In a 2023 interview titled "Jeff Yan Discusses High-Frequency Trading and Why Hyperliquid?" (by @flirting with models), Hyperliquid founder Jeff Yan stated that after graduating from Harvard, he worked in high-frequency trading. In 2018, he switched to crypto and experimented with L2 exchange protocols (entering the prediction market), but later shut it down due to regulatory uncertainty and difficulties in user acquisition. In 2020, he systematically self-managed crypto trading, achieving a market-making scale that placed him among the top tier of CEXs. After the FTX incident, he judged that the window of opportunity for decentralized exchanges had arrived and built his own L1 DEX to achieve a fully decentralized order book. He discussed the differences between market making and order taking, the criticality of infrastructure, the concept of "fair price," and his experience in using high-frequency PnL to predict mid-frequency prices. Read the full article: