Hyperliquid在永续市场推出追踪止损功能

Hyperliquid Perpetual Contract Market New Tracking Stop Order Function

Hyperliquid has introduced Trailing Stop orders in its Perpetual Contract Market, providing traders with a mechanism to automatically adjust trigger prices when positions move in a favorable direction.

Overview of core functions

This updated tracking stop function allows the trigger price to automatically move as the profit of the position increases. Specifically:

• Long positions: tracks the highest point of the Mark Price after activation.
• Short positions: Track the lowest point of the marked price before activation.
• Trigger mechanism: When the price retracts from the optimal level to a distance or percentage set by the trader, the system will execute market orders.

Traders can choose to set an "activation price" to determine when tracking starts, or leave the field blank to track immediately starting at the current marked price. Once the pullback conditions are met, the order will be executed as a market order.

Detailed explanation of operating mechanism

Unlike fixed stop prices, Hyperliquid's tracking stop losses will dynamically adjust based on market trends. How it works is as follows:

1. Long tracking logic: For long positions, the tracking stop line follows the highest marker price reached after activation. If the marker price continues to rise, the trigger price will also rise. Orders will only be triggered when the market price falls back from the highest point by a predetermined distance or proportion by the trader.
2. 空头追踪逻辑：空头头寸的逻辑相反。触发价跟随激活后达到的最低标记价格，并在价格反弹幅度达到配置要求时执行。

在设置回撤阈值时，交易者可以在固定金额和百分比之间进行选择。此外，可选的“激活价格”功能允许用户延迟追踪，直到市场价格达到指定水平；若未设置激活价格，则当前标记价格即为追踪起点。

现有工具扩展与风险提示

这一新功能扩展了 Hyperliquid 现有的条件订单工具集。根据平台文档，Hyperliquid 现有的止盈和止损系统同样利用标记价格来确定条件订单的触发时机。

滑点说明：

• 现有的市价止盈/止损订单具有 10% 的滑点容忍度。
• 限价版本允许交易者指定限价，以控制潜在的滑点风险。

平台在支持文档中警告指出，由于订单是在标记价格触发后才针对可用流动性进行成交，因此触发价格与实际成交价格可能存在差异。

目前，该平台已支持市价单、限价单、止损市价单、止损限价单、接管市价单、接管限价单、缩放订单（Scale Orders）以及时间加权平均价格（TWAP）订单。其中，TWAP 系统将大单拆分为每 30 秒发送一次的小额交易，且每个子订单均受最大滑点设置的约束。

基础设施升级：HIP 3 的扩展

此次交易更新紧随 Hyperliquid 过去几个月对永续合约基础设施的多项变更之后。今年 9 月，Hyperliquid 推出了初步测试网升级，允许独立的 HIP 3 部署者使用链上白名单运营许可制永续合约市场。

• HIP 3 框架：允许外部团队利用 Hyperliquid 的基础设施部署和运营永续合约市场。该框架已被广泛用于扩展网络可用的资产类型和市场结构。
• 监管合规进展：Crypto.news 此前报道，Kraken 母公司 Payward 计划通过 Bitnomial 向符合条件的美国客户提供受监管的 Hyperliquid 永续合约，此举需获得监管批准。在该提议结构中，受 CFTC 监管的 Bitnomial 将负责部署、管理、清算和结算 HIP 3 合约；NinjaTrader Clearing 将承载客户账户，且仅限参与实体批准的用户访问。
• 其他路径：Hyperliquid Policy Center 和 trade[XYZ]Another regulatory path is being explored. In August, the two agencies asked the U.S. Commodity Futures Trading Commission (CFTC) to approve regulated energy sustainability contracts linked to commodities, including WTI crude oil, Brent crude oil and Port Henry natural gas. It is reported that trade[XYZ] has been operating the perpetual contract market on Hyperliquid since October 2025, with a cumulative transaction volume exceeding US$500 billion.

Trading activity and financial performance

Hyperliquid's derivatives business continues to maintain high trading volume with the launch of new products and integration features:

• Coinbase Integration: In August this year, Coinbase introduced more than 290 perpetual contract markets in its Base App through Hyperliquid. Eligible users can trade contracts linked to cryptocurrencies, stocks and commodities in their existing wallets, with a leverage ratio of up to 50 times. But at the time of the integration release, users in the United States, the United Kingdom and Canada were excluded.
• Revenue growth: CoinGecko data shows that as of September 15, Hyperliquid achieved revenue of $429.04 million between January 1 and September 15, accounting for 12.62% of the research firm's total revenue pool of $3.4 billion for crypto projects.

Token economy and HYPE performance:

平台的费用结构将部分交易收入导向其“援助基金”，用于在市场上购买 HYPE 代币。文档显示，符合条件的做市商可获得高达 -0.003% 的 Maker 返佣，而质押超过 50 万枚 HYPE 的账户可享受 40% 的交易费折扣。

伴随扩张进程，HYPE 代币价格接近历史高位。9 月 21 日的数据显示，HYPE 交易价格约为 94 美元，此前于 9 月 18 日创下 92.56 美元的历史新高。此次价格上涨恰逢 Hyperliquid 推出手动借贷功能，允许用户抵押 HYPE 或比特币借出 USDC 或 USDT。在该系统中，HYPE 的贷款价值比（LTV）为 65%，而比特币为 50%。