Post

Link to the paper: arxiv.org/pdf/2606.15715

@Henrik_on_HL soon variational

The paper’s main conclusion: - Hyperliquid’s native TWAP orders perform surprisingly well. Publicly visible TWAPs have systematically lower temporary market impact than comparable hidden large orders. - Even though everyone can see the TWAP being executed, traders don’t seem to get heavily front-run. - Instead, market makers actually provide more liquidity when they see the predictable TWAP flow coming. - Visible TWAP flow also appears less informed / less adversely selected, which helps reduce execution costs. - Most importantly, Hyperliquid provides something traditional markets rarely can: fully transparent trading data, where researchers can directly observe execution and liquidity behavior rather than trying to infer it afterward.

@Henrik_on_HL From degen playground to peer-reviewed.

@Henrik_on_HL To all asset management funds moving to it eventually

@Henrik_on_HL Are we really surprised?

@Henrik_on_HL @jeffreywiill Hyperliquid

@Henrik_on_HL academic papers on hl orderbook data go hard ngl, the onchain depth is unmatched for this type of work

@Henrik_on_HL This is true market influence

@Henrik_on_HL 从加密实验走到能被研究者用来观察市场冲击、执行和流动性，这个转变确实很有意思。完全链上订单簿的价值开始超出交易本身了。

@Henrik_on_HL Hyperliquid

@Henrik_on_HL First they ignore you (HL <1% global perp) then they laugh at you (5% global perp) then they fight you (10% global perp) then you win (51% global perp) Hyperliquid

@Henrik_on_HL @petitfilo

@Henrik_on_HL Study Hyperliquid 🤟

@Henrik_on_HL Nothing says made it like getting your order flow turned into homework.

@Henrik_on_HL Hyperliquid

@Henrik_on_HL This is Adoption

@Henrik_on_HL aaand we have this improvement updates x.com/thelucentbloom/status/20…

@Henrik_on_HL onchain order book as academic dataset is a moat most people miss. CEXs will never open their books like this. HL becomes reference infrastructure, not just a venue.

@Henrik_on_HL Wall Street data without the walls