Hyperliquid surpassed the $10 billion mark in open interest: a new record for the derivatives market
The open interest volume on the Hyperliquid platform has reached an all-time high, exceeding $10 billion. This figure places the protocol third among the largest perpetual futures trading venues, confirming its rapid growth and increasing influence in the crypto derivatives market.
The key driver of this explosive growth has been the expansion of its toolkit. Hyperliquid launched markets for traditional assets — stocks, commodities, and stock indices. Approximately $4 billion of open interest has been generated on decentralized exchanges created by third-party developers under the HIP-3 initiative. This indicates a high degree of ecosystem maturity and trust in its infrastructure.
Of particular interest is the active use of synthetic instruments. For example, contracts for oil and the Nasdaq 100 index see over $100 million in daily trading volume. The hype around pre-IPO markets is also impressive: ahead of SpaceX's listing, open interest for the corresponding contract reached $250 million. This suggests that traders are seeking new ways to diversify and hedge risks beyond classic crypto assets.
An important milestone in the platform's development was the full transition to the USDC stablecoin. After merging the USDH brand with Circle and Coinbase, USDC became the primary settlement asset. Under the partnership terms, issuers are required to stake HYPE tokens and share the yield from reserves. Hyperliquid will receive about 90% of the profits from Treasury bonds and repo transactions backing USDC within the network. At current rates, this will bring the platform approximately $160 million annually.
The protocol will allocate additional revenue to buy back and burn native HYPE tokens. The expected buyback volume is $450 million. According to the developers, this mechanism will reduce the asset's supply and support its market value. This is a smart move to strengthen holder confidence.
Notably, in May, Hyperliquid's share of the derivatives market had already grown to a record 6.63% of total centralized exchange turnover — $200 million out of $3 trillion. The current surge to $10 billion in open interest is not just a number. It is a signal that decentralized platforms are beginning to seriously compete with traditional giants, offering unique products and high liquidity.
My opinion: Hyperliquid demonstrates that the future of derivatives lies in hybrid models combining DeFi and TradFi. The growth of open interest to $10 billion is just the beginning. If the platform continues to expand its range of instruments and attract institutional players, we may see new records in the coming quarters.