Research

Analysis written from the archive it sells.

Market structure and engineering, measured rather than asserted. Each post is built on the same historical API our customers query, and closes with the SQL to reproduce its figures.

Market structureJun 8, 2026 · 8 min read

What 725M daily order events look like

On the snapshot day, Hyperliquid produced 725,347,189 order-status events against 6,528,585 executed trades: 111 events for every fill. We group a full day of the order-lifecycle archive by hour, status, and wallet to show what that ratio is made of: cancel-heavy quote maintenance, a steady TWAP undercurrent, and a maker set far more concentrated than the trade tape suggests.

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Market structureMay 26, 2026 · 9 min read

Anatomy of a liquidation cascade

A 105-minute walk through a HYPE drawdown, read entirely from two feeds: the liquidation events stream and raw order-book deltas. Depth withdrew minutes before the first forced sale, the cascade fed itself for half an hour, and it stopped exactly where the surviving bids said it would.

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EngineeringApr 28, 2026 · 7 min read

Why byte-exact decimals matter for backtests

Every price, size, fee, and PnL in our pipeline is a decimal string, end to end, never a float. The absolute error floats introduce is tiny; the damage is categorical: a ledger that can no longer be reconciled by equality. Here is where the drift comes from, what it does at 6.5M fills a day, and the reconciliation discipline exactness makes possible.

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The research letter

One post a month, built from the archive.

Market-structure analysis and engineering notes, each with the queries to reproduce it. No product announcements, no schedule padding.