持续拿到“大结果” 在 Web3，真正长期赚钱的人，不会把成功寄托在运气或单一项目上。 他们靠的是模型、流程、判断力，以及对赛道机会的敏感度。 这篇文章我会系统地拆解我在 Web3 如何挑项目、如何参与、如何扩大投入规模，以及怎样把 “参与空投” 做成一套可复用的赚钱系统。

今天推特飘气球啦🎈恍惚一下就27岁了 先感谢一下 Web2 Web3 生日收到了两个礼物：一个17pro📱，一辆Model Y 🚗 这一岁对我来说可能真的算转动了命运的齿轮⚙️ 一个月前收到了新手机，媳妇囧囧的和我说😅她以为苹果没有现货要排队等一个月，生怕错过了我的生日，所以早早就下单了，没想到一个礼拜就发货了📦 其实我没告诉她 她付款当天苹果就给我发了短信出卖了她的小惊喜 哈哈哈哈哈🤣 我那会儿以为这个手机就已经是全部了 提前收到了生日礼物也很是开心❤️ 没想到今天她突然让我下载特斯拉的app说特斯拉上新车了想看看，我没多想下载好APP -登录账号，上面赫然写着“交付预约2025年11月14日”⁉️ 说实话内心的激动不知道怎么表达，她前段时间总有意无意的让我看路上的特斯拉 问我什么颜色好看 我以为她是单纯的喜欢还总是和她侃侃而谈 心里还想着今年给她安排一辆 ，没想到被她捷足先登了！？ ⏩趁这个机会给大家分享一下我的26岁： ▪️2023年末我结婚了，同时进行的是买房，买车，装修，婚纱照旅拍，两边摆喜酒，度蜜月 ▪️上面的全部加在一起，几乎把我25岁之前的积蓄全掏空了，2024年我步入了这辈子最穷的一岁：26岁 过年的时候我和媳妇儿咬牙决定必须改变现状： 她接手外贸重新 选品创业 ，我直接 All in Web3 回头来看命运的齿轮大概就是从这个时候开始转动的 ▪️这一年里媳妇儿从新品开发跑市场开始，拿下了一个超难搞的大客户，成功接住了沃尔玛的订单，虽然真的很辛苦，但也扎实赚到了钱💸 ▪️这一年我几乎无休的泡在web3里找项目，大的吃到了牛顿和树莓 小的还有很多七七八八的项目。最重要的是推特粉丝从去年生日的 5494 到今天的 21819 🍾 年初的时候我们在讨论：怎么改变现状 年中的时候我们在讨论：今天忙这边，明天忙那边 年末的时候我们在讨论：今年到底谁赚的多？ 很短的一年很大的变化：Web2和Web3都难，但我和她都拿到了小结果🥳 ⏩新的一岁我给自己的目标是： 把媳妇儿骗到 Web3 来，想和她并肩作战，一起过上币安人生！（其实单纯是看她做外贸真的太累太累了😟） 为了这个目标，我的收入少说还得翻一倍 兄弟们一起加油吧，相信相信的力量💪 有目标就坚定的朝着目标走，未来一起走花路啊💕 PS:感谢我最最最最爱的媳妇儿❤ 🎁最后和大家分享喜悦： 我会在评论区抽20个宝贝，每人10U @cz_binance @heyibinance @elonmusk #生日快樂

