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FollowingTLDR: Core Points
- Hyperliquid's matching engine adopts a "block-by-block matching within a block" mechanism and prioritizes cancellation requests in each block. Xu Mingxing, founder of
- , pointed out that the design is more market-maker friendly, helps increase the depth of the order book, and provides a new path for long-tail assets with limited liquidity.
- Regarding the market turmoil on October 10, Xu Mingxing believes that part of the reason is that USDe is used as a stablecoin as collateral for derivatives, and its risk attributes are underestimated.
How the Hyperliquid matching engine works
In the "New Era Finance Podcast" program, host Michael and OKX founder Xu Mingxing discussed in depth the development history of the cryptocurrency industry. Xu Mingxing said that Hyperliquid's matchmaking engine is fundamentally different in terms of technical architecture from a centralized exchange. Traditional centralized exchanges usually process orders one by one, while Hyperliquid adopts a "block-by-block batch matching" model.
Within each transaction block, the system prioritizes cancellation orders. This means that market makers can withdraw orders before traders (Takers) place a deal. Xu Mingxing called the mechanism more market-maker friendly and explained why Hyperliquid's orderbook depth is often better than that of many centralized exchanges. He believes this design provides another viable solution for long-tail assets with limited liquidity.
Trust, Risk Control and the October 10 Market Crisis
While discussing the evolution of the cryptocurrency industry, Xu Mingxing reviewed the past from early Bitcoin attacks, Mt. A series of crises ranging from the collapse of Gox to the FTX incident. He pointed out that although these incidents have brought challenges, they have also promoted the progress and improvement of the industry. He firmly believes that through self-custody, stablecoins and tokenized assets, blockchain will become the foundation for building a more efficient financial system.
Talking about regulation and compliance, Xu Mingxing regards the EU's MiCA regulations as an important step in the consistency of European encryption regulation. He mentioned the compliance challenges OKX faces when entering the European market and emphasized that international expansion relies on winning the trust of customers and regulators through transparent operations and stronger governance. Specific measures include board supervision, establishment of compliance and risk control functions, monthly reserve certification reports, and external audits. In addition, OKX also plans to promote public listings to improve accountability.
Xu Mingxing emphasized that protecting user funds is more important than aggressive growth. Exchanges should follow financial rules and make profits through technology and the provision of services. For users with secure key management capabilities, he recommends adopting a self-managed model, although he also warns that wallets may have security risks. At the same time, he warned investors to be wary of abnormally high yields and platforms that require users to "blindly trust".
Regarding the serial liquidation incident that occurred on October 10, Xu Mingxing analyzed that part of the reason was that USDe was regarded as a stablecoin and accepted as collateral for derivatives. He made it clear that USDE is a high-risk product with a hedge fund structure. Using it as the basis for leveraged lending may amplify gains, but it will also intensify losses when prices fluctuate. He argued that stricter risk control measures and regulated derivatives trading platforms could help prevent such incidents from happening again.
Looking to the future, Xu Mingxing expects that the application of cryptocurrency will expand from transactions to daily financial services, including currency storage wallets, blockchain payments, and tokenized stocks. He is also optimistic about the development of on-chain asset management tools that allow users to control their own funds. He is optimistic that these technologies have the potential to become widely used financial infrastructure.
