Wintermute wins 76% of hyperliquid priority data auctions, raising fairness concerns
Loris Tools data shows the market maker captured most high‑priority slots in the past month, while hyperliquid labs says the fee payments are publicly recorded on‑chain.
Key takeaways
- 1Wintermute captured about 76% of hyperliquid’s top‑priority data auctions in the past month.
- 2Hyperliquid’s priority fees hit a $108.5 million annualised run rate on 11 November 2026.
Wintermute won roughly 76% of hyperliquid’s top‑priority data auctions over the past month, Loris Tools data released on 13 November 2026 shows.
The auctions let traders pay a priority fee to receive order‑book data milliseconds before execution, enabling faster quote adjustments or hedging. Founder evgeny gaevoy said the system is more transparent than traditional low‑latency infrastructure, while hyperliquid labs stressed that any participant can join and all fee payments are recorded on‑chain.
Wintermute is a crypto market‑making firm that provides liquidity across venues. Hyperliquid is a decentralized exchange that offers priority data auctions as a revenue stream; its priority fees reached a $108.5 million annualised run rate in early November. The auctions are designed to give paying users a timing edge in a fast‑moving market.
The concentration of auction wins in one firm raises questions about market fairness and could attract regulator attention. Traders may reassess the value of paying for priority data if competition appears limited. Watch for any changes to hyperliquid’s auction rules or statements from regulators about anti‑competitive practices.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.