Hyperliquid is probably the most hyped DEX (decentralized exchange) right now. The advantage the CEXs (centralized exchanges) had was in the “ease-of-use” area, especially in the on-boarding and trading APIs front. Hyperliquid tries to marry the convenience of a CEX and the benefits of a DEX.
We downloaded their historical order book to check the spreads and depth of popular coins.
BTC, ETH and SOL are a world apart – tight spreads and deep books.
However, trading the less popular coins needs some care.
Zooming into the spreads brings out the difference between the top-tier coins (BTC) and the rest (PENDLE).
The ranges look decent if you are trading a retail-sized book.