最近币圈出金提现结束了，帮青云老哥转一下。 BP确实是个畜生交易所，前段时间法币提现，提交了资金证明后提了7.8也审核不通过，一直卡我； 后来我一直催，就通知我触发Edd了，要进一步提交材料；我把半年的交易所结单、提币记录、交易记录、银行和券商结单整理了20多个文件发过去，证明材料比几把毛都细，普华永道毕马威审我估计都觉得我没问题，BP硬是审核了1天终于挑了一个刺，说资金出入里外差了20刀；这20刀其实就是银行转账的手续费，总之一直找借口不让你提现。 期间在TG上找客服，也不搭理我。在TG频道里说他们提币有点慢，没任何过激的言行，还给我扣了一顶“捣乱”的帽子，把我踢了。我也赶紧私聊找管理骂了几句趁他还嘴把他拉黑了。 后边取消提币换Kraken了，提币很顺利，也挺快。 就是这次提币前前后后折腾太久，快有10天了，一直找理由不给你提币，前前后后卡了10天。准备买的股票期间涨了快10个点，少赚了好几十万，真的操他血妈了……那几天看着上涨的K线难受的我眼泪直流，涨一天哭一天，把床都哭湿了。我爸妈问我怎么了，我说因为一个畜生交易所，我的人生结束了，彻底凋零了。直到今天我还没从这场阴霾里走出来。 Backpack纯畜生交易所，Backpack TG频道有个管理也纯纯是个傻篮子。这种交易所远离就完事了，别给畜生贡献手续费了，这钱不如留着吃几顿小烧烤。 @Backpack @Backpack_CN

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不管行情多乱，Brevis 一直在干实事。 ZK 是未来的确定性，而 Brevis 是让数据「可信传递」的钥匙。 别问为什么支持，信念和方向早就写在链上了。🧠⚙️ #Brevis #ZKPower

别再问 Brevis 是不是ZK项目， 人家是「ZK行业的开发者基础设施」。 别人还在做幻灯片，Brevis 已经在做 SDK。😎

收到背包的邮件结果了，12.6倍杠杆，不赔付。 我还会继续争取。现在没有人提到快照时间的问题，但这是关键点。官方计算杠杆的快照时间严重不合理，导致杠杆计算结果与实际风险严重偏离。以我的情况举例说明👇 1. 我的账户初始资金约为 4 万美金，资产构成为 0.11 BTC 100 SOL USD； 2. 进行了 800 SOL 现货借贷，并在合约上做空 800 SOL，形成中性对冲仓位； 3. 2025-10-10 21:12 UTC（北京时间 2025-10-11 05:12）：合约空头在 SOL 价格 192 美元处按照预设止盈价自动平仓； 4. 当时账户保证金充足，完全足以维持现货借贷； 5. 2025-10-10 21:21 UTC（北京时间 05:21）：在未触发强平、也没有追加保证金的情况下，系统通过 ADL 机制强制卖出了我全部 SOL 现货仓位，造成超过 2 万美金的损失。 📌 杠杆快照时间存在严重问题 Backpack 在邮件中提到，杠杆计算基于以下两次账户快照： 2025-10-10 20:40 UTC 2025-10-11 06:10 UTC 但这两个时间点并不能真实反映我在 ADL 实际发生时的账户状况： 21:12 UTC 空头仓位已止盈； 21:21 UTC ADL 事件发生； 当时我的净敞口接近 0，风险极低； 保证金充足，完全没有触发清算或追加保证金； ADL 并非因高杠杆或资金不足引起，而是系统在极端行情下的自动行为。 因此，12.6 倍的杠杆计算结果并不符合我实际的风险状况。 我会继续争取： 1. 重新以 2025-10-10 21:21 UTC（ADL 发生时）的账户数据为基准，重新计算实际杠杆； 2. 按照背包已公布的赔偿政策，对符合低杠杆标准的基差交易账户，给予全额现金赔偿； 3. 要求背包公开杠杆计算的详细过程，包括快照时间点、保证金数额、名义仓位规模及相关参数。 ⚠️ 杠杆不应该按照清算实际发生的时机来计算吗？ @armaniferrante @Backpack @Backpack_CN @backpackbagel @CZ101010

