# High-Frequency Trading Articoli collegati

Il Centro Notizie HTX fornisce gli articoli più recenti e le analisi più approfondite su "High-Frequency Trading", coprendo tendenze di mercato, aggiornamenti sui progetti, sviluppi tecnologici e politiche normative nel settore crypto.

Millisecond 'Pay-to-Cut': How Did Hyperliquid's Priority Fee Turn into a Multi-Million Dollar Business?

"Millisecond 'Paid Queue-Jumping': How Hyperliquid's Priority Fee Became a Multi-Million Dollar Annual Business" In traditional finance, high-frequency trading firms spend millions on infrastructure for millisecond advantages. Hyperliquid has translated this race onto the blockchain with its "Priority Fee" system, creating an open economic game for speed. This system auctions two types of priority: **Gossip Priority** for faster data feeds (via a Dutch auction every 3 minutes), and **Order Priority** for front-of-queue trade execution (users bid a fee for lower latency). This converts a hardware race into a transparent, market-priced mechanism. Since launch, this feature has generated over $5M in protocol revenue. Projected annualized buybacks from this income exceed $30M, accounting for ~7% of total protocol revenue. The demand stems from large traders and market makers on Hyperliquid, for whom milliseconds can mean the difference between profit/loss or avoiding liquidation. Market makers pay these fees as "protection" to ensure their orders execute first, which in turn improves liquidity for all users. Crucially, Hyperliquid internalizes Maximum Extractable Value (MEV) that typically leaks to external validators or searchers, creating a new revenue stream beyond trading fees. The mechanism also strengthens HYPE's tokenomics. While 97% of trading fees fund secondary market buybacks (via the Assistance Fund), Priority Fees are **directly burned**, adding a second deflationary engine. Furthermore, fees for order priority are deducted from users' undelegated HYPE balances, encouraging large traders to hold and lock up tokens, reducing circulating supply. However, a key challenge remains: balancing the speed needs of institutional players with fair market access for retail users, as those who cannot pay high fees may suffer worse slippage during volatility. In summary, Hyperliquid's Priority Fee is a novel model that monetizes latency, captures MEV for the protocol, and enhances its native token's value through burning and lock-ups.

marsbit11 h fa

Millisecond 'Pay-to-Cut': How Did Hyperliquid's Priority Fee Turn into a Multi-Million Dollar Business?

marsbit11 h fa

Making a Fortune of $10.32 Million: The World Cup Money-Printing Tactic of a Polymarket Whale

**Earning $10.32 Million: A Polymarket Whale's World Cup Profit Strategy** While teams battle for the World Cup trophy, a hidden whale nicknamed "swisstony" has been quietly making a fortune on the prediction market Polymarket. This account, created around July 2025, boasts total profits of $18.62 million, with $10.33 million earned in the past month alone. With a 52.9% win rate, it has placed over 139,600 predictions, averaging about 380 trades per day—indicating it is likely a high-frequency quantitative bot. The account's signature "trash panda" aptly describes its strategy: sifting through vast market data and tiny price discrepancies to build wealth. Its current holdings are heavily concentrated on the France vs. Spain semi-final, including a roughly $160,000 bet against France. Analysis shows two core tactics driving its success: 1. **High-Volume "Anti-Favorite" Bets:** Placing large wagers (often $400k-$1M) against overvalued favorites like Germany or England, buying "No" shares at favorable prices when market-implied win probability is 46%-64%. It has recorded over 17 individual profits exceeding $1 million using this method. 2. **"Lottery-Ticket" Bets on Extreme Long Shots:** Allocating small amounts (thousands of dollars) to buy shares priced as low as 0.2¢-1.2¢ on outcomes deemed nearly impossible. While most of these bets lose, the occasional win—like those with payouts over 100x—generates significant profits (over $100,000 per hit) that boost overall returns without risking much capital. This dual approach combines consistent, large-scale profit from correcting major market mispricings with opportunistic, high-reward bets on extreme underdogs. The account exemplifies how systematic, high-frequency execution can amplify a small statistical edge into millions in profits on prediction markets.

Foresight News07/13 04:03

Making a Fortune of $10.32 Million: The World Cup Money-Printing Tactic of a Polymarket Whale

Foresight News07/13 04:03

Jane Street: The Most Powerful Behind-the-Scenes Operator in the Crypto Industry

Jane Street: Crypto's Most Powerful Behind-the-Scenes Operator A recent 13F filing revealed Jane Street, the secretive Wall Street quant giant, drastically reduced its Bitcoin ETF holdings while increasing stakes in Ethereum ETFs. This move highlights its role not as a directional investor, but as a critical infrastructure player extracting "tolls" from crypto's institutionalization. The firm, founded in 2000 and famously lacking a CEO, has systematically embedded itself across crypto markets. It acts as a key Authorized Participant (AP) and market maker for major Bitcoin and Ethereum ETFs, profiting from arbitrage between ETF shares and underlying assets. Its approach combines quantitative prowess with a willingness to hold positions for structural arbitrage, differing from pure high-frequency traders. Jane Street faces allegations related to the 2022 Terra (LUNA) collapse. A lawsuit claims it used non-public information to withdraw $85 million in UST minutes before a critical withdrawal by Terraform Labs, allegedly exacerbating the crash and avoiding over $200 million in losses. The company denies the claims. Further indicating its reach, a wallet suspected to be operated by Jane Street ("JaneStreetIndia") was identified on the prediction market Polymarket. This bot executed over 11,000 high-frequency trades on short-term crypto price movements with a near-perfect win rate, showcasing a套利 strategy divorced from traditional prediction. Beyond trading, Jane Street holds equity in crypto infrastructure like Kraken, 1inch, and Arbitrum, and mining stocks. Its strategy is clear: avoid betting on winners, but secure a position in the market's essential plumbing. By becoming a ubiquitous part of the liquidity infrastructure—from ETFs to OTC trading and potentially链上 markets—Jane Street operates as a market force itself, raising questions about whether crypto's decentralized,散户-friendly alpha is being permanently eroded by traditional finance's most sophisticated players.

Foresight News06/16 03:32

Jane Street: The Most Powerful Behind-the-Scenes Operator in the Crypto Industry

Foresight News06/16 03:32

Attack on MM 2: Market Maker Order Book and Order Flow

"Attack of the MM 2: Market Maker Order Books and Order Flow" by Dave explores the dynamics of market making in crypto, focusing on the Limit Order Book (LOB) and order flow. The LOB is the market maker's battlefield, defined by depth, tick size, and the concept of price improvement—providing better prices than the current best bid/ask to create market value. Market makers profit from the bid-ask spread, which covers order processing costs, inventory risk (holding assets amid price fluctuations), and adverse selection risk (being exploited by informed "toxic" traders). The spread types include quoted, effective, and realized spread, with the latter factoring in future mid-prices to measure true profitability. Order flow involves managing incoming trades, with a focus on identifying "toxic flow" from informed traders who can cause losses. Market makers use metrics like VPIN (Volume-weighted Probability of Informed Trading) to detect one-sided pressure and respond by pulling quotes, widening spreads, or reducing order sizes to mitigate risk. The article hints at deeper institutional strategies in future installments.

深潮12/28 04:03

Attack on MM 2: Market Maker Order Book and Order Flow