MetaMask Integrates Perpetual Futures to Challenge Centralized Derivatives Platforms

MetaMask, a leading non-custodial cryptocurrency wallet, announced a partnership with Hyperliquid to integrate perpetual contract trading directly within its platform. This collaboration, set to launch in June 2025, will enable users to trade leveraged perpetual futures on Hyperliquid’s blockchain-based derivatives platform without leaving the MetaMask interface. The move aligns with growing demand for seamless, on-chain trading solutions and positions MetaMask to compete with centralized exchanges in the derivatives spaceHyperliquid Perpetual Coinbase Listing Breakdown: What It Means for Traders^[1].

Hyperliquid’s perpetual contracts, which began listing on Coinbase and Binance Futures in late May 2025, offer up to 75x leverage on platforms like Binance and 40x leverage on Hyperliquid itself. These contracts, settled in stablecoins such as USDC or USDT, allow traders to hold positions indefinitely, unlike traditional futures with fixed expiry dates. Funding rates—periodic fees to align perpetual prices with spot markets—are a key feature, ensuring liquidity and price stabilityBinance and Coinbase to List Hyperliquid HYPE Perpetual Futures^[3]. The HYPE-PERP perpetual futures market, backed by a $10.94 billion market cap HYPE token, has already attracted significant institutional interest, with Coinbase and Binance expanding their offerings to include the derivativeThe Convergence of TradFi and Digital Asset Markets^[5].

Hyperliquid’s rapid ascent in the derivatives market is underscored by its dominance in perpetual futures trading. As of August 2025, the platform processed over $100 million in monthly revenue, with a 70–80% share of the perpetual futures market. This success is attributed to its high-performance blockchain architecture, which supports 200,000 orders per second and zero gas fees, as well as a tokenomics model that allocates 99% of fees to HYPE buybacks. The platform’s airdrop of $7.5 billion worth of HYPE tokens in late 2024 to 94,000 users further fueled adoption, creating a flywheel of trading activity and token value appreciationWhy Hyperliquid Is Crypto’s New Killer App - Forbes^[2].

The integration with MetaMask marks a strategic expansion for Hyperliquid beyond derivatives into spot trading and institutional-grade infrastructure. In late 2025, the platform surpassed $1 trillion in cumulative trading volume and hit $3.4 billion in daily spot volume, with Bitcoin trading accounting for $1.5 billion. Upcoming upgrades, including HIP-3, aim to extend perpetual contracts to assets like gold and equities, broadening its appeal to traditional and crypto-native investorsWhy Hyperliquid Is Crypto’s New Killer App - Forbes^[2].

Analysts highlight the convergence of traditional finance (TradFi) and digital assets as a key driver of Hyperliquid’s growth. The U.S. government’s establishment of a strategic digital asset reserve—including Bitcoin and Ethereum—and sovereign investors like Abu Dhabi Investment Authority (ADIA) allocating $436.9 million to BlackRock’s Bitcoin ETF signal institutional validation. Hyperliquid’s partnerships with firms like Luganodes and its HyperEVM compatibility with Ethereum further strengthen its position as a foundational layer for Web3 finance.

The June 5, 2025, launch of HYPE-PERP on Coinbase and Binance is expected to amplify volatility and liquidity in the HYPE spot market. Third-party price predictions suggest a short-term range of $37–$65 post-listing, driven by speculative trading and tokenomics. However, analysts caution that market dynamics, including macroeconomic trends and regulatory developments, will ultimately determine HYPE’s trajectoryHyperliquid Perpetual Coinbase Listing Breakdown: What It Means for Traders^[1].