1/12🧵 A complaint thread regarding: @BackpackExchange improper profiteering through a massive market liquidation event on Oct.10 (UTC). Subject: Formal Complaint – Market Manipulation, Malicious Liquidations & Regulatory Breaches by @BackpackExchange(backpack.app) 2/12 🧵 To: @SECGov|@CFTC|@FinCENnews|@FBI|@MAS_sg|@ESMAComms Also cc: @Backpack |@Backpack_CN|@armaniferrante Complainant: Chen Fang 🇨🇳 Email: wang1working@gmail.com Date: Oct.19 3/12 🧵 Summary This complaint concerns @Backpack, operated by @armaniferrante for its Oct.10 2025 (UTC)mass liquidations that allegedly wiped users—even neutral hedged positions—through manipulated internal pricing and defective risk controls. 4/12 🧵 Multiple users (notably @river_bluffer threads) document severe losses and non-transparent liquidation logic, suggesting market manipulation, operational negligence, and regulatory non-compliance. 5/12🧵 Key Allegations 1.The difference between the futures and spot prices of SOL was more than 30%. causing margin calls on positions neutral to the broader market. My lost up to –$32000 on hedged trades. → Possible SEC Rule 10b-5/CEA 6(c)(1) violations. jurisdiction claims.（附图OKX和BP期现价差对比） 6/12🧵 2.ADL & Risk-Control Failures ADL closed only derivative legs, leaving spot exposure. “Safe hedge” marketing misled users; insurance funds not applied. → Misrepresentation / fraudulent inducement. 7/12 🧵 3.Liquidity Shortfalls & Artificial Wicks Empty order books on BTC/SOL pairs; no market-maker backup or circuit-breaker. → Potential CEA 9(a) artificial-price creation. 8/12🧵 4.Refusal to Compensate & Opaque Fees Support tickets closed; “KFC promotion” mocked users. Liquidation fees raised 0.5% →1% without notice or refund. → Violates CFTC Reg. 1.55 / 17 CFR 166.3 (transparency & fair dealing). 9/12 🧵 5. CEO @armaniferrante promoted unified margin for efficient hedging (Jul 11, 2025), urging funds deposit. Poor risk controls led to neutral strategy liquidations. → SEC Rule 10b-5 violation. 10/12🧵 Evidence (available on request) •Public threads by @river_bluffer show price gaps and user losses. •Screenshots: liquidation times, margin ratios, TX hashes, support IDs. •Archived ToS (Oct 2025) lacks multi-venue index or circuit breaker clauses. 11/12 🧵 •@Backpack posts advertising EU/US availability contradict Requested Actions 1.Probe @Backpack's pricing & liquidation systems. 2.Check unregistered derivatives for US/EU/SG users. 3.Order restitution if violations found. 4.Coordinate with @MAS_sg & @ESMAComms. 12/12 🧵 Reporter Details Chen Fang | China | Email wang1working@gmail.com Willing to submit complete records and sworn statement upon request. Sincerely, Chen Fang October 19, 2025

@Backpack @Backpack_CN 今天的赔偿计划，完全就是骗局！ 赔付标准不透明 赔付用户少

扫尾盘：Polymarket 顶级交易员无回撤横扫2百万美金 市场在喧嚣中结束，赢家往往不是喊得最响的人。 在 Polymarket 上，一个代号为 AreWeNotEntertained 的交易员，用近乎完美的时间感，在别人收场时进场，在别人松懈时出手。 过去十个月，他以 98% 的胜率、$2,000,000 的净利润，横扫了整个预测市场的排行榜。 而他的武器，只有一个简单到残酷的策略：——扫尾盘。

在10.11事件里，backpack因为其交易所自己的指数价格远低于全网价格，导致用户被清算，至今没有任何补偿，甚至官推看用户亏完了连KFC都吃不起单独发了一篇空投文嘲讽用户。 我了解整体事件后，明显可以看出这就是交易所自身原因导致的用户亏损，交易所继续做鸵鸟把头埋在沙子里就可以永远看不到自己给用户的损失吗？

其实ADL根本不是核心问题，不合理的地方在于：Armani鼓励用户做中性策略，支持用户做所内套保策略。但灾难发生时，ADL机制强制接管了用户的合约对冲仓位，但没有同步清算现货仓位，导致原本的中性策略变成了裸空、裸多仓位。做市场撤出后，backpack以现货、合约价差高达7%，最高甚至20%的价格，去清算用户的资产。

这波舔币安的有很多，我讲句最公道的话. 这次因为币安自身理财产品usde，bnsol，wbeth的流动性事故，导致很多大户爆仓进而把山寨和btv，eth，sol都爆砸到更狠的位置. 本来很多散户不会爆仓或者被打止损的，但就是被波及到， 连锁反应爆了，几百亿的爆仓金额，多少万人的家庭. 他们不可能被赔偿，但谁能说币安在这里面没有责任，他们的资产永远回不来了，也没任何人会替他们说一句抱歉. 好话不能都说了，我也算是这场灾难的受害者，喷俩句没毛病吧.

