DoubleZero has launched five Hyperliquid data feeds on Edge, its paid market data distribution service, giving trading firms a live view of the exchange’s order book and trade[XYZ] markets over dedicated fiber. The launch, announced Sep. 24, makes Hyperliquid the third venue available through Edge after Solana and Kalshi.
What the feeds cover
Four of the feeds deliver market data for Hyperliquid’s native perpetual futures and its trade[XYZ] markets under HIP-3, the system that lets outside teams create perpetual futures markets on Hyperliquid, including contracts tied to commodities such as oil, gold and silver. A fifth feed carries order intents drawn from Hyperliquid’s mempool transactions, giving subscribers an early look at trading interest before it lands in the book.
The launch was built with Hyperliquid validator operators and ecosystem partners Hyperion DeFi, MAVAN and Kinetiq. The feeds are available now through paid subscription, with each subscription including two IP addresses per region.
Replacing public API workarounds
The product answers a quiet pain point for quantitative firms tracking Hyperliquid. Maintaining a current order book has meant collecting public API responses, managing WebSocket connections and rebuilding the book on their own systems. According to the announcement, changes to Hyperliquid’s public APIs have reduced the update frequency and depth available through those endpoints, raising the cost of the do-it-yourself approach.
Edge instead sends subscribers a sequenced feed across DoubleZero’s fiber network, drawing on validator operators and partners in Tokyo for its view of the order book. DoubleZero describes it as its fastest commercially available Hyperliquid feed, though the announcement does not include comparative latency measurements. For automated systems that act on changes in bids, offers and completed trades, a delayed or missed update can decide whether a strategy fills an order. DoubleZero supplies the data path; firms still use their own systems to decide whether and how to trade.
Co-founder Austin Federa described Edge in a September interview as a read-only data service without order-entry or execution functions, a framing that keeps the product on the distribution side of market infrastructure rather than the trading side.
The trade[XYZ] angle
The inclusion of trade[XYZ] HIP-3 contracts is what turns this from a crypto niche into a broader market data story. A September report put trade[XYZ] second-quarter volume at 202.36 billion USD, up 79.2 percent from the previous quarter, based on research by GLC Research, Four Pillars, Arrakis and GRZ Research. The same report estimated trade[XYZ] accounted for 95.1 percent of HIP-3 trading volume during the quarter. DoubleZero says Hyperliquid as a whole processed more than 662 billion USD in trading volume in the quarter.
Those figures come from external research rather than audited company results, but the direction is clear. As asset-linked perpetuals keep trading around the clock outside conventional market hours, firms that price oil, gold and silver need data paths that match those hours. Fiber-delivered feeds are the same answer exchanges and trading firms have used for decades, applied to onchain venues.
The mechanics of the fifth feed also matter for market microstructure. Order intents extracted from mempool transactions are the onchain analogue of order flow signals that equity firms pay heavily for. For market makers on Hyperliquid, seeing queued intent before execution can shape quoting behavior and inventory management, the same way depth-of-book data reshaped electronic equities in the 2000s.
Fiber for the onchain era
DoubleZero’s broader thesis is that high-performance blockchains have outgrown the public internet as a transport layer. The project, which raised 28 million USD in 2025 to build dedicated fiber infrastructure, already distributes Solana and Kalshi data through Edge. Hyperliquid, with its record open interest this month and its expanding universe of HIP-3 markets, is a natural third venue.
For market makers and quantitative desks, the practical question is whether the subscription cost beats the engineering cost of maintaining API-based book building, especially as public endpoints get throttled. For DoubleZero, the question is whether enough venues and subscribers exist to justify building out fiber paths to each new market. Adding a venue with Hyperliquid’s growth profile makes that bet easier to defend, and the company has signaled that the Edge catalog is meant to keep growing rather than stop at three venues.
It also marks a maturation point for the Hyperliquid ecosystem itself. A venue that supports paid institutional data distribution, validator-operator partnerships and third-party infrastructure vendors is a venue that institutions are already trading on, or preparing to. Dedicated market data has historically followed institutional demand, not led it.
Market snapshot (Sep 24, ~18:50 UTC): BTC 84,354 USD, ETH 2,685.80 USD, SOL 117.10 USD — CoinGecko via BitcoinsNews price cache.
mempool order intent feed is the real product here. early look at flow before it hits the book is worth the subscription alone
for sure, whoever subscribes first gets a fat edge until the desk next door buys it too lol
order intents pulled from the mempool as a paid feed is the killer part here. selling pre-book trading interest to quants, very funny business model
selling mempool intents as a feed is just mev with a subscription tier lol. respect the hustle honestly
Two IPs per region is stingy for what quant desks are used to. Still, dedicated fiber beats hammering a public API all day.
no comparative latency numbers in the whole announcement either. they know the speed is the moat so they will never publish it lol
Of course they will never publish latency numbers. The moment they do, every competitor knows the exact gap to close.
HIP-3 commodity perps on gold and oil plus dedicated fiber feeds. tradfi data vendors must be feeling this one