安迪·穆克吉一位希望从第一性原理重塑金融的加密货币爱好者？这并不新鲜。区块链领域的许多人都希望削弱华尔街对财富创造的垄断。但当Hyperliquid Labs首席执行官杰夫·扬上周在新加坡就此话题发表演讲时，情况却有所不同。那天早上，《金融时报》发表了一篇文章，报道新加坡城邦正试图与这个新兴交易所及其最具革命性的产品——永续期货（或称永续合约）划清界限，该报将其描述为“加密货币中最危险的产品”。
A crypto bro seeking to reinvent finance from first principles? That is nothing new. Many in the blockchain world want to loosen Wall Street’s stranglehold on wealth creation. But when Hyperliquid Labs Chief Executive Jeff Yan spoke on that topic in Singapore last week, there was a catch. That morning, the had run an article on how the Asian city-state was trying to distance itself from the new-age bourse and its most revolutionary offering: perpetual futures, or perps, which the newspaper described as the “most dangerous product in crypto.”
永续合约是对股票、商品、利率、加密货币、预测……实际上任何有价格的事物进行高杠杆赌注。与标准期货不同，它们永不到期。也不涉及任何底层资产的所有权转移。交易者可以在几分钟内进出，也可以永远持有头寸。在像Hyperliquid这样的去中心化交易所上，没有经纪人或清算机构持有用户的资金。算法仅仅通过智能合约锁定抵押品，以确保亏损方自动向盈利方付款。资金耗尽者将被强制平仓。
Perps are highly leveraged gambles on equities, commodities, interest rates, crypto, predictions … practically anything with a price tag. Unlike standard futures, they never expire. Nor do they transfer ownership on any underlying asset. Traders can jump in and out in minutes or hold positions forever. On a decentralized exchange like Hyperliquid, there’s no broker or clearinghouse holding the user’s cash. An algorithm simply locks the collateral in smart contracts to ensure losers automatically pay winners. Those who run out of capital are liquidated.
我想象，Hyperliquid这种纯粹的技术无政府主义——据《金融时报》报道，它已将新加坡作为其据点——对这座城市构成了独特的挑战。六月份，新加坡金融管理局将该交易所列入“投资者警示”名单，列明这些公司可能被误认为受其监管，但实际上并未受监管。“我们不知Hyperliquid是否在任何主要司法管辖区受到监管，”新加坡金融管理局对《金融时报》说道。
I imagine that the sheer techno-anarchism of Hyperliquid, which has made Singapore its home according to the FT, presents a unique challenge to the city. In June, the Monetary Authority of Singapore added the bourse to the “investor alert” list of companies that may be perceived to be regulated by it when they aren’t really. “We are not aware that Hyperliquid is regulated in any major jurisdiction,” the MAS told the FT.
但又如何呢？任何能够访问1:1美元稳定币（如USDC）的本地投资者，都能在战争新闻爆发时——这常常得益于美国总统特朗普的言论——在周末下注原油价格，而传统商品交易所此时却仍然关闭。
But so what? Any local investor who has access to a 1:1 dollar stablecoin like USDC can bet on crude oil prices over weekends when war news breaks — often courtesy of US President Donald Trump’s pronouncements — while traditional commodity exchanges remain shut.
这里存在着张力。新加坡一度志在成为亚洲数字资产中心，但在2022年后收缩了战线。山姆·班克曼-弗里德的FTX帝国崩盘——国有投资公司淡马锡控股在此栽了大跟头——敲响了警钟。当局仍希望鼓励创新，但针对本地散户投资者的准入门槛大幅提高。加密货币广告被禁止出现在城市标志性的一级方程式夜赛中。
Therein lies the tension. Singapore once aimed to be Asia’s digital-asset hub, but scaled back after 2022. The collapse of Sam Bankman-Fried’s FTX empire — where state investor Temasek Holdings Pte took a bath — was a wake-up call. Authorities still wanted innovation, but the bar for touching local mom-and-pop investors went up. Crypto ads were banished from the city's marquee Formula One night race.
