X @Ansem

Market Structure Experimentation - Crypto trading platforms are undergoing significant microstructure experimentation [1] - Centralized Exchanges (CEXs) employ FIFO CLOB (First-In-First-Out Central Limit Order Book) with standard taker fees and maker rebates [1] Platform Specifics - Hyperliquid prioritizes cancel orders and uses a normal fee structure [1] - Lighter uses FIFO CLOB, offers 0 fees for regular accounts (with latency speedbump), and charges fees to HFTs (with latency speedbump on taker orders) [1] Key to Success - The successful platform will need to balance incentivizing organic flow and Market Makers (MMs) [1]