Hyperliquid has reached $10 billion in open interest: a new record for decentralized derivatives
The Hyperliquid platform continues to show impressive momentum: the open interest volume on the protocol has exceeded the $10 billion mark. This metric has propelled Hyperliquid to third place among the largest perpetual futures trading venues, trailing only centralized giants like Binance and Bybit.
The key driver of growth has been the expansion of its toolkit. The launch of markets for traditional assets — stocks, commodities, and stock indices — has attracted significant capital. Approximately $4 billion of open interest is concentrated on decentralized exchanges created by third-party developers under the HIP-3 initiative. Traders are actively using synthetic instruments: oil and the Nasdaq 100 index generate over $100 million in daily trading volume.
The pre-IPO market segment deserves special attention. Ahead of the anticipated SpaceX listing, open interest in the corresponding contract reached $250 million, highlighting growing demand for tokenized versions of traditional assets.
A major strategic move was the ecosystem's full transition to the USDC stablecoin. Following the acquisition of the USDH brand by Circle and Coinbase, USDC has become the platform's primary settlement asset. The partnership terms require issuers to stake HYPE tokens and share protocol revenue from reserves. At current rates, Hyperliquid will receive approximately 90% of profits from Treasury bonds and repurchase agreements, providing roughly $160 million in annual income.
These funds are planned to be used for buying back and burning native HYPE tokens. The expected buyback volume is $450 million, which should support the asset's market value by reducing supply.
Cryptalist Analysis: Reaching $10 billion in open interest is not just a number. Hyperliquid demonstrates that decentralized platforms can compete with CEXs not only in cryptocurrency but also in traditional trading. However, the key risk is dependence on the partnership with Circle and Coinbase. Should regulatory policy regarding stablecoins change, the protocol's revenue model could be jeopardized.