Риски слэшинга в Hyperliquid: эксперт предостерегает о чрезмерных потерях на новых рынках Translation: Headline: Risks of slashing in Hyperliquid: expert warns of excessive losses in new markets

User markets on Hyperliquid face inherent scalability limitations and carry excessive risks. This conclusion was reached by a DeFi analyst known as Jordi.

As part of the HIP-3 update, the platform has enabled users to launch synthetic markets for perpetual contracts. To do so, they must stake 500,000 HYPE. All trading fees are distributed among participants.

In this way, Hyperliquid has introduced a new layer — Exchange-as-a-Service. In this model, numerous independent operators compete for traders while utilizing a shared infrastructure, as noted by experts from ether.fi.

At the time of writing, the platform had four segments operating: xyz (trade.xyz protocol), flx (Felix Protocol), vnti (Ventuals), and hyna (HyENA). They focus on tokenized shares of technology companies, stock indices, experimental assets, and cryptocurrencies with leverage up to 25x.

According to Jordi, delegating HYPE to third-party developers for creating liquid staking tokens (LST) involves not only potential income but also significant risks, such as capital lock-up, penalty risks, and conflicts of interest.

The core issue with synthetic markets on Hyperliquid lies in the return mathematics. Native HYPE staking yields approximately 2.2% annually, whereas complex leveraged strategies provide double-digit returns.

To remain competitive, new LSTs on HIP-3 need to offer returns around 20-30% APY. However, ensuring such payouts requires an «astronomical» trading volume. As the price of HYPE rises, the required turnover increases exponentially.

«We are demanding from small delegators volumes comparable to those of centralized exchanges to justify retail premiums. Without a complete overhaul of the fee distribution or risk models, many of these HIP-3 projects will face FUD or simply shut down,» emphasized Jordi.

The total trading volume on custom markets under HIP-3 has surpassed $11.69 billion. In the last 24 hours, the volume was $153.5 million, peaking at $525.9 million.

The majority belongs to tokenized indices (68.3%), followed by shares (25.8%).

As of the time of writing, the share of the «synthetic» segment in the overall turnover of Hyperliquid stands at 4.4%.

The total volume of generated fees has exceeded $1.7 million, while open interest amounts to $256.9 million.

Recall that in December, the Hyper Foundation proposed burning HYPE tokens worth $1 billion.