I had the same question when I came across that explanation and tried to understand what they meant by hybrid liquidity. From what I saw, it combines elements of centralized and decentralized systems, so the execution stays fast while still keeping that structure. There is also mention of competitive spreads and stable settlements, even when the market becomes more volatile. The idea is not described through formulas, but more through how the system behaves overall. I found a clearer description here https://bitsgap.com/blog/trade-evedex-futures-on-bitsgap-a-new-era-of-decentralized-trading-2 where these points are outlined step by step. It helped me see how the pieces fit together without going too deep into technical details. After that, the concept felt less abstract.