Hyperliquid reached $10 billion in open interest: the platform broke into the top 3 for derivatives
The open interest on the Hyperliquid platform has surpassed the $10 billion mark. This indicator has propelled the protocol to third place among the largest perpetual futures trading venues, confirming its rapid growth in the decentralized finance segment.
The key driver of this surge was the launch of markets for traditional assets — stocks, commodities, and stock indices. Approximately $4 billion of open interest has been formed 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 regularly see over $100 million in daily trading volume. Pre-IPO markets deserve special attention: ahead of 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 as the primary settlement asset. After the USDH brand was acquired by Circle and Coinbase, the stablecoin has been fully integrated into the platform. Under the partnership terms, issuers are required to stake HYPE tokens and share protocol revenue from reserves. 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 revenues to buy back and burn native HYPE tokens. The expected buyback amount is $450 million, which, according to the project's mechanics, will reduce the asset's supply and support its market value.
Recall that in May, Hyperliquid's share of perpetual futures trading volume reached a record 6.63% of the total turnover on centralized exchanges — $200 billion out of $3 trillion.
My analysis: Hyperliquid demonstrates a unique hybrid liquidity model, combining DeFi innovations with traditional financial instruments. The growth to $10 billion in open interest is not just a number, but a signal that institutional players are beginning to trust decentralized platforms for complex hedging and speculation strategies. However, the key risk remains in the regulatory uncertainty surrounding synthetic assets and pre-IPO markets.