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MicrostructureKilled
Diversify beyond Hyperliquid, find edge on another venue
0 venues
non-HL venues with a tradeable edge
In plain English
We checked other exchanges for an edge Hyperliquid didn’t already have; none offered one, so we stayed put.
What was claimed
Other exchanges hold edges Hyperliquid doesn't, so diversify across venues and capture them.
The bar it had to clear
a tradeable edge on a venue other than HL
What the data said
none, spreads already compressed everywhere checked
Why it's dead
We checked whether any other venue offered an edge HL didn't. None did, spreads on the alternatives were already compressed. The work stayed HL-only.
The detail
Survey of non-HL venues for a diversifiable edge. Polymarket / dYdX spreads compressed; no venue cleared a tradeable threshold HL didn't already offer. Conclusion: HL-only.
- Kill date
- 2026-03-12
- Sample
- venue survey
- Method
- Documented kill
- Verdict
- no off-HL edge
More from the ledger
Tested on the record and published in full, with the real numbers, whatever the result.
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