Hyperliquid has reached $10 billion in open interest: a new record for the derivatives ecosystem
The open interest on the Hyperliquid platform has surpassed the $10 billion mark. This figure has propelled the protocol to third place among the largest perpetual futures trading venues, confirming its growing role in the derivatives sector.
The key driver of growth has been the expansion of its toolkit to include traditional assets — stocks, commodities, and indices. Approximately $4 billion of open interest comes from decentralized exchanges built by third-party developers under the HIP-3 initiative. This demonstrates Hyperliquid's ability to attract liquidity through an open ecosystem.
Synthetic Instruments and Pre-IPO Markets
Traders are actively using synthetic contracts: oil and the Nasdaq 100 index regularly see over $100 million in daily trading volume. Pre-IPO markets have generated particular interest — ahead of the SpaceX listing, open interest in the corresponding contract reached $250 million, highlighting demand for preliminary instruments for high-risk investments.
Transition to USDC and a New Yield Model
A key milestone in development was the adoption of the USDC stablecoin as the primary settlement asset following the acquisition of the USDH brand by Circle and Coinbase. Under the partnership terms, the issuers are required to stake HYPE tokens and share protocol revenue from reserves. Hyperliquid will receive approximately 90% of profits from Treasury bonds and repo transactions, which, at current rates, will generate around $160 million annually for the platform.
Additional revenues will be directed toward buying back and burning 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, creating deflationary pressure.
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. This confirms that the protocol is not just catching up to competitors but actively drawing liquidity away from them.
My analysis: Hyperliquid demonstrates a unique model where a decentralized platform successfully competes with CEXs through innovative instruments and a flexible token economy. However, the key risk remains its dependence on the partnership with Circle and Coinbase — any change in terms could significantly impact the protocol's profitability.