DoubleZero has launched a dedicated market data feed for Hyperliquid, giving professional trading firms direct access to the decentralized exchange's full order book over fiber-optic infrastructure rather than through its public APIs.

The feed covers Hyperliquid's native perpetual futures — derivative contracts that trade continuously without an expiry date — as well as markets operated by trade[XYZ], which uses Hyperliquid's infrastructure to offer perpetual contracts tied to assets including oil, gold and silver. According to DoubleZero, the Hyperliquid feed was developed alongside validator operators and ecosystem partners including Hyperion DeFi, MAVAN and Kinetiq.

The company said the service provides a continuous, ordered stream of market data aimed at market makers, quantitative trading firms and proprietary trading firms that require faster, more consistent order book updates. Market data in this context is the stream of quotes, trades and order book changes that automated pricing and quoting systems act on, where completeness and ordering are central to keeping trading models from working off stale prices. Until now, firms seeking a complete view of Hyperliquid's order book had to assemble the data themselves from public API responses or operate their own Hyperliquid nodes. DoubleZero added that changes to Hyperliquid's public APIs have reduced the frequency and depth of updates available through them.

DoubleZero operates a global fiber network designed to move data quickly between participants in blockchain networks and other distributed systems. Hyperliquid is the third venue available through its Edge market-data service, following Solana and prediction market Kalshi — a roster that now spans a blockchain network, a prediction market and a perpetual futures exchange, one measure of how far dedicated market-data distribution has reached into onchain trading.

Onchain market infrastructure starts to resemble traditional exchanges

Hyperliquid's market data infrastructure is beginning to resemble what traditional electronic exchanges use as professional trading moves onchain, according to Hyperion DeFi CEO Hyunsu Jung.

Jung told Cointelegraph that CME, Nasdaq and other major exchanges distribute professional market data over dedicated networks, allowing automated trading firms to receive a consistent stream of ordered data at high speeds.

"Hyperliquid data can now be consumed through the same basic model: publish once, distribute simultaneously over dedicated fiber," he said.

Significant differences remain, however. Traditional exchanges allow trading firms to place their systems close to the infrastructure that processes trades, while Hyperliquid executes trades onchain. DoubleZero's service delivers market data only; it does not place or execute trades on behalf of firms. That divide leaves execution infrastructure as the remaining point of comparison between onchain venues and traditional exchanges.\n"So the convergence is not Hyperliquid becoming CME," Jung said. "It is onchain markets adopting the market-data infrastructure that professional trading firms already use."

"It does not eliminate latency differences," Jung added. "A firm in Tokyo will still have a physical advantage over one in New York."