According to CoinMeta, Star Xu, the founder of OKX, stated in New Era Finance Podcast that there is a fundamental technical difference between the matching engine of Hyperliquid and centralized order books. Centralized exchanges process orders one by one, whereas the on-chain matching of Hyperliquid is conducted on a block-by-block basis, with cancellations being prioritized within each block, allowing market makers to withdraw their orders before the counterparties can execute them. He believes that this market maker-friendly design is the reason why the order book depth of Hyperliquid is superior to that of many centralized exchanges, and it also provides an alternative pathway for less liquid, long-tail assets.