Hyperliquid has surpassed $10 billion in open interest: a new record for the derivatives platform
The platform for trading perpetual futures, Hyperliquid, has reached a historic milestone: the volume of open interest has exceeded $10 billion. This allowed the protocol to take third place among the largest platforms in this segment. The growth in metrics became possible due to the launch of markets for traditional assets — stocks, commodities, and indices.
Notably, about $4 billion of open interest comes from decentralized exchanges created by third-party developers under the HIP-3 initiative. Traders actively use synthetic instruments: oil and the Nasdaq 100 index regularly account for over $100 million in daily trading volume. Pre-IPO markets generated particular interest: before the SpaceX listing, open interest in the corresponding contract reached $250 million.
A key stage in the ecosystem's development was the transition to the USDC stablecoin. After integration with Circle and Coinbase, USDC became the platform's primary settlement asset. Under the partnership terms, issuers are required to stake HYPE tokens and share the yield from reserves with the protocol. Hyperliquid will receive about 90% of the profit from Treasury bonds and repo transactions backing USDC within the network. At current rates, this will bring the platform approximately $160 million per year.
The protocol will allocate additional revenue to buy back and burn native HYPE tokens. The expected buyback volume is $450 million. According to the project's mechanics, burning will reduce the asset's supply and support its market value. As a reminder, in May, Hyperliquid's share of the derivatives market reached a record 6.63% of total turnover on centralized exchanges — $200 million out of $3 trillion.
My analysis: Hyperliquid demonstrates impressive momentum, transforming from a niche protocol into a serious competitor to centralized giants. The strategy of attracting traditional assets and prudent revenue management through buybacks creates a sustainable economic model. If the trend continues, we may see further growth in the platform's share of the derivatives market, which will positively impact the value of HYPE.