Contributor
Long-tail liquidity on Hyperliquid is thinning faster than on Binance: median depth within 10 bps fell 82% in a year, against 61%. Fee tiers and congestion rules favor the largest makers, and HL needs smaller ones to keep its long-tail edge and make HIP-4 work.
As 24/7 markets for traditional assets continue to grow on Hyperliquid, one key question emerges: do weekend prices actually reflect real information, or are they just noise? In this piece, Matteo dives deep into high-frequency data across commodities, equities, and indices to assess the quality of price discovery on HIP-3 markets. The results are striking with near-perfect directional accuracy and minimal deviation from traditional market opens, even during periods of extreme volatility.
