BLOOMBERG · 2026-11-12 15:09 UTC

At Hyperliquid, Traders Bid for Edge in Crypto's High-Speed Race

Wintermute, a major crypto market maker, has been a prominent user of Hyperliquid's auction system that lets traders pay for early access to incoming orders. An analysis by Loris Tools found a wallet linked to Wintermute won 76% of auctions for the highest-priority data slot over the past month; Wintermute declined to confirm this or its spending. Critics such as DRW Holdings founder Don Wilson questioned whether the auctions are fair and likely to satisfy US regulators, as ICE announced a regulated US perpetual futures venture using Hyperliquid technology.

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