Hyperliquid co-founder: Hyperliquid's fully on-chain clearing is transparent and verifiable, and CEX clearing data is seriously underreported

Hyperliquid co-founder Jeff.hl stated in a post on the X platform that all orders, transactions, and settlements on Hyperliquid are executed on-chain, allowing anyone to verify the settlement process and system solvency without permission. This transparency and neutrality make fully on-chain DeFi the ideal form of global financial infrastructure.

He pointed out that some centralized exchanges (CEXs) severely underreport their liquidation data. For example, Binance might only publicly display a single liquidation transaction when thousands occur within a single second, potentially underestimating the actual liquidation volume by a factor of 100. Jeff.hl expressed his hope that the industry would consider transparency and neutrality core characteristics of the new financial system.