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For reference, Uniswap pool TVL on Base as of 31 May 2026, alongside HyFi’s liquidity:

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Bids and Asks

The win-rate table above covers the full comparison. The graphs below show two hours of data so the lines are easier to distinguish. HyFi’s market maker uses a 0.05% fee, matching the 0.05% Uniswap pools in this comparison. There is no 0.01% pool in the comparison.

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Bids

If a user is selling cbBTC, they want to sell to the highest price that someone is willing to buy at. HyFi is the red line, so being the line at the top will win trades.
Base Cbbtc Usdc Bids 10000
As we can see, HyFi wins as the trade size is higher because HyFi offers much lower slippage. But even with small trade sizes, HyFi takes a significant share. You can see that, when the price rises twice in the first quarter of the graph, HyFi has the top bid and the others are lagging behind because they haven’t been arbed to the ‘real’ price yet. When the price is falling, HyFi is not the top bid, and instead the passive pools give a better price because they’re lagging, but those pools receiving trades during those times is toxic flow that is actually making them lose money in real/LVR terms.

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Asks

If a user is buying cbBTC, they want the lowest price that someone is willing to sell at. HyFi is the red line, so being the line at the bottom will win trades.
Base Cbbtc Usdc Asks 10000
In this two-hour window, HyFi performs best at larger trade sizes and wins a substantial share of small trades.

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Conclusion

HyFi leads at every trade size in the win-rate table. It wins over half the $10,000 bids and asks, leads the $1,000 bids and narrowly leads the asks, and holds the lead at $100. HyFi has $20,000 of liquidity compared with $3.3M–$11M in the listed Uniswap pools. It’s also notable that a large % of the trades the passive pools win is toxic flow, and so if we tried to measure the % of trades that HyFi wins that are profitable trades to win, the win rate would be even higher. The thing that matters most to HyFi’s profitability, other than avoiding toxic flow, is its ability to compete on slippage, which is proportional to the ratio between the slippage on DEXes vs CEXes. Competing on L2s gives HyFi an advantage compared to L1s because the CEX slippage is unchanged but TVL is lower on L2s and therefore slippage is higher.