继续聊 SPCX 这件事，锐评一下不同的交易所 「 Binance / OKX：夯 Bybit / Bitget：NPC Hyperliquid：拉完了 」 先说最好的，Binance 和 OKX 都选择了 Rebase 也就是价格调整，仓位数量同步调整，尽量让用户持仓价值保持连续 当然，Rebase 细则也有差异 OKX 这次是按 125.2 亿股本进行调整，按照最新的 130.8 仍然给一部分多头造成了损失 不过 Binance 也干过类似的，之前 QNTX 事件里也没有 Rebase 但这次 SPCX 上，Binance 和 OKX 至少证明了自己有这个能力 这个处理方向是最正确的 股票类 TradFi 这次即使亏几个点也算一种博弈 但是 Rebase 的能力要有，要可以处理问题 只要平台具备 Rebase 能力，后面遇到拆股、股本调整、类别股转换，至少不用担心拆股直接爆仓 所以 Binance / OKX 这次给到夯 再说 Bybit 和 Bitget 它们选择的是 Delist 旧合约，然后后续重新上线新合约 这个处理方式本质上是认输 但这个方案也有明显问题。 我注意到 Bybit 的 SPCX 合约在下架前，实质上已经脱锚，理论上应该按照 118.7 完成结算 但是刚刚的清算价格实际上跌了 10%，常见的下架合约脱锚 Bitget 下架时我没有观察到完整盘面，不确定昨天有没有类似脱锚 至少算认栽了，作为 CEX 提升下技术水平，之后还是有 Rebase 的能力的 所以 Bybit / Bitget 这次给到 NPC 最后是 Hyperliquid 的 TradeXYZ TradeXYZ 选择的是不 Rebase，继续硬追 Class A 普通股价格 多头要承担本来应该由 Rebase 处理掉的价格断层，接近 10% 的额外折损 真正的雷还没爆，如果后面遇到一拆十呢？ 最大的问题还是 HIP-3 没有 Rebase 的能力，这才是我认为这件事很大的原因 SPCX 本身只是一个个案而已

意料之中，在 SPCX 上裸多的亏麻了 「TradeXYZ 正式发布公告确定将不进行 Rebase」 相较于最初公告的参考 118.7 亿股股本，后续实际股本调整到约 130.8 亿股，直接导致多头损失 10%，最初公告已在文档中删除 这次本身不是什么大问题 文档不够清晰，参考股本变化，TradeXYZ 不 Rebase，最后多头亏的钱，被提前理解规则的套利和空头赚走了 这仍然可以解释成一次特殊事件下的定价博弈，理解是和石油当时换月从而出现的资费套利差不多 但是暴露了一个很大的问题 Hyperliquid 生态的 TradeXYZ 底层不存在进行 Rebase 的能力 对于股票的 TradFI 来说很致命，运行时间还不长还没遇到过而已 因为股票存在股本调整、增发和拆股 其他的都好说，损失一部分钱而已，如果遇到一拆十的拆股呢？ 理论上股票价格会瞬间暴跌十倍 如果继续硬追单股价格，多头直接扛 90% 和归零也差不多了，大概率爆仓了 这件事还没发酵，但我认为事情挺大的 这件事影响的不是 SPCX 一个合约，而是 Hyperliquid TradFi 的信任基础 对于 Hyperliquid 上的 TradFi 交易量造成影响，进而 Fud hyperliquid:native 的币价支撑，这一波上涨很多也是 TradFI 的市梦率带来的

A note on the SPCX pre-IPO (IPOP) contract: TradeXYZ IPOP contracts are price-based perpetual contracts that track the market-implied expected price of one share of Class A or common stock. Neither share count nor market cap are an input to the market specification, oracle methodology, or conversion treatment. Our documentation had previously featured educational examples showing how a user might derive their own fair price in a scenario where they started with a view on both market cap and share count. Although these examples were included for context, we received feedback that they caused confusion, so we have removed them from the documentation. TradeXYZ does not use, publish, or rely on a share-count or market-cap denominator for SPCX or any other XYZ market. When SpaceX completes their IPO and sufficient external market data becomes available, SPCX is expected to transition to standard external oracle pricing, and the contract is expected to converge toward the public trading price.

Dear Community, - One month ago, PiggyBank got into a new position for $100k (~2% of the portfolio at the time), as part of the strategy’s scope of deploying into mid-cap basis trades. - The strategy involved purchasing locked $LAB tokens at a significant discount through a Tier-1 OTC desk and hedging that exposure through perpetual shorts. During the holding period, $LAB experienced violent manipulation, including chaotic price movements on thin liquidity, and deeply negative funding rates. - Maintaining the hedge became economically irrational and would have caused us to cross our risk thresholds. We therefore decided to close our short to cap the downside. - In accounting terms, the total value of our $LAB locked position is $1.35m at current prices. However, due to the illiquid nature of this position, Piggybank is excluding it from the NAV until the first unlock on August 14. Even though this is an evolving situation that could still generate substantial returns, this is the fairest and most transparent way to let users manage their liquidity. - Accordingly, today’s NAV will show a ~15% drawdown on the USDC vault, ~12% on SPYx and ~9% on JitoSOL. - A detailed report will be published next week with next steps.

长期炒币已经对我的大脑产生了不可逆的损伤 1.对于以前喜欢的游戏或者兴趣现在完全提不起任何兴趣 2.懒惰，对于任何有难度要求实现的事情都很难提起兴趣 3.必须要高强度的性癖色情影视才能够吸引注意力 4.情绪化非常严重，甚至躯体化 （以上纯真实经历，希望你没有）

买了点 BTW 恭喜老板 @shaneqiu 车上应该很干净 看看能不能复刻 STAR 了

The Holy Trinity is dead. Sadly due to the Orchard Pool exploit, I had to dump our entire $ZEC bag. - While I think it's extremely unlikely of any minting, it cannot be formally cryptographically proved impossible - The privacy from AI, govt, big tech narrative demands perfection not improbability - I read about the exploit yday, and didn't appreciate how it violated my narrative mental map. The 30% dump, made me rethink, and I had to take profit on the entire position - We will consistently re-evaluate our thinking and if my assumptions are proven incorrect, will rebuy, hopefully at lower prices. - Privacy is priceless and I have no issue eating humble pie and rebuying much higher. We still hold $WLD and are excited for Lord Elon to pump our bags.