Hyperliquid breaks through the $10 billion open interest mark: analysis of market expansion
The open interest on the decentralized platform Hyperliquid has reached an all-time high of $10 billion. This metric places the protocol third among the largest venues for trading perpetual futures, trailing only centralized giants Binance and Bybit.
A key driver of growth has been the expansion of its toolkit beyond cryptocurrencies. Hyperliquid has successfully integrated markets for traditional assets — stocks, commodities, and stock indices. Approximately $4 billion of the open interest comes from decentralized exchanges created by third-party developers under the HIP-3 mechanism. This confirms the growing demand for synthetic instruments on the blockchain.
Among traditional assets, the most liquid contracts are those for oil and the Nasdaq 100 index, where daily trading volume consistently exceeds $100 million. Pre-IPO markets have also generated impressive interest: ahead of the anticipated listing of SpaceX, open interest in the corresponding contract reached $250 million.
A significant infrastructure change has been the transition to the USDC stablecoin as the primary settlement asset. The partnership with Circle and Coinbase, which involves staking HYPE tokens by issuers, opens up new revenue streams. Hyperliquid will receive approximately 90% of the profits from Treasury bonds and repurchase agreements that back USDC within the network. At current rates, this will bring the platform around $160 million annually.
The proceeds will be used to buy back and burn native HYPE tokens. The expected buyback volume is $450 million, which, according to the project's mechanics, should reduce the asset's supply and support its market value.
It is worth noting that in May, Hyperliquid's share of the derivatives market had already reached a record 6.63% of the total turnover of centralized exchanges — $200 million out of $3 trillion. The current growth in open interest to $10 billion indicates systemic adoption of the protocol by institutional players.
Analyst's opinion: Hyperliquid demonstrates that decentralized platforms can compete with CEXs not only in volatile altcoins but also in traditional instruments. However, the key risk remains regulatory pressure on synthetic assets — especially pre-IPO contracts, which fall into a legal gray area.