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4min chapter
Jeff Yan - High Frequency Crypto Market Making & the Hyperliquid Exchange (S6E2)
Flirting with Models
Hyper Liquid: The Future of Decentralized Exchanges
The order book model that you're adopting for hyper liquid is inherently better than this. The tier structure that current decentralized exchanges operate on a feature thing is interesting. If you look at the AMMs, they're slowly trying to progress towards being an order book. It's like reinventing the wheel. Maybe there'll be some innovations along the way. Fundamentally, the liquidity pool model, it's both ingenious and scam.
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