尽管如此，新加坡也无法置身未来之外。自1968年击败香港、在亚洲时区建立美元计价资产市场以来，该城市一直是“追逐阳光”传统交易模式的最大受益者之一。但区块链因其全天候不间断的特性，正威胁着终结这一优势。新加坡必须拥抱7×24小时市场，但引入严炜及其团队，也引发了关于与新加坡交易所有限公司（SGX）竞争的棘手问题。
Still, Singapore can’t afford to sit out the future. Since 1968, when it beat Hong Kong to set up a market for dollar-denominated assets during Asian hours, the city has been a big beneficiary of the “follow-the-sun” model of traditional trading. But the blockchain is threatening to end that advantage by being always awake. While Singapore must embrace 24/7 markets, hosting Yan and his team invites uncomfortable questions about competition for Singapore Exchange Ltd.
作为本地交易所，SGX去年为“合格、专业和机构投资者”推出了比特币和以太坊永续合约。（目前它希望向美国机构投资者提供这些工具。）然而，SGX的永续合约仅借用了其区块链同类产品的数学模型，将其包装在传统的美元结算合约之中。资金仍须通过标准银行账户流转。这吸引了寻求加密货币敞口、却又不愿与钱包可能被用于洗钱和规避制裁活动的交易对手打交道的全球机构。
SGX, the local exchange, launched its own perps on Bitcoin and Ethereum last year for “accredited, expert, and institutional investors.” (It now wants to offer these instruments to US institutional investors.) Yet SGX perps merely borrow the math of their blockchain cousins and wrap it around traditional dollar-settled contracts. Funds must still flow through standard bank accounts. That appeals to global institutions seeking crypto exposure without having to transact with counterparties whose wallets may have been used for money-laundering and sanctions-busting activities.
然而，对于散户投资者而言，像Hyperliquid这样的去中心化交易平台提供了传统交易所永远无法给予的东西：即时满足。无需身份验证和监管把关，Z世代交易者可以质押HYPE代币创建新交易对，并在传统投资者甚至还未见到招股说明书草案之前，就对Anthropic PBC的市场价值进行投机。这种不受约束的普惠化是金融的未来，还是法治缺失过去的回潮？
However, for retail investors, decentralized trading venues like Hyperliquid offer something traditional exchanges never will: instant gratification. Free from identity checks and regulatory gatekeepers, Gen Z traders can stake HYPE tokens to spin up new trading pairs and speculate on Anthropic PBC’s market value long before traditional investors have even seen a draft prospectus. Is such unbridled democratization the future of finance, or is this a return to a past riddled with lawlessness?
1819年，斯坦福·莱佛士登上这个仅有200人的渔村，意图在马来半岛建立一个法治的英国殖民地，却对当地遇到的斗鸡赌博感到恼火。随着新加坡发展，无管制赌博一度成为巨大祸患，直到1968年，总理李光耀将彩票纳入国家管控。“除非我死，”李光耀曾著名地警告澳门大亨何鸿燊，别想开设赌场。
Sir Stamford Raffles, who landed in the fishing village of 200 people in 1819, hoping to establish a rules-based British state on the Malayan peninsula, was annoyed by the cock fights he encountered. As Singapore grew, unregulated gambling became a major menace until 1968, when Prime Minister Lee Kuan Yew consolidated lotteries under state control. “Over my dead body,” Lee famously warned Macau tycoon Stanley Ho about opening a casino.
数十年后，新加坡勉强允许两家赌场作为综合度假村的一部分运营，以促进旅游业。其中一家——拥有标志性船形屋顶横跨三塔的滨海湾金沙——是严某上周的演讲舞台。站在严格监管的赌场综合体核心区，这位首席执行官推介他的无许可博彩引擎。他说，随着永续合约已成为加密货币交易中最火热的品种，他的下一个目标是提供期权。
Decades later, Singapore reluctantly permitted two casinos as part of integrated resorts to promote tourism. One of them — Marina Bay Sands, with its iconic ship-shaped roof straddling three towers — was Yan’s stage last week. Standing in the heart of a tightly regulated gambling complex, the CEO pitched his permissionless betting engine. With perpetual futures having already become the hottest thing in crypto trading, his next goal, he said, was to offer options.
棘手的部分在于：新加坡的“第三家赌场”——一家从未获准、也无法监管的赌场——有望持续壮大。这座城市保守的金融高官将难以对这些现代版斗鸡赌局保持任何控制力。
That’s the vexing part: Singapore’s third casino — one it never allowed and can’t regulate — promises to keep growing. The city’s conservative financial mandarins will be hard-pressed to keep any control on these modern-day cock fights.