Wintermute-Attributed Hyperliquid Auction Spending Tops $3.5 Million

On-chain analyst Psyche attributed about $824,000 in Hyperliquid priority-auction spending over the past 30 days to an account associated with Wintermute, highlighting demand for earlier access to pending trades. At that pace, spending would total about $10 million a year.

The attributed account has recorded about $229.7 million in cumulative profits since 2024. About $204 million came before Hyperliquid introduced the auctions in April 2026. In the roughly seven months after launch, the account recorded about $25.6 million in profits and spent about $3.58 million on bids.

Hyperliquid holds an auction every three minutes for three priority seats. The top seat can give its holder access to pending, unexecuted trade data about 60 milliseconds before it reaches participants without priority. Wintermute-attributed activity focused mainly on seat zero, winning about 74.7% of relevant auction rounds in October.

Earlier access can let market makers withdraw or adjust quotes before a trade executes, a setup similar to “last look” in traditional markets. It may disadvantage smaller market makers without priority, while large market orders from ordinary traders may prompt a speed competition among market makers.

Since Nov. 11, average daily spending attributed to Wintermute has fallen from roughly $30,000 to about $10,000, with bids concentrated in the few hours after the U.S. stock market opens. The attribution relies on third-party labels and has not been disclosed by Wintermute.