Trasia：去中心化交易所能把每個地址的下單攤開

0:00去中心化交易所能做、中心化做不到的事

0:00謝謝大家早上過來。我是 Mable Jiang，Trasia 共同創辦人。我們在做 Hyperliquid 的前端，也在 Hyperliquid 上做自己的 HIP-3 協議。今天只講一件事：Trasia 怎麼定義永續合約交易的範式。好幾年來，很多人問的是：永續合約去中心化交易所，或去中心化交易所整體，使用經驗要怎麼做得比較像中心化交易所。Thanks for being here in the morning. So my name is Mable Jiang. I'm the co-founder of Trasia. We're building a Hyperliquid front end, as well as our own HIP-3 protocol on top of Hyperliquid. Today, I would like to just talk about one thing, which is how Trasia is defining the perp trading paradigm. So I think for years, a lot of people were asking about, like, how you can make the UI/UX and generally the experiences for perp DEX, or just in general DEX, to be more similar to how centralized exchanges operate.

0:46有人會說自行保管錢包很難用，一路講到法幣入金等等。在 Hyperliquid 上，你甚至還得自己在權益、一般加密貨幣永續合約和現貨之間搬來搬去。但我覺得今天該問、也正好該問的是：永續合約去中心化交易所能做什麼、中心化交易所做不到。我認為這是第一次，去中心化交易所上的交易，能給你中心化交易所給不了的洞察。People would talk about, like, how non-custodial wallet is, like, so hard to operate, and all the way to, like, maybe on-ramp fiat and so on and so forth. And, you know, to the extent that, like, you know, people would have to figure out, for example, in Hyperliquid, like, you have to move around equity versus, like, the normal crypto perps, as well as, like, spot. But— I think today we should, and it is the right time to ask about what can a perp DEX do that a centralized exchange cannot do. So I think for the first time in history, we are at the cornerstone of, like, where trading on decentralized exchanges, you can have the insights that the centralized exchanges cannot give you.

1:34同時條件也夠了：有 Privy，也有統一帳戶，可以把去中心化交易所上的許多帳戶抽象掉，過去那些卡點你幾乎感覺不到。今天就講這一點。我們怎麼用 Trasia 讓你走到那裡。先介紹最新功能 Scout Mode。它會改人怎麼交易。第一件，因為我們從 Hyperliquid 起步，所以讓你去查看每一個地址。And at the same time, we're also ready because, like, we have things like Privy and then things like unified account that allows you to abstract a lot of these accounts on top of a DEX, so you do not really feel any of the struggle that people would have felt in the past. So I think this is what I'm going to talk about today, just on this one point. How we could use Trasia to help you get there. So I would like to introduce our latest feature called Scout Mode. It is going to be a paradigm shift in how people trade. I think number one thing, because we start with Hyperliquid, so we would allow you to scout every single address.

2:21Scout Mode：看 Hyperliquid 上每個地址

2:21在 Hyperliquid 上。這是線上產品截圖，很簡單。進 scout 清單，可以看到聰明錢，或帶着論點、在次級市場活躍的交易員。名字和標籤我們都標好了，連着他們的成交。這很像過去五年大家在講的鏈上憑證；現在有了活躍交易紀錄，就做得到。你也可以篩每日虧最多、賺最多，以及股票和加密貨幣的排行。On Hyperliquid. So this is, like, our live product screenshot. It's very simple. If you go into our scout list, you could find all the addresses who are either smart money, or maybe they're, like, some, you know, thesis-driven secondary active traders. And then, like, we actually already did all the names and the tags that, you know, with their trades. It's almost like what people were always talking about with on-chain credentials, you know, in the past five years or so. But now today, with people's active trading history, you could get there. As you can see, like, we would allow you to, like, kind of just screen through all the, you know, top daily, like, biggest loss and then earnings, as well as, like, the stocks and crypto top rankers, right?

