币界网报道："The Battle of Contract Algorithms between CEX and DEX: Hyperliquid, Binance, OKX" (Author danny) This article takes the JELLYJELLY contract incident encountered by Hyperliquid as the starting point, and analyzes the differences between Binance, OKX and Hyperliquid in the core algorithmic mechanisms such as perpetual contract index price, mark price, and funding rate, as well as the financial philosophy behind them. Binance pursues institutional rationality, stability and controllability; OKX emphasizes market volatility and gaming space; while Hyperliquid attempts to create a decentralized order through on-chain consensus and algorithmic transparency, but centralized intervention in times of crisis also exposes its inherent contradictions. There is no perfect system, and the algorithm is ultimately based on human value judgments and choices. Read the full text: