Research by Glassnode has found that traders in Tokyo, Japan, can reach Hyperliquid's validators in as little as 2 to 3 milliseconds, compared to European users who face delays exceeding 200 milliseconds. This is far better than European users due to the decentralization of the protocol's 24 validators. These advantages can be attributed to a better latency and higher fill probability in the market. However, critics argue that more complicated order instructions submitted from the Tokyo region can reach a roundtrip latency time of 400ms. The study also highlights a tension between decentralization and equal participation. Despite this, Hyperliquid has seen sustained growth despite its centralized concentration of infrastructure.