3:09假設我們點進第一名 Paul Wei。他是知名的比特幣交易員，在 Hyperliquid 上有完整的比特幣交易紀錄，也一直公開講自己的思路。有了 Scout Mode，你可以看到他腦子裡在想什麼，等一下會講。Scout Mode 的第二塊是：你可以看到這個人做過的每一個部位，幾乎像在操作他的帳戶。這也是線上產品截圖。So. Maybe, like, let's say we are going through the number one person, Paul Wei. He's a legendary Bitcoin trader who had all his, like, past history of Bitcoin trading on Hyperliquid, and he's been very, very public about it and broadcasting his thought process. But with Scout Mode, like, what you could do is actually you could get to see, like, whatever, like, in their mind, and I'll talk about that in a minute. But I think the second part about Scout Mode is that you get to see every single position that one has been trading, almost like you are operating through their account. So this is the live, like, again, this is a live screenshot of our Scout Mode product.

3:55這是我剛展示的其中一位聰明錢，股票和加密貨幣都做。這裡看得到他現在的全部部位，以及帳戶裡的權益、損益。歷史成交也能看，幾乎像在管自己的投資組合，只是你在管的是他的。過去每一個動作也看得到。我說這是第一次，是因為這些資料都在 Hyperliquid 一層鏈上，差別只在你怎麼視覺化。頂部可以切換部位和所有清算點、停利停損，以及過去和現在還掛着的限價單；綠色條是部位大小，也能看損益隨時間怎麼走。And then this is one of the traders that I was showing, the smart money, who are trading both equities and crypto. And then here you'll see all the positions that he had live, and also his, you know, equity and P&L and everything within his account. And of course, you can see the historical trades or whatnot, so that almost like you're managing your own portfolio as if you were him. And you can also see, like, every single action in their past trade. Like I said, for the first time, because all of these data are on Hyperliquid L1 on-chain, it's just a matter how you visualize it. So we were able to show that to people using, if you look at the top bar, like, you can toggle position and all liquidation points, the take profit, stop loss, and all the limit orders from the past and the current limit orders that are live, as well as, you know, things like position size, which you will see on the green bar, and also the P&L over time.

5:02把交易思路攤成一張圖

5:02這讓你能研究最好的交易員動手時在想什麼。我用的是 Paul Wei 先前的比特幣交易紀錄。這張圖值得多停一下。下方兩層是他隨時間堆起來的部位，以及損益怎麼走。更重要的是圖上的綠泡泡和紅泡泡：買點和賣點。有些帶大拇指，有些帶閃電，那是不同類型的單。So what does that enable? It allows you to study the best traders' thought process as they start doing stuff. So I'm using Paul Wei's Bitcoin trading history that he had before. I would like to maybe linger a little bit more on this one because it is a very, very interesting chart. So as you can see on the bottom, the two layers, it is the position that they build over time. It's also the P&L that they had over time. But more importantly, you can see on the chart you have the green bubbles and the red bubbles that show the person's, all the buying and selling points. So you might have seen some of them are with a thumbs-up and some of them are with lightning. Those are also different types of orders.

5:49大拇指代表有人被清算，你用比較好的價格吃到那筆單。閃電代表你是主動吃單的那一方。還有一件我沒看過別人做過的：限價單怎麼畫。你看得到虛線，也看得到拉很長的實線。實線是過去已成交的限價單，代表這個人下單很有紀律，而且成交了。虛線是他排好的限價單，但沒成交。The thumbs-up means, like, someone got liquidated and you got to get that order filled at a good price. And then the lightning means that you were an active order taker, that you were trying to get there. Plus, I think another really interesting feature that I've never seen anyone have done in the past is the limit order, how we show it. So as you can see, like, there are dashes. There were also these, like, long filled lines. What are they? The long filled lines are the filled limit orders in the past. So it means, like, this person has a very disciplined way of putting all the orders, and they got filled. And what the dashes are are the ones that he tried to have those limit orders lined up, but they did not get filled.

