Hyperliquid Co-founder Responds to "Transparent Market Dispute" Criticism

On June 3rd, Jeff, the co-founder of Hyperliquid, gave a response to the community's criticism. He stressed that the controversial "Transparent Order Book" design is forward-looking. He put forward four major market structure principles: opposing the misunderstanding that privacy is an execution advantage; emphasizing the core role of competition in improving trade quality; pointing out that repeated games help optimize behavior; and highlighting that system-level transparency is essential for achieving information symmetry. Jeff believes that Hyperliquid has improved trade quality by using the L4 Transparent Order Book, removing the priority mechanism, and effectively filtering out "toxic flow", which challenges the traditional OTC and dark pool logic.