700ms is an adverse-selection budget: if stale Hyperliquid quotes survive two HyperBFT cycles, market makers have to price that latency into spreads or inventory limits. Binance leading 29/29 markets while Lighter leads Hyperliquid on 27/29 makes the tradeoff pretty clean: consensus-level matching buys stronger execution neutrality; zk-proven offchain matching gets closer to CEX price formation. For HYPE’s HIP-3 and stock-perp ambitions, launching weird markets is easier than becoming their primary oracle when the arb path still begins off-venue.

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