6:38這張圖給你的是交易員的思路圖：他一段時間裡想怎麼交易、怎麼執行，一張圖就看完。這些資料今天在永續合約去中心化交易所上都有，差在你怎麼呈現。另一件也重要：不只是怎麼呈現資料，而是你能拿它做什麼。勝率我們避不開。稍早是另一種投資組合視角；這一個可以看到這個人過去每個交易對的表現。So what do you get from this chart? It's basically a very, very clear mind map of a trader, how he thought over time on how he wants to trade and execute and everything, just through one chart. Again, all of this data is available today with perp DEXes. It's just a matter of, like, how you present it. And... It's also quite important if we are going to talk about not just how you show the data, right, like, what you can do with it. So we cannot avoid showing everybody's win rate. So here, like I said earlier, I showed the other portfolio view, and then this one is, like, another portfolio view where you can see all the performance of someone's past trading pairs.

7:26依交易對找專家，比賽變成電競

7:26你若在找可以跟的聰明錢，也許先看他過去幾個月整體最好的幾筆，再看哪一個交易對勝率最高，而且是即時的。更有意思的是：以前做跟單，你不太看得到每個人到底在交易什麼。這裡有部位級、交易對級的資料，你可以找到每一對的專家。假設你今天想做 Micron，想看還有誰在場，他們怎麼想、部位在哪。So if you are someone who is looking for some smart money to follow, maybe the first thing you look at is, like, you know, the best trades that he has done overall, like, in the past few months or so, and then see, like, which one he has the best win rate, and you can see it live. And one more exciting stuff is that in the past, like, when you do copy trades and whatnot, you don't really get to see what exactly everybody's trading. But here, we could have position- and pair-level data, and then you can find the experts in every pair. So let's say today you're trying to trade Micron. You want to see, like, who else is there, and then what are their thoughts? What's their position?

8:14你登入後點 Position Insight，就能看到現在還有誰在做 Micron，就是這一張。Scout Mode 到底打開了什麼？整場簡報的問題是：永續合約去中心化交易所能做什麼、中心化交易所做不到。第一，我們在跑即時交易比賽。你們大概看過 X 上很紅的那檔 Solana 比賽。我們其實跟一位社群成員跑過幾次，他們有很大的社群群組。100 人參加，每人 100 美元。表上看到的，甚至還不是線上產品。And what you would do is, like, you would log in and then click Position Insight, and then you can see whoever else that currently is trading Micron, which is exactly this one. So what does this Scout Mode uniquely enable us? Like I said, the question of this whole presentation is about what perp DEX can do that centralized exchange cannot. First off, it's like we've been running some live trading competitions. I'm sure you guys have seen the Solana one that's, like, very viral on X. We've actually been running this for a few times with one of our community members. They have, like, large community group. So what they did is that we have 100 people participating. Each person has $100, and then here, as shown on the table, this is, like, even not a live product.

9:03其實是用 Codex 做出來的。但排行榜上，每個參賽者的每一步都看得到。你若想知道「第一名怎麼賺這麼多」，點名字就會跳出我剛展示的 Scout Mode：過去幾天每天怎麼做、投資組合、交易了什麼、勝率如何。你也可以仔細看這個人一段時間做了什麼，這些都會有。It's actually Codex vibe-coded. But as you can see, this is actually something, the ranking board, that you can see every single move of every person participating in the competition. And if you, like, you know, wonder, like, "Oh, how did this person who's ranking number one make that much money?" Right? What exactly he did. You can click the name, and then it will pop up to the Scout Mode that I just showed you guys, that, you know, in the past few days, like every day, how he did, you know, the portfolio, like what he trades, like what were the win rate and whatnot. And like I said, you might want to study closely, like what this person has done, you know, over time, and then you could have this, and you also will be able to have.

9:48Scout Mode 會攤給大家看。這跟過去中心化交易所的交易比賽完全不同。以前大概只能在比賽結束時看到損益。現在每件事都能呈現。可以有每日優勝，也可以做成很即時的比賽，像電競。因為有 Scout Mode，我們才能把交易做成給人看的電競。但更重要的是：跟單的方式可以完全不一樣。The Scout Mode that's visualized to people. So this is, like, absolutely very, very different from all the trading competitions that you would have seen in the past with any centralized exchanges. In the past, you could probably only tell, like, at the end of the game, like, what's the P&L. But now, because we could have everything, everything presented. You could have daily winner. You also could do it in a very live-trading manner. That's like an esport. So, like I said, because of the Scout Mode, we could present something trading as esports to people. But I think what's more, more, more important is that we could enable completely different ways of copy trading.

