Hyperliquid has reached $10 billion in open interest: a new record for decentralized derivatives
The volume of open interest on the Hyperliquid platform has surpassed the $10 billion mark. This figure has propelled the protocol to third place among the largest platforms for trading perpetual futures, confirming the growing dominance of decentralized solutions in the derivatives segment.
The key driver of growth was the expansion of markets into traditional assets: stocks, commodities, and stock indices. Approximately $4 billion of open interest was generated by 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 have generated particular interest. Ahead of the anticipated SpaceX listing, open interest in the corresponding contract reached $250 million, demonstrating high demand for tokenized traditional assets.
An important milestone in the ecosystem's development was the transition to USDC. After integrating the stablecoin as the primary settlement asset, the platform entered into partnerships with Circle and Coinbase. Under the terms of the agreement, the issuers are required to stake HYPE tokens and share the yield from reserves. Hyperliquid will receive approximately 90% of the profits from Treasury bonds and repo transactions backing USDC on the network. At current rates, this will bring the platform around $160 million annually.
The protocol will allocate additional revenues to buy back and burn native HYPE tokens. The expected buyback volume is $450 million, which will significantly reduce the asset's supply and support its market value. In May, Hyperliquid's share of the derivatives market already reached a record 6.63% of total CEX turnover — $200 million out of $3 trillion.
Analyst comment: Hyperliquid demonstrates that decentralized platforms can compete with centralized exchanges not only in volume but also in functionality. The transition to USDC and the introduction of pre-IPO markets are strategically sound moves that will attract institutional investors. However, the key risk remains dependence on the yield of Treasury bonds, which could decline if the macroeconomic environment changes.