Prion
1.4K posts
















《史上最全天涯神贴合集》1万篇! 一个在天涯潜水多年的大佬,把他看透这个世界的底层逻辑全整理出来了,不是那种鸡汤废话,是真正戳你心窝子的东西。 为什么有人越努力越穷?为什么规则永远对某些人有利?为什么你感觉哪里不对但说不清楚? 这份东西能给你答案。 看完你会觉得,操,原来游戏是这么设计的。 🔗 pan.quark.cn/s/778666732880 尽快转存,仅留3天!



I want to share my thoughts on hyperliquid’s latest priority fees update. I think it’s going to significantly change the market structure there going forwards longer term. A lot of the best market makers on HL - Alber Blanc, Pinely etc. are latency edge guys. They’ve already invested significant resources into trying to simulate what the next TOB is going to look like from pre-validated transactions, like by emitting raw mempool transactions from the node or by reverse engineering the binary to listen to the gossip data. Infra like this is all useless now, because you can literally just pay for it. There's a Dutch auction for the slot, you send your IP with your bid, and if you win, the IP gets whitelisted and prioritised, so the gossip data comes 10ms before everyone else. The change to order priority fees is also interesting - you pay up to 8 bps to reduce the latency of your order. They say it’s empirically 45ms of latency reduced per bp paid, so max of 360ms faster - I haven’t tested this. Under the new system, if a maker cancels their order, that still gets processed first, but for the remaining executable orders, whoever paid more is matched first. Currently it looks like there aren’t that many people bidding for the market data, and even fewer (if any) bidding for the order priority. I think this is because Hyperliquid already implements a speedbump on taker orders which is roughly 250ms but can spike up to half a second so it’s already harder to take - the block time is ~70ms so this is ~4+ blocks as it is, and makers have plenty of time to cancel their liquidity. These fees are paid in HYPE and burned. This isn’t really new - when protocols see trading firms making money they often want to extract more of a cut. Arbitrum did a similar thing with the timeboost auctions, and I’d say this was pretty successful, in that roughly 20-30% of the latency sensitive dex flow moved onto timeboost, and volumes didn’t meaningfully change. We’re sitting at around a year since they shipped this, and timeboost brought in around $7mn in revenue in this time. This is on (roughly) $300bn in volume, so with Hyperliquid at approx. 10x this, I can see the bull case for them to move to this kind of model. Objectively, I think it’s a smarter version of Lighter’s design - Jeff basically just waited to see what Lighter’s business model would look like, improved it, shipped it to testnet on April 10th, and rolled it out to mainnet within a week. I don’t think any firm has had time to think about the game theory of how to bid yet and optimise this, but it should basically completely collapse the gap between the top MMs. Disclaimers - I’m long some HYPE and haven’t sold LIT airdrop (yet).


















