# Hyperliquid liquidated — X 热门讨论 (2026-09-24 03:34 UTC)
## @kai_xbt (Kai) · 09-23 23:53 · ♥86 ↻5 💬5 Top 100 Hyperliquid PNL trader explains why every perps trader should be using options and doesn't know it
"I think people really need to define their theses a little bit better, and options really are just another tool in the toolkit. If your thesis is Zcash is going to $20,000 and you have some catalyst for it, a perps long is actually not that great a way of expressing that. Doing deep out of the money Zcash calls where you're buying $2,500, $3,000 strikes is way better because you can get massive leverage that you could never sustain on perps. If you tried to get that same exposure through a perp, you'd get liquidated on a 1% move."
"It just lets you sit in crazy upside easier. There are tons of people who got liquidated during the Zcash minting event. If they had a perps long they were directionally right that Zcash was going to moon, but they got liquidated, it doesn't matter, they have no more money. But if they had Zcash calls for the end of the year, they didn't even notice it, it was irrelevant, because it rebounded so quickly." https://x.com/kai_xbt/status/2102909321160065319