Deep dives into Bitcoin fundamentals, trading strategies, and market mechanics.
Hyperliquid isn't just another DEX perps venue — it's a custom L1 with an on-chain order book, and HLP is the counterparty that can't pull its quotes. Here's how the stack actually works when BTC's at $61K and 60% of traders are still long.
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.
Hyperliquid runs a CLOB on its own L1 and processes liquidations through a vault, not a customer service rep — here's how the plumbing actually works, and what happens when the squeeze line at $59,060 breaks.