#加密衍生品交易 Looking back on the derivatives trading market back then, it always makes people feel a lot of emotion. Now seeing that Hyperliquid has enabled a cross-margin automatic deleveraging clearing system reminds me of the ups and downs of the past.

This ADL system, to put it bluntly, is designed to deal with risk management in extreme market situations. In our time, chain defaults often occur when market volatility is high, causing the entire ecosystem to collapse. Now that there is such a mechanism, systemic risks can be avoided at least to some extent.

However, high-leverage traders should be careful. While Hyperliquid emphasizes that ADL will only be triggered in exceptional circumstances, once triggered, positions with high leverage and high unrealized returns may be forcibly reduced. This reminds me of the big drop in 2017, how many people liquidated their positions due to excessive leverage. History is always repeating, but in a different way.

In the long run, the introduction of this risk management mechanism is good for the entire market. It maintains the integrity of the market and prevents chain reactions triggered by a single event. But for individual investors, this is undoubtedly a warning: in this rapidly changing market, never lose sight of the importance of risk management.

Looking back on the past and looking forward to the future, the crypto derivatives market is gradually improving its risk control system. We, the older generation, have seen too many ups and downs, and we hope that the new generation of traders will learn from history and move forward steadily in this increasingly mature market.