Hyperliquid has surpassed the $10 billion mark in open interest: a derivatives giant on the rise
The open interest on the Hyperliquid platform has reached an impressive $10 billion. This figure has allowed the protocol to secure third place among the largest perpetual futures trading venues, confirming its growing influence in the derivatives segment.
The key driver of this growth has been the expansion of its toolkit: the launch of markets for traditional assets, including stocks, commodities, and stock indices. Notably, about $4 billion of the total open interest comes from decentralized exchanges built by third-party developers under the HIP-3 initiative. This indicates the maturity of the ecosystem and its ability to attract external builders.
Traders are actively using synthetic instruments. For example, 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 anticipated SpaceX listing, open interest for the corresponding contract reached $250 million. This suggests that Hyperliquid is becoming a venue for speculation on events beyond the traditional crypto world.
An important milestone in the project's evolution was the transition to USDC as the primary settlement asset. This occurred after the USDH brand was acquired by Circle and Coinbase. 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 around $160 million annually for the platform.
The protocol will allocate additional revenue to buy back and burn native HYPE tokens. The total buyback amount is expected to be $450 million. This mechanism is designed to reduce the asset's supply and support its market value, which could become a powerful catalyst for holders.
Recall that as early as May, Hyperliquid's share of the derivatives market reached a record 6.63% of the total turnover on centralized exchanges. Current figures only confirm the steady trend toward trading decentralization and the growing influence of this protocol.
My opinion: Hyperliquid demonstrates that decentralized platforms can not only compete with CEXs but also surpass them in innovation. The integration of traditional assets and pre-IPO markets is a direct bridge between TradFi and DeFi that could fundamentally change the trading landscape. However, one should monitor the risks associated with liquidity concentration and regulatory pressure on such hybrid instruments.