Hyperliquid Co-Founder: Transparent Trading is Not a Drawback, But the Ultimate in Efficiency

Odaily Planet Daily News: Hyperliquid co-founder Jeff Yan published a long article responding to the previous controversy over whether a "fully transparent order book" is suitable for large transactions, emphasizing that while the "transparent order book" design is controversial, it is forward-looking. He proposed four market structure principles: opposing the misconception of privacy as an execution advantage, emphasizing the core role of competition in improving transaction quality, pointing out that repeated games are beneficial for optimizing behavior, and that system-level transparency is necessary to achieve information symmetry. Jeff believes that Hyperliquid, by leveraging the L4 transparent order book and eliminating priority mechanisms, has improved transaction quality and can effectively filter "toxic flow," challenging the traditional OTC and dark pool logic.