Hyperliquid breaks $10 billion in open interest: what's behind the new record for the derivatives platform
The decentralized derivatives market continues to surprise. Hyperliquid, one of the leading protocols for trading perpetual futures, has officially surpassed the $10 billion mark in open interest. This achievement places the platform third among all venues dealing with perpetuals, including centralized giants.
The key driver of this growth has been expansion into traditional markets. Hyperliquid has launched contracts on stocks, commodities, and stock indices. These instruments have attracted significant capital inflows. Notably, about $4 billion of open interest comes from decentralized exchanges built by third-party developers under the HIP-3 initiative. This demonstrates the maturity of the ecosystem and its ability to scale through external integrations.
Traders are actively using synthetic instruments. For example, the daily trading volume for oil and Nasdaq 100 index contracts consistently exceeds $100 million. The pre-IPO market segment deserves special attention. Ahead of the anticipated SpaceX listing, open interest for the corresponding contract surged to $250 million, indicating high demand for speculative instruments tied to the real economy.
Transition to USDC and a New Economic Model
The most important strategic step for Hyperliquid has been the migration to the USDC stablecoin. After Circle and Coinbase absorbed the USDH brand, USDC became the platform's primary settlement asset. The partnership terms are unique: issuers are required to stake HYPE tokens and share the yield from reserves with the protocol.
Hyperliquid will receive about 90% of the profit from Treasury bonds and repo operations that support USDC issuance within the network. At current interest rates, this will bring the platform approximately $160 million in annual revenue. These funds will be used to buy back and burn native HYPE tokens. The expected buyback volume is $450 million, which will directly pressure the asset's supply and likely support its market value in the long term.
Recall that back in May, Hyperliquid's share of the derivatives market reached a record 6.63% of total centralized exchange turnover, amounting to $200 billion out of $3 trillion. Current indicators confirm the trend toward decentralization and growing trust in on-chain infrastructure.
My comment: Hyperliquid demonstrates how a smart combination of traditional financial instruments and decentralized infrastructure can create powerful synergies. The transition to USDC and the buyback program are not just marketing, but a well-thought-out economic model capable of ensuring sustainable growth. However, investors should remember that high open interest often precedes increased volatility. The market may react with sharp movements if large players begin to take profits.