Perp liquidity is fragmented across many centralized exchanges and on-chain protocols, each with its own book, reference price and depth profile However platforms usually reduce this to one of 3 models: fill at the last traded price, fill any size at a single venue's top of book, or fill at a quote with capped slippage But none of these models consume actual liquidity, so none can produce a fill the market could have delivered at size. On low-cap crypto, where books are thin, that makes realistic trading in sim, impossible. If you trade at 3 perp firms and you'll see 3 different charts, 3 different order books and 3 different fills for the same order, with no way to check which one is right. HDL is one consolidated, verifiable order book with the highest liquidity you can find, so every trader and every firm works from the same market. Traders get transparency with a price and a fill they can audit. And firms get fills that reflect the real market. And let's be honest: some perp platforms out there have been hunting traders stop losses. We won't point fingers today. But we can fix this together. HDL will run on Hyperprop first, with the first firms onboarding in November, and HDL itself will be available for other perp builders to use. We are at a tipping point: Prop trading can either become something people laugh about in years from now (and judging by what's been going on on X lately, its heading that way) or it can become the next generation of trading. We know which side we are building for.

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