The open interest on the Hyperliquid platform has exceeded $10 billion. The protocol has secured the third position among the largest platforms for trading perpetual futures, according to a report by Talos.
The growth was driven by the launch of markets for traditional assets such as stocks, commodities, and indices. Approximately $4 billion of the open interest was attributed to decentralized exchanges created by third-party developers under HIP-3.
According to the report, traders are actively using synthetic instruments. Oil and the Nasdaq 100 index regularly account for more than $100 million in daily trading volume. Pre-IPO markets have also attracted significant interest: before the SpaceX listing, open interest in the corresponding contract reached $250 million.
A significant development in the ecosystem was the transition to USDC. Following the acquisition of the USDH brand by Circle and Coinbase, the stablecoin became the primary settlement asset on the platform.
Under the partnership terms, issuers are required to stake HYPE tokens and share yield from reserves with the protocol. Hyperliquid will receive about 90% of the profits from treasury bonds and repo transactions supporting USDC within the network. At current rates, this will bring the platform approximately $160 million annually.
The protocol plans to use additional revenue to buy back and burn native HYPE tokens. The total buyback is expected to amount to $450 million. According to the project’s mechanics, burning will reduce the asset’s supply and support its market value.
In May, the share of perpetual futures trading volume on Hyperliquid increased to a record 6.63% of the total turnover on CEX, amounting to $200 million out of $3 trillion.
