DoubleZero has introduced a new market-data service that transmits Hyperliquid’s full order book over a private fiber network. The offering targets market-making desks, quantitative funds and proprietary traders who need high-frequency, reliable data streams.
Expanded coverage beyond native futures
The feed includes not only Hyperliquid’s native perpetual futures but also contracts issued through trade[XYZ], which leverages Hyperliquid’s infrastructure to create perpetuals linked to commodities such as oil, gold and silver. Development of the feed involved validator operators and partners like Hyperion DeFi, MAVAN and Kinetiq.
Benefits over public API access
Previously, firms had to piece together a complete view of the order book by polling public endpoints or running their own Hyperliquid nodes. Recent changes to those APIs reduced both the frequency and depth of the information available, prompting the need for a more robust solution. DoubleZero’s fiber-based stream delivers a continuous, ordered flow of data, eliminating the need for ad-hoc aggregation.
Infrastructure parallels with traditional exchanges
Hyperion DeFi’s chief executive, Hyunsu Jung, noted that the architecture now resembles the market-data distribution used by legacy venues such as CME and Nasdaq. Those exchanges broadcast a single data feed over dedicated networks, allowing automated traders to ingest a consistent, high-speed stream.
While the delivery method aligns with conventional practices, key differences remain. Traditional venues place traders’ servers close to the matching engine, reducing latency. Hyperliquid continues to settle trades on-chain, and DoubleZero’s service provides only market data—not order execution. Consequently, geographic latency advantages persist; a participant in Tokyo will still experience a shorter round-trip time than a counterpart in New York.
Position within DoubleZero’s broader offering
Hyperliquid becomes the third venue supported by DoubleZero’s Edge market-data platform, joining Solana and prediction-market operator Kalshi. The company’s global fiber network is designed to move blockchain-related data swiftly between participants, reinforcing its role as a bridge between decentralized finance and traditional high-frequency trading infrastructure.
Why it matters
The launch signals a maturation of on-chain market infrastructure, bringing professional-grade data delivery to decentralized exchanges. By mirroring the data-distribution models of established exchanges, the service could lower barriers for institutional participants seeking to trade on-chain assets, while still highlighting the inherent latency challenges of a blockchain-based settlement layer.
