hyperliquid's btc perp orderbook exceeded binance's depth january 27. a 2-year-old dex on custom l1 beat the world's largest exchange at their core product. hype repriced 63% in 5 days to $34 because the market structure just changed. arthur hayes bought $499k after 3 months absent. when bitmex's founder comes back for a perp dex play you pay attention