Hyperliquid reaches a new level: open interest exceeds $10 billion
The Hyperliquid platform continues to demonstrate impressive growth dynamics. The open interest volume on the protocol has surpassed the $10 billion mark, allowing it to claim third place among the largest platforms for trading perpetual futures. This figure is not just a number, but a reflection of fundamental changes in the ecosystem.
A key driver of growth has been the expansion of the toolkit: the launch of markets for traditional assets — stocks, commodities, and indices — has attracted significant capital. About $4 billion of open interest comes from decentralized exchanges created by third-party developers under the HIP-3 initiative. This clearly demonstrates how architectural flexibility can stimulate the growth of the entire network.
Synthetic Instruments and Pre-IPO Markets
Traders are actively using synthetic instruments: oil and the Nasdaq 100 index regularly account for over $100 million in daily trading volume. The pre-IPO market deserves special attention. For example, ahead of the anticipated SpaceX listing, open interest in the corresponding contract reached $250 million. This indicates high demand for access to over-the-counter deals through decentralized platforms.
Migration to USDC and a New Yield Model
A crucial stage in the ecosystem's development was the transition to the USDC stablecoin. After the USDH brand was acquired by Circle and Coinbase, USDC became the platform's primary settlement asset. Under the partnership terms, 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 within the network. At current rates, this will bring the platform about $160 million annually. These funds will be used to buy back and burn native HYPE tokens. The total buyback amount is expected to be $450 million, which, according to developers, should support the asset's market value by reducing supply.
Expert Opinion
Hyperliquid is transforming from a mere derivatives platform into a full-fledged financial ecosystem. Integration with traditional markets and the transition to USDC are not just technical updates, but a strategic step toward attracting institutional investors. However, it is worth remembering that high yields from staking and buybacks are a double-edged sword. If the market turns, liquidity compression mechanisms could amplify volatility, as has already happened with many DeFi protocols.