{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T14:09:49Z","timestamp":1785334189525,"version":"3.55.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>High-frequency trading on centralized exchanges rewards colocation, microwave links, and queue priority. Hyperliquid is a decentralized perpetual exchange whose order book runs on the HyperCore engine with HyperBFT consensus. Fills, liquidations, top-of-book state, and funding rates are visible on public feeds, with each fill carrying the buyer and seller address. Order submissions and cancellations for arbitrary addresses are not publicly observable.&amp;nbsp;<\/jats:p>","DOI":"10.2139\/ssrn.6820700","type":"posted-content","created":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:36:39Z","timestamp":1785332199000},"source":"Crossref","is-referenced-by-count":0,"title":["What Wins on Hyperliquid? Speed, Timing, or Carry? A Regime-Dependent Decomposition of Trading Edge in an On-Chain Perpetual Order Book"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:36:40Z","timestamp":1785332200000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6820700"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6820700","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}