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Glassnode Finds Tokyo Traders Hold 200-Millisecond Edge on Hyperliquid

The finding shows cloud-based clustering can tilt execution in so-called decentralized markets.

Overview

  • Glassnode, in research published Monday, reported that traders connecting from Tokyo reach Hyperliquid’s validator layer about 200 milliseconds faster than overseas users.
  • The group found Hyperliquid runs 24 validators clustered in Amazon Web Services’ ap-northeast-1 region in Tokyo, creating a built-in proximity advantage for local traders.
  • Hyperlatency measurements show a median order-to-fill of 884 milliseconds from AWS Tokyo with about 879 milliseconds spent on server processing and 5 milliseconds on network transit, versus 1,079 milliseconds from Ashburn, Virginia.
  • That time gap can improve queue position, tighten spreads, and raise fill odds on a platform handling more than $4 billion in daily perpetuals volume, which can mean better prices for nearby traders and worse ones for those farther away.
  • Many major exchanges also run core systems in AWS Tokyo, a concentration that showed its risk when an April 2025 outage degraded multiple platforms.