大家好，我是一位在backpack上面做btc套期保值的用户（现货和期货空单同等仓位对冲）。 在2025.10.11 5：49（utc 8）backpack利用ADL自动减仓机制强行以114030.52价格平了我的3.5个BTC期货空单。随后该平台以平台自身BTC现货流动性枯竭后的价格（5：49 币安、ok、 hyperliquid 上BTC现货价格=111904~113500，backpack BTC现货价格=106530~104033），低于市场价7000美元左右的价格计算我账户内BTC作为抵押品的价值，造成我仓位遭到不合理清算，造成我亏损14130美元。在向backpack官方反馈无果后，一直回避该问题，无奈发到这里，以此揭露backpack不合理的清算机制和backpack对本次和我一样众多套期保值者遭受无辜损失的漠视。 我个人账户在被清算时账户基本情况：现货：btc 3.5个，usdt 40808。负债 373681usd。 结合backpack现货抵押率和维持保证金MMR计算方法，我以清算时btc全网公允价格（111904~113500）的最小值111904作为BTC当时价格，去还原真实MMR，得出我无辜被清算的事实，计算结果如下： 欢迎backpack任何官方人员找我复核以上任意数值~ 当一个交易所用他自己平台内能肆意操控的现货价格去定价用户的抵押资产，等同于拿到了一把掠夺用户资产的钥匙，无论这把钥匙使不使用，钥匙一直在他手里。 借用backpack CEO Armani所说的：backpack是中立的。当backpack用自己交易所内不公平的现货价格去计算用户抵押品资产价值，那backpack离中立越来越远。@armaniferrante @MadLads @Backpack @Backpack_CN

1：创始人提供的游戏规则，鼓励中性策略参与耕种，出事后撇清关系。 2：合约指数价格按照全网均价，借贷指数价格不但按照本所内，还和全网均价差距巨大。这是导致我们清算的根源，根源是你在这种考验交易所的时候单机。Sol单所K线去到240？ 3.：同样的情况币安全额赔付，lighter赔付部分稳定币以及大量积分。你赔200 KFC，这事不行的。 @Backpack @Backpack_CN @armaniferrante 今天不喷人，好好辩一辩

