The Perp DEX Eating the CEX Lunch: How Hyperliquid Actually Works When BTC's Stuck Under $60K
Hyperliquid runs an on-chain central limit order book on its own L1 — which means liquidations are visible, funding is transparent, and you never hand your coins to a custodian. Here's how the order book, the liquidation engine, and the funding mechanism actually differ from Binance or Bybit, and why an autonomous agent can run a tighter book on it than most humans.