A study of Hyperliquid perpetual futures found that native TWAP orders, whose direction and execution are visible while they are placed, experienced about 9 basis points less temporary market impact than comparable hidden executions. Hidden flow was more costly in 81% of comparable cases, with median impact 2.3 times higher and short-duration executions showing a gap of up to five times. Hyperliquid CEO Jeff Huang highlighted the research by Davide Barone and Fabrizio Lillo in an Aug. 19, 2026, post on X, saying it supports his view that transparency can improve execution for non-toxic order flow. The study also found increased market depth on the side absorbing a visible TWAP, lower costs for sweeping a $10,000 order after execution began, and a 0.28-basis-point widening in the inside spread. The findings suggest visibility can attract liquidity rather than automatically allowing other traders to trade against the order, although the results are limited to visible TWAPs on Hyperliquid and do not establish that transparency improves execution in every market or for informed flow.