arXiv:2611.08669v1 Announce Type: new Abstract: Speculative decoding has become a standard way to accelerate LLM inference: a lightweight drafter proposes tokens that the target verifies in one parallel pass. Existing drafters face trade-offs that limits their speedups: autoregressive drafters generate tokens one at a time, so drafting cost grows with draft length, while diffusion drafters generate tokens in parallel but predict each position independently, ignoring inter-token dependencies. We introduce ChainFlow, a new speculative decoding paradigm and the first flow-matching drafter conditioned on the target's hidden states. ChainFlow treats drafting as a short transport over hidden states, needing one or two flow steps instead of the many denoising steps of generation from noise. A variational autoencoder compresses these states so drafting cost barely grows with target size, lightweight feedback heads restore inter-token dependencies, and tree drafting raises acceptance. On Qwen3.5 models, at matched drafter size and training data, ChainFlow outperforms EAGLE-3 and DFlash in vLLM by 39% and 11%, respectively. These gains further widen as drafters are adapted to new languages sequentially. Our ablations cover drafter design and concurrent serving, and we open-source our code and drafter models.