Hyperliquid’s last look and opaque speed bump to overcompensate for potential toxic flow is prohibitive for lots of serious traders. Many don’t trade there because of it – and HL seems to be just fine with it. (Not a bad model tbh given the importance of LP profitability to the HL value flywheel) But also a missed opportunity imo, as it’s not all toxic – and I want to take those traders from CEX’s and get them onchain, not push them away. I’m confident @0xdoug can design a smarter execution on @ambient_finance to handle those traders while still protecting from the most toxic flow. Compete where you can win.