shaunda devens on X: "HIP-3 Silver Microstructure: Hyperliquid vs. CME" / X
To view keyboard shortcuts, press question mark View keyboard shortcuts Article See new posts Conversation shaunda devens @shaundadevens HIP-3 Silver Microstructure: Hyperliquid vs. CME 97 313 1.6K 660K HIP-3 is scaling Hyperliquid beyond crypto, with TradFi instruments now 31% of venue volume and daily notional above $5B. Silver is the most important of these flows, and last Friday’s violent move provides a stress test of HIP-3 market health. Using high-frequency trade/quote/order-book data and benchmarking against CME/COMEX Micro Silver futures, we find that for smaller, retail-weighted clips HIP-3 Silver delivered tighter pre-crash spreads and better execution. We also present a novel 24/7 use case: positioning and pricing into the Sunday reopening auction. Key Findings Pre-crash, Hyperliquid was competitive at top-of-book for the sizes that dominate perp flow. Median spreads were 2.4 bps vs. 3 bps on COMEX, and median slippage was 0.5 bps from the benchmark. Flow was retail-scaled
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