The Vault That Makes the Market: How Hyperliquid's Protocol Liquidity Actually Works at $62K
Most perp DEX explainers stop at "order book on-chain" and call it a day. That's the brochure. The interesting story is the Hyperliquidity Provider vault — a market maker that isn't a market maker — and how it changes what happens when 60% of the crowd is long and BTC squeezes into a wall at $62,949.