Hyperliquid联创:ADL不会向HLP转移盈亏,其对用户与HLP的处理完全对称

Blockbeats
Dec 10, 2025

BlockBeats 消息,12 月 10 日,Hyperliquid 联创 Jeff 发文驳斥“ADL(自动减仓机制)向 HLP 转移盈亏”观点。Jeff 表示,ADL 机制不会向 HLP(Hyperliquidity Provider)转移盈亏,其对用户与 HLP 的处理完全对称,ADL 也并不会摧毁 6.53 亿美元收益。

11 月 28 日,Hyperliquid 已在其所有主要永续合约市场启用跨保证金自动去杠杆 (ADL) 清算系统,以确保在市场剧烈波动时期,尤其是在流动性收紧或大额持仓接近清算时,市场能够有序运行。当保险金无法完全吸收清算头寸的损失时,ADL(自动清算机制)作为一种备用清算方法发挥作用。在这种情况下,高杠杆、高未实现收益的盈利交易者的头寸可能会被部分或全部减持,以弥补资金缺口。Hyperliquid 强调,ADL 只会在特殊情况下触发,其设计目的是通过防止可能破坏整个生态系统的连锁违约来维护市场完整性。

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