The Contract Algorithm War between CEX and DEX: Hyperliquid, Binance, OKX "(by Danny) This article takes the JELLYJELLY contract event encountered by Hyperliquid as the starting point to analyze the differences between Binance, OKX, and Hyperliquid in core algorithm mechanisms such as perpetual contract index prices, token prices, and funding rates, as well as the financial philosophy behind them. Binance pursues institutional rationality, stability, and controllability; OKX emphasizes market volatility and game space; Hyperliquid attempts to create a decentralized order through on chain consensus and algorithm transparency, but centralized intervention in times of crisis also exposes its inherent contradictions. There is no perfect system, and behind algorithms lies human value judgments and choices. read the whole passage: https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=47&id=44727