Despite the aggressive entry and significant investment from Perps like Aster and lighter, even with CZ's endorsements, Hyperliquid is truly hard to replace.

Hyperliquid is a customized L1 and is currently the most market-maker-friendly Perp and L1 in the crypto world, bar none.

The real innovation of Hyperliquid lies in its redesign of the microstructure of the order book, integrating the recognition of trading methods directly into the consensus mechanism.

This seemingly simple yet truly disruptive design mandates that at the consensus layer, Hyperliquid requires nodes to process Cancel and post-only orders before handling GTC and IOC orders.

• Cancel: Cancel an order;
• Post-only orders: Only make Maker orders;
• GTC (Good-Til-Canceled): Valid until canceled;
• IOC (Immediate-Or-Cancel): Execute immediately or cancel;
• For market makers, the ability to escape is paramount. During significant price fluctuations, cancellation requests are always executed before others' fill requests.

Market makers fear being targeted. Hyperliquid ensures that cancellations are always prioritized. When prices drop, market makers cancel their orders, and the system enforces the priority of processing cancellations, allowing market makers to hedge successfully.

On the day of the crash on October 11, Hyperliquid market makers remained online, with spreads of 0.01-0.05%, because they knew they could escape.

For other on-chain order books or AMMs, there is usually a fatal flaw. When market makers place quotes and market prices fluctuate, they immediately issue cancellation requests.

However, in the milliseconds before the cancellation takes effect, high-frequency takers' (HFT) orders have already swooped in, precisely targeting these "late quotes."

The result is that market makers are forced to quote wider spreads for self-protection, meaning you can't take advantage of my quotes as much. But as spreads widen, retail traders end up paying an extra 0.1% on each trade. This is what is known as "toxic order flow."

It may seem like trading volume is high, but in reality, it is a game of mutual competition among HFTs, harming the overall quality of market liquidity.

This is the issue that Solana is currently trying to address by building ACE applications to control execution. It is also a problem that other chains find difficult to solve, not to mention MEV attacks.

In other words, Hyperliquid defines "what constitutes a good trade" at the consensus level. Market makers can quote tighter spreads with more confidence because they know cancellation requests will be prioritized.

Takers can no longer rely on a few milliseconds of speed advantage to jump ahead. This is why Hyperliquid actually has better liquidity during volatile periods, and retail slippage is lower.

Hyperliquid protects those willing to provide liquidity, offers the best prices to retail traders, and leaves no profit for bots that only seek to front-run arbitrage.

Hyperliquid is already defining what kind of trades are worthy of consensus confirmation, directly elevating the competitive dimension to a new level.

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