@misc{lim2026_ssrn_6820700,
  author = {Lim, Boon Chuan},
  title = {What Wins on Hyperliquid? Speed, Timing, or Carry? A Regime-Dependent Decomposition of Trading Edge in an On-Chain Perpetual Order Book},
  year = {2026},
  doi = {10.2139/ssrn.6820700},
  url = {https://doi.org/10.2139/ssrn.6820700},
  note = {Working paper / preprint}
}