Hyperliquid's Price Drops 4.13% as MetaMask Integrates Perpetuals Trading

Hyperliquid's latest price was $55.87, down 4.133% in the last 24 hours. MetaMask, a widely used self-custodial crypto wallet, is preparing to integrate perpetuals trading directly within its interface through a partnership with Hyperliquid, a decentralized derivatives platform built on its own Layer 1 blockchain. This integration is set to significantly expand MetaMask’s offerings, allowing its over 30 million monthly active users to trade leveraged derivatives without leaving the wallet environment. The feature will enable users to trade perpetual futures contracts seamlessly, mirroring the experience traditionally offered by centralized exchanges. Hyperliquid, known for its high-performance perpetual futures trading, offers gas-free transactions and fully on-chain settlements, making it a leader in decentralized derivatives. Its custom HyperEVM architecture supports over 200,000 orders per second while maintaining transparent order books, ensuring both speed and security.

Code updates on MetaMask’s public GitHub repository indicate that the feature is under active development. A pull request merged in July added a USDC deposit flow for Hyperliquid’s perpetuals, including minimum deposit requirements, real-time gas fee estimates, slippage tracking, and transaction confirmations. Testing instructions suggest that users can initiate deposits from within the MetaMask wallet, verify fee breakdowns, and receive status updates until successful completion. The timing of the rollout appears imminent, with developers hinting at a launch in the coming weeks and speculation that MetaMask could formally announce the feature at Token2049 in September during a Hyperliquid-hosted event.

Hyperliquid’s rapid rise in the derivatives sector is evident in its recent performance. The exchange reported $383 billion in monthly trading volume and $106 million in revenue for August, a 23% increase from July. DefiLlama data shows its annualized revenue now exceeds $1.162 billion, with cumulative perpetual trading volume reaching $2.57 trillion. Hyperliquid has captured an estimated 70% share of the DeFi perpetuals market, consistently outperforming both decentralized and smaller centralized rivals. Its lean operational model relies on automation and smart contracts, enabling the platform to process $330.8 billion annually with a workforce of only 11 employees. For comparison, PayPal employs nearly 29,000 people to handle $1.6 trillion, while Visa’s 28,000 employees process $13 trillion. The exchange’s growth has also been driven by institutional adoption, with partnerships with Anchorage Digital Bank for custody services and Circle for native USDC deployment helping to attract larger players. Hyperliquid recently slashed spot trading fees by 80%, a move designed to boost liquidity and deepen its hold over the decentralized finance (DeFi) derivatives market.

Hyperliquid has officially listed the native token of Aster, causing excitement in the on-chain trading community. The listing comes at a time when DeFi protocols are competing more fiercely for liquidity, users, and validator support. In its X post, Hyperliquid stated that users can now long or short $ASTER with up to 3x leverage, cautioning about low liquidity, high volatility, and increased liquidation risk. This development follows the launch of Aster Token ($ASTER) by decentralized perpetual exchange Aster on the BNB chain. Within 24 hours of launch, the platform recorded $345 million in trading volume, $1 billion in Total Value Locked (TVL), and 330,000 new users. The listing of Aster’s native token on Hyperliquid can be considered both collaborative and competitive, as Aster gