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Link prediction (LP) has been recognized as an important task in graph learning with its broad practical applications. A typical application of LP is to retrieve the top scoring neighbors for a given source node, such as the friend recommendation. These services desire the high inference scalability to find the top scoring neighbors from many candidate nodes at low latencies. There are two popular decoders that the recent LP models mainly use to compute the edge scores from node embeddings: the HadamardMLP and Dot Product decoders. After theoretical and empirical analysis, we find that the HadamardMLP decoders are generally more effective for LP. However, HadamardMLP lacks the scalability for retrieving top scoring neighbors on large graphs, since to the best of our knowledge, there does not exist an algorithm to retrieve the top scoring neighbors for HadamardMLP decoders in sublinear complexity. To make HadamardMLP scalable, we propose the Flashlight algorithm to accelerate the top scoring neighbor retrievals for HadamardMLP: a sublinear algorithm that progressively applies approximate maximum inner product search (MIPS) techniques with adaptively adjusted query embeddings. Empirical results show that Flashlight improves the inference speed of LP by more than 100 times on the large OGBL-CITATION2 dataset without sacrificing effectiveness. Our work paves the way for large-scale LP applications with the effective HadamardMLP decoders by greatly accelerating their inference.