The market is a meat grinder 1. When detecting a large number of large single transactions in the same direction within a short period of time or when Bid1 is hanging on a super large buy order, liquidity will be withdrawn, and some may even simply follow orders for trading 2. Self operated market makers like Hyperliquid can delay user orders by 800-1000ms before matching, and if it detects changes in other CEX prices, it can withdraw its own pending orders 3. Some self operated market makers in the third tier CEX will directly freeze or confiscate any counterparty accounts involved in their delayed arbitrage/information arbitrage activities