# 大模型交易智能体六个月生产环境实测：两套系统、750万次模型调用记录

- 来源：HuggingFace Daily Papers（社区热门论文）
- 发布时间：2026-09-04 08:00
- AIHOT 分数：63
- AIHOT 链接：https://aihot.news/items/cmttkjrop0cb9rofp4uu8dl7l
- 原文链接：https://arxiv.org/abs/2609.05663

## AI 摘要

论文记录了两套同源系统中共 750 万次单模型调用、约 30 万次链上操作的自主交易智能体生产环境测量，覆盖 21 天 Base memecoin 市场（DX Terminal Pro，3,505 个用户金库）和 Hyperliquid 永续合约（DXAP，500 至 599 个智能体）。

## 正文

We present a continuous, population-scale measurement record of autonomous language-model trading agents operating in production across two systems with one design lineage: DX Terminal Pro (3,505 user-funded vaults trading real ETH in Base memecoin markets for 21 days, February to March 2026) and the DXAP live alpha fleet (500 to 599 user-created agents all-history, 91 to 117 concurrently active, trading Hyperliquid perpetuals, June to August 2026). The record spans roughly six months, 7.5M single-model invocations with about 300K onchain actions, and a further 231,638 multi-tool turns producing 14,596 fills. Four findings carry the paper. First, the operating layer determines behavior more than anything written in strategy text: a risk slider explains leverage (+0.425 per level), agent fixed effects absorb 60% of variance, and a leaderboard render boundary causally routes selection (regression discontinuity 1.75x at the top-3 cut). Second, sizing is volatility-blind: median leverage is 5.0x in every volatility sextile, and one posture-slider cell (11% of the book) holds 62% of liquidations. Third, agents capture almost none of the upside they reach: 43.2% of positions saw at least +300 bps of favorable excursion within 24h, yet 49.3% of those closed with a negative trade return; a mechanical bracket recovers +39.0 bps per position. Fourth, neither fleet shows a directional edge. The DXAP fleet is not profitable and trails a matched Hyperliquid retail benchmark (41% vs. 50% roundtrip win rate). A paired-replay league of frontier models on 416 captured production scenarios finds decision quality statistically indistinguishable at this horizon, while choice stability differs sharply across model families. Every headline survives day-clustered inference, permutation nulls, and a common-fee restatement; the paper closes with a 17-rule methodology canon bought with our own retractions.