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Star Xu, founder of crypto exchange OKX and a blockchain entrepreneur with Chinese roots, said Hyperliquid uses an order execution model that is more favorable to market makers than centralized exchanges, according to Wu Blockchain.
Appearing on the New Era Finance podcast, Xu said centralized exchanges process orders individually, while Hyperliquid matches orders by block and gives priority to order cancellations within each block. Under that structure, market makers can cancel their orders before taker orders are filled, Xu said. Xu added that this design also helps explain why Hyperliquid’s order book depth at different price levels appears larger than that of many centralized exchanges, and described the approach as another alternative for trading less-liquid niche assets.