BACKPACK - FRIDAY CRASH Without any maximalism , let’s be honest here: There was indeed a serious issue with Backpack’s liquidation engine that caused severe losses to me and other users ( hopefully temporarily ) , and I’d like to properly address this case. TLDR: I was running a delta-neutral strategy on HYPE when Backpack suddenly closed all my positions, and my portfolio went from 40K to 96K USD ( profit ) probably due to the price gap between PERP and SPOT. 1–2 hours later, my balance crashed to 11K USD. During that time, I couldn’t execute any trades everything was at the mercy of Backpack’s liquidity engine. My SPOT position simply disappeared after my delta-neutral setup had been settled. _________________________________________________ First of all, I want to say that I consider myself an ambassador of the @Backpack brand and that I genuinely admire @armaniferrante , his dev team, and the entire Backpack staff who, during this incident (as in previous ones), stood by the community, listening and trying to solve everyone’s problems. I truly hope the same will happen in my case. As a product, I’ve never seen anything like Backpack in terms of what it delivers to users especially regarding capital efficiency. It’s completely different from any CEX or DEX I’ve tested over the years. But we got issues here... _____________________________________________________ Here is what happened : During Friday’s crash, I had approximately $40,000 USD in collateral/margin, distributed as follows: 0.25 BTC 46 SOL $1,500 net positive (accumulated HYPE funding rate gains, shown below) In addition, I was holding a delta-neutral position structured as: 1750 HYPE SPOT (≈ $80,000) 1750 HYPE SHORT PERP (≈ $80,000) Again : *** This represented around 1% of the total HYPE open interest on Backpack, which had around $8M in total OI : So yes, it was a fairly relevant position *** During the crash, I saw my total balance increase (positive PnL) and my MMR decrease (getting “greener,” from 20% down to around 7%) even as the market was dropping. That’s because my short position (the most liquid side) was skyrocketing in value ; it grew larger than my entire collateral and far above my spot position in HYPE , since there was roughly a 20% price discrepancy between PERP and SPOT markets. -> HYPE PERP price dropped to 21 -> HYPE SPOT price dropped to 24.4 At that moment, my portfolio was somehow actually profiting from the market crash due to this arbitrage spread. However, during that time I was unable to perform any actions on the exchange. I couldn’t buy/sell SPOT or PERP, nor adjust any positions. Every attempt resulted in an error. Still, I remained relatively calm, because my short (the most liquid position) was offsetting my USD borrow with a healthy surplus, and my MMR kept improving (greener), and also my HYPE spot price was above HYPE perp price. To my surprise, a few minutes later my positions were closed automatically and a settlement occurred with PROFIT ; -> leaving me with around $30,000 in realized profit, as shown in both the attached screenshot and Backpack’s on-chain history. Here’s what happened: > My short and borrow were automatically closed > My 46 SOL and $1,500 USD were liquidated > Half of my HYPE spot position was sold, leaving me with: > 0.25 BTC (untouched from the start) > ≈ 900 HYPE This brought my wallet from $40K to around $70K USD, adding roughly $35K in profit from what appeared to be the arbitrage between PERP and SPOT HYPE. At that point, I was confused but not worried, since I was seeing my account value go up despite all the chaos. *** All of this happened automatically under Backpack’s liquidation engine *** Everything is recorded in Backpack’s trade history and in the attached screenshot. Then, 1–2 hours later ( after everything was settled ) , to my total despair, I saw all 900 HYPE disappear from my spot balance , along with 0.15 BTC, leaving me with just 0.1 BTC (~$11K USD) that is what has left for my entire bag atm. That means over $30K USD in losses compared with my initial BAG ( before crash ), not even counting the supposed profit I had from the PERP/SPOT arbitrage during the crash settled by Backpacks engine itself. I’m honestly devastated and still in shock. Not only because I (hopefully temporarily) lost a significant portion of my capital , years of work and effort , but also because this happened on the protocol I use and endorse the most in all of crypto. Everyone who follows me knows I’m truly “skin in the game” , my money is where my mouth is. I’ve made several threads here on X and YouTube videos showing how to operate FR strategies and how efficient Backpack was compared to every other DEX/CEX/PERP product out there. I’ve already sent an email and filled out the form as instructed by the Backpack team, and I sincerely hope this can be resolved. My intention here is not to cause FUD , but quite the opposite. I’m still using Backpack and rooting for the team to overcome this issue and come out stronger, as they have in past incidents. However, I can’t ignore this serious problem that has affected me and many other users and its impossible to remain quiet seeing all this misinformations coming to X regarding BP from both sides ( FUDers real Believers ). I really hope that everything ends up well for all sides. Im tired, boss...

感谢币安 @binancezh @binance 对usde循环贷爆仓用户的赔偿 格局太大了 难怪很多巨鲸只相信币安，愿意把大资金放在里面

我在backpack Delta Neutral 爆倉了，因為現貨和合約價差60% 比特幣以太坊現貨和合約價差20%，但$hype 價差卻是60%。表面是做Delta Neutral ,而且 @Backpack 不同的是他的合約uPnl 也可以成為保證金，本以為1.5-1.8x槓桿 , MMR <25安全。 可惜是根本就沒有流動性，例如昨天早上九點，我在賣出我的sui, bad ask 1-5 加起來只有10個sui 掛單，你叫我如何賣？ 然後創始人便說： 我們是一個中立的交易所。。。 難道他在上線hype 可以作為抵押品的時候沒有做個風險評估嗎？ 我從來都不開合約，一直都是套利，沒有想過我就是那個利。 流動性不足，價差問題都不是你的問題，問題是我不應該在這裏交易