According to CoinMeta, on-chain analysts pointed out that market maker Wintermute spent approximately $824,000 in the trading priority auctions on Hyperliquid over the past 30 days, with an annualized expenditure of around $10 million. This mechanism conducts auctions every 3 minutes, and in October, Wintermute won about 74.7% of the number one slot auctions. Wintermute, Selini Capital, and another market maker together contributed about 99% of the auction expenditures. Since 2024, Wintermute has accumulated a profit of about $229.7 million, of which $204 million was generated before the mechanism was launched. In the first 7 months after its launch, the account earned a profit of about $25.6 million, while the auction expenditures during the same period were about $3.58 million. The account's profits and losses include various sources such as market making, directional trading, and inventory hedging; trading priorities only brought marginal improvements. Starting from November 11th, Wintermute reduced its bidding, with daily expenditures dropping from about $30,000 to about $10,000. The core value of this mechanism lies in allowing market makers to cancel orders or adjust quotes ahead of others, meaning that large market order placements by ordinary traders may face a speed competition among market makers. The ownership of related wallets depends on third-party labels.