.com\/zh\/articles\/p4197pmc<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>AI\u603b\u7ed3\uff1a ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12315","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/12315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12315"}],"version-history":[{"count":0,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/12315\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}