Hyperliquid breaks the $10 billion mark in open interest: a new record for decentralized derivatives
The open interest on the Hyperliquid platform has reached an all-time high of $10 billion. This figure places the protocol in third position among the largest perpetual futures trading venues. The growth resulted from a strategic expansion of its toolkit: the launch of markets for traditional assets, including stocks, commodities, and stock indices.
Of particular interest is the fact that approximately $4 billion of the open interest comes from decentralized exchanges created by third-party developers under the HIP-3 initiative. This indicates the maturity of the Hyperliquid ecosystem, where the community actively participates in shaping liquidity.
Traders are actively using synthetic instruments. For example, oil and the Nasdaq 100 index regularly see over $100 million in daily trading volume. Even more telling is the case of pre-IPO markets: before the SpaceX listing, open interest in the corresponding contract reached $250 million. This points to high demand for access to traditional financial instruments through crypto infrastructure.
A key milestone in Hyperliquid's development was the full transition to the USDC stablecoin. After the USDH brand was acquired by Circle and Coinbase, USDC became the platform's primary settlement asset. Under the partnership terms, the issuers are required to stake HYPE tokens and share the yield from reserves with the protocol. Hyperliquid will receive approximately 90% of the profits from Treasury bonds and repo transactions backing USDC on the network. At current rates, this will generate about $160 million annually for the platform.
The protocol will allocate additional revenue to buy back and burn native HYPE tokens. The total buyback is expected to amount to $450 million. According to the project's mechanics, the burn will reduce the asset's supply and support its market value.
Recall that in May, Hyperliquid's share of perpetual futures trading volume rose to a record 6.63% of the total turnover on centralized exchanges — $200 billion out of $3 trillion.
Expert opinion: Hyperliquid demonstrates that decentralized derivative platforms can not only compete with CEXs but also surpass them in innovation. The strategy of integrating with traditional assets and the HYPE buyback mechanism creates a sustainable economic model that could become a standard for the entire DeFi industry.