2/ About half a year ago we tried HFT on Bitget and quickly noticed their matching engine is dishonest. I'll give specific examples later in the thread.
I later learned from an ex-Bitget team member that they handled retail taker flow by just B-Booking through an internal desk.
This is the story of Hyperliquid, the most profitable startup per employee on earth, told from a guarded office in Singapore.
Last year, its team of 11 generated $900 million in profit. It's 3 years old, has never taken a dollar of venture capital, and is beginning to change how century-old markets work.
Its founder, Jeffrey Yan (@chameleon_jeff), had never taken a physics class when he picked up a textbook at 16. Two years later, he won gold at the International Physics Olympiad. In 2019, he started trading with $10,000 from a living room in Puerto Rico—working off a television because he didn't own a monitor.
Within 3 years, he was running one of the largest anonymous crypto trading firms.
Then he shut it down. Yan was rich and free, but he had spent years inside crypto, watching it betray itself. Bitcoin's central premise was decentralization. Yet the biggest exchanges were centralized. Crypto kept reintroducing the dependence on trust it was built to eliminate. He set out to create what should have existed.
Hyperliquid is a blockchain with a trading exchange on top, and anyone can build on it. Yan's vision is to house all of finance. In 3 years, it has done over $4 trillion in volume. And in the past few months, it has begun to outgrow crypto.
Markets for oil, silver, and the S&P 500 now trade on Hyperliquid around the clock, weekends included, and are growing roughly 40% week on week. When the US and Israel bombed Iran on a Saturday in February, Hyperliquid was the venue traders turned to.
Hyperliquid's success has cost Yan his freedom. He works out of a secret office in Singapore and cannot travel without two bodyguards. Even the team's housekeeper doesn't know what they do.
In January, @domcooke spent a week at their office. Read his profile on Yan and @HyperliquidX below.
@TodorFunded7 This email is to inform you that your account, ×××, is inactive. If no transactions occur within the next 7 days, it will violate the activity requirements specified in our Terms of Service.
@TodorFunded7 Regarding countermeasures for the email with the following content.
I received this email, but trading is currently impossible due to an unannounced temporary suspension of MT5 by funded7. I wish to resume trading immediately, so please advise on future countermeasures.
I’ve stopped trying to “predict” airdrops.
I just keep activity in ecosystems that feel like they’re building through the chaos.
@edgeX_exchange is one of them.
@0xgilbert Pretty tactless considering your protocol is the cause of a lot of these drawdowns at the moment. Doing shady deals with stream and then refusing to process redemptions for their collateral which is holding a bunch of regular people’s money hostage in various lending pools
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Hyperliquid’s fully onchain liquidations cannot be compared with underreported CEX liquidations
Hyperliquid is a blockchain where every order, trade, and liquidation happens onchain. Anyone can permissionlessly verify the chain’s execution, including all liquidations and their fair execution for all users. Furthermore, anyone can verify the solvency of the entire system in real time. Transparency and neutrality are key reasons that fully onchain defi is the ideal infrastructure for global finance.
Some CEXs publicly document that they dramatically underreport user liquidations. For example on Binance, even if there are thousands of liquidation orders in the same second, only one is reported. Because liquidations happen in bursts, this could easily be 100x under-reporting under some conditions. Source below.
Hopefully the industry will see transparency and neutrality as important features of the new financial system, and others will follow.
During the recent market volatility, the Hyperliquid blockchain had zero downtime or latency issues despite record traffic and volumes. HyperBFT consensus and execution handled the spike in throughput gracefully.
This was an important stress test proving that Hyperliquid's decentralized and fully onchain financial system can be robust and scalable. The system's risk and margining implementation functioned as designed, ensuring platform solvency throughout the extreme volatility.
@_Thufuong_ @Crushes_Art Ah, I see! Thanks for telling me!
Honestly, I don't care about the price at all.
I just really love that artwork and want it!
So I'll keep waiting for it, just like waiting for a lover!🌟
@pingpongbuild Then when I asked the question before TGE, the answer was 1 pingpong per point,I got about 3,000+ points and it was 300 pingpong, is this not a mistake?
@pingpongbuild Cannot withdraw pingpong from particle wallet. I can't send, I can't swap.
What is it? What about this wallet?
I can't even get a checker wallet connection.What should I do?