Hyperliquid has surpassed the $10 billion mark in open interest: what is driving the growth
The Hyperliquid protocol continues to demonstrate impressive momentum. The open interest volume on the platform has exceeded the $10 billion mark, allowing it to claim third place among the largest venues for trading perpetual futures. This milestone is the result of a targeted strategy to expand its toolkit.
The key growth driver has been the introduction of markets for traditional assets — stocks, commodities, and stock indices. Approximately $4 billion of open interest comes from decentralized exchanges created by third-party developers under the HIP-3 initiative. Traders are actively using synthetic instruments: oil and the Nasdaq 100 index regularly see over $100 million in daily trading volume. Pre-IPO markets have generated particular interest: before the SpaceX listing, open interest in the corresponding contract reached $250 million.
An important stage in the ecosystem's development was the transition to USDC. After Circle and Coinbase absorbed the USDH brand, the stablecoin 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 profits from Treasury bonds and repo transactions backing USDC on-chain. 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 total buyback amount is expected to be $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 CEXs — $200 million out of $3 trillion.
Analyst's opinion: Hyperliquid demonstrates how decentralized platforms can effectively compete with centralized exchanges by offering unique instruments and revenue distribution models. The transition to USDC and the HYPE buyback program are not just marketing moves but well-thought-out steps toward building a sustainable economy. However, it is worth monitoring how these mechanisms will affect the liquidity and volatility of the HYPE token itself in the long term.