10:36跟單可以只跟一個部位

10:36甚至公開基金的認購和操作。拆開講。左邊是交易對級、部位級的跟單。還是回到那筆 Micron。你看中某個人，看過他過去的限價單、怎麼擺部位。你覺得他總是買在對的點，停利也做得好。現在這個人其實還套着。你會怎麼做？你大概會跟他的部位，但用現價，因為你的價格比他好。你可以複製這個部位，做得比他好。但整體上你仍喜歡他的想法。And even public fund subscription and operation. Let me unpack that. So on the left, we have pair- and position-level copy trading. What does that mean? Assuming that we were still on that Micron trade, and then you're looking at someone who you like. You looked at all the past limit orders, how he positioned and everything. And you think that he always buys at the right point, and then he would take profit very well. And right now, you've seen that this guy actually is underwater. So what would you do? You would probably copy his position, but at the current price, because you have a better price than this person. And then you can copy this exact position to do better than he does. But then overall, you like his idea, so.

11:23這讓跟單可以拆得很細。同樣地，另一個人過去單很多，但你只覺得他 Micron、Intel 那些做得好，那就只挑你喜歡的交易對，其他不用跟。這件事成立，是因為資料都整理好、都在鏈上，而且可以核對。另一塊我覺得被講得不夠的是：Hyperliquid 有金庫功能，但現在只有 Hyperliquid Core，只能做 Hyperliquid 的加密資產。This allows you to give very, very granular kind of copy trading. Similarly, I think you've seen, like, another person who has many, many trades in the past, but then, like, overall, you only think that they're very good at the Micron, Intel, whatever. And then you could only pick the pairs that are the ones that you like, and you do not have to follow any of the other ones. That you don't like. Again, this is only available because you have all the data sorted and being on-chain, and you can verify. Another interesting aspect that I think is very, very undersold and undersold is on Hyperliquid, you have this vault feature. But right now it's only Hyperliquid Core, like you could only do the Hyperliquid crypto asset.

12:12實際上我們會提供 Trasia 的金庫，加密貨幣和 HIP-3 資產都能放，HIP-3 主要是指數這類 RWA。別人可以把錢放進去，讓其他人認購。又因為有 Scout Mode，你看得到這檔公開基金在做什麼。認購的好處是：你可以研究這個人的淨值是怎麼走到這一步，再決定要認購哪一檔。不是像中心化交易所那樣，只看這個人的損益，以及他過去做過什麼。But reality is, like, we will offer a Trasia-enabled vault where you can have both crypto and HIP-3 assets, which primarily are indices like RWA and so on and so forth. And then people could put money and allow other people to subscribe. But again, because, like, we have Scout Mode where, like, you can see what this, you know, public fund is doing and whatnot. There are a lot of benefits for people to subscribe because, like, they can actually study, "Oh, how did this person get to this level of, like, you know, NAV and everything?" And I can smartly decide, like, which one I'm going to subscribe to. Not just, like, on centralized exchange where you look at this person's P&L and all you can see, like, what has he done in the past.

12:59那是事後看，不是往前看。收斂成一句：在中心化交易所，你其實是盲着交易。在 Trasia，每個交易員都翻得開。差在你怎麼讀、怎麼用這些資料做選擇。重點從來不是盲目去學某個財富故事。你看得到這個人把錢押在自己講的位置上，也可以一邊走、一邊研究他的部位。今天起可以試試 Scout Mode，試着帶資訊交易。網站是 beta.trasia.xyz。謝謝。From before, not from a forward-looking perspective. So I think, in a nutshell, I would like to wrap up as: on a centralized exchange, you really trade blind. But on Trasia, every trader is an open book. It's just a matter of how you read it and how you use the data to make smart choices. And I think that is the most important thing here. It's never about, like, blindly trying to just learn from someone who created a wealth story. You actually see the person put their money where their mouth is, and you could actually, you know, study that person's smart position and do it as you go. So I would like to wrap it up as maybe everybody can try the Scout Mode from today and try to trade in the know. The website is— beta.trasia.xyz. Thank you very much.