Hyperliquid MM
BTC perp · RuOnChain1 blueprint
paper
testnet
BTC
embedded
Mid
—
Fair
—
Inventory q
—
Risk
—
Quote ladder
ASK
—
MID
—
FAIR
—
BID
—
Mid & fair
Simulated fills
#
Side
Px
Sz
Fair
Mid
Edge
Markouts
500 ms
1 s
2 s
5 s
#
Fill
500ms
1s
2s
5s
Quoting params
c₁
—
c₂
—
maker fee
—
TIF
—
σ
—
Qmax
—
order size
—
stale pull
—
mode
—
Guéant:
reservation
r = s* − q·c₂ − F̂·H·s*
; half-spread floors on maker fee and latency·vol. ALO-only resting quotes ·
scheduleCancel
for live.