Wallets linked to market maker Wintermute won roughly 76% of Hyperliquid’s highest-priority data auctions over the past month, according to a Bloomberg report dated November 12 that cited blockchain analytics platform Loris Tools. Crypto.news and ChainCatcher repeated the figure on November 13.
In the auctions, traders bid for early access to incoming order data, seeing orders milliseconds before they are processed. Crypto.news explained that a higher-priority slot gives market makers time to update quotes or hedge on other exchanges. This is separate from the priority fees traders pay to have their own orders processed. An April report from MB.hl described the system as letting firms win by paying for speed, with fees paid in HYPE and burned.
Wintermute declined to confirm its share of wins, crypto.news reported. CEO Evgeny Gaevoy said the firm mainly uses the mechanism for crypto trading rather than traditional-asset derivatives, and argued that paying for speed is common in traditional markets. The firm did not disclose how much it spends. Hyperliquid Labs says participation is open to everyone and that payments are publicly recorded onchain.
The figure rests on wallet attribution by an analytics provider, which is why reports describe the wallets as Wintermute-linked rather than confirmed. The episode adds to a debate over whether paid latency advantages concentrate order flow among a few large trading firms on the onchain exchange.
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Sources:
Bloomberg report via ChainCatcher: Wintermute wins approximately 76% of auctions
Crypto.news: Hyperliquid faces fairness questions as Wintermute wins 76% of auctions
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