CEX-Speed Execution, Wallet Settlement: How Hyperliquid's On-Chain CLOB Actually Works at $63K Bitcoin
Hyperliquid runs a real central limit order book on its own L1 — not the virtual AMM trick that plagued earlier on-chain perps. Here's why that distinction matters for slippage, liquidations, and pre-launch token trades, and what an autonomous agent actually has to do to trade it.