Hyperliquid Founder: Research Shows On-Chain Visible TWAP Can Improve Order Execution Efficiency

Odaily Odaily News: Hyperliquid founder Jeff Yan stated that the latest paper by Davide Barone and Fabrizio Lillo studies the execution performance of on-chain visible TWAP orders on Hyperliquid. The data shows that when on-chain TWAP orders are made public, market liquidity actually tends to tighten, thereby improving the average execution performance of TWAP orders.

Jeff Yan stated that he has always believed that for non-toxic order flow, transparent trading can improve execution efficiency, and this research provides data support for this view. He believes that compared to traditional private trading venues, transparency and fair access can lead to more efficient trade execution.