The winning perps DEX at the end of the year will have nailed managing toxic flow – which is now front and center on both perps and predictions. The sudden introduction of priority fees on Hyperliquid was a response to sniping by takers – who are fortunate to have more optimized connectivity than the average trading shop. Polymarket is also uncovering issues that they are addressing. And fees and similar frictions are one way to skin the cat – and it actually seems to have worked for HL for now – as the books are looking healthier. I’ve been on both sides of the toxic flow/last look debate in FX for years now and it’s not an easy solve – and usually requires many iterations of trial and error and working with traders to find the best balance. My only goal is to ensure that perps DEX teams on Fogo in @TheHUB do not have prohibitive latency such that they can run all types of experiments, with no limitations, to get to that balance. You never want to be in a situation where inherent latency means your only option is adding frictions. Toxic flow game on?