Wallets linked to Wintermute won about 76% of the auctions that provide the earliest access to order data on Hyperliquid over the past month, according to data from Loris Tools.
According to a report by Wu Blockchain citing Bloomberg, participants on Hyperliquid can bid in auctions to receive order data milliseconds before a trade is executed. This gives participants the opportunity to update their bids and asks more quickly or reduce their risk on another market.
The race is open to everyone, but winners are concentrated in one group
The share of top-priority auctions won by Wintermute-linked wallets has fueled debate about how evenly early access is distributed. Wintermute founder Evgeny Gaevoy argued that the system is more transparent than the low-latency trading infrastructure used in traditional markets. Hyperliquid Labs said anyone can participate in the auctions and that payments for priority are publicly recorded on the blockchain.
Not investment advice.