Hyperliquid breaks through $10 billion open interest mark: a new record for the derivatives market
The Hyperliquid protocol is firmly establishing itself among the leaders of the derivatives market. The volume of open interest on the platform has exceeded $10 billion, propelling it to third place among the largest venues for trading perpetual futures. This surge is a direct result of launching markets for traditional assets, including stocks, commodities, and indices.
A key driver of growth has been the integration of tools geared toward institutional traders. Approximately $4 billion of open interest came from decentralized exchanges created by third-party developers under the HIP-3 initiative. This confirms that the Hyperliquid ecosystem is actively scaling through external innovation.
Particular interest is drawn to synthetic instruments. The daily trading volume for contracts on oil and the Nasdaq 100 index consistently exceeds $100 million. The hype around pre-IPO markets is also impressive: ahead of the anticipated listing of SpaceX, open interest in the corresponding contract reached $250 million. This indicates high demand for speculative instruments tied to major corporate events.
An important strategic move was the transition to USDC as the primary settlement asset. After the USDH brand was acquired by Circle and Coinbase, the stablecoin became the core of the platform's liquidity. The partnership terms include staking HYPE tokens by issuers and sharing returns from reserves. Hyperliquid will receive approximately 90% of profits from Treasury bonds and repo transactions, which, at current rates, will bring the platform roughly $160 million per year.
The protocol will allocate additional revenue to buy back and burn native HYPE tokens. The total buyback amount is expected to be $450 million. This is a mechanism aimed at reducing the asset's supply and supporting its market value — a classic approach for deflationary tokenomics management.
Recall that in May, Hyperliquid's share of the derivatives market reached a record 6.63% of total centralized exchange turnover — $200 billion out of $3 trillion. The platform is now showing steady growth, and if the trend continues, we could see it among the top two venues within the next few quarters.
My expertise: Hyperliquid successfully combines decentralized infrastructure with tools familiar to traditional markets. The transition to USDC and the launch of pre-IPO contracts are not just technical updates but a strategic step toward attracting large capital. However, it is worth monitoring regulatory risks, especially in the segment of synthetic assets, which may draw the attention of supervisory authorities.