Wintermute-linked wallets win 76% of top Hyperliquid order-priority auctions

Wallets linked to crypto market maker Wintermute won 76% of the highest-priority auctions for early access to order information on Hyperliquid over the past month, Bloomberg reported. Under the system, traders who pay a fee can see new buy and sell orders a few milliseconds before other users, allowing them to adjust quotes in advance or hedge on other exchanges. Some critics say the structure favors large trading firms. Hyperliquid said anyone can participate in the auctions and that fee payment records are disclosed on-chain. Wintermute is also known to have posted cumulative profits of $227.01 million from perpetual futures trading in ETH, SOL and other assets on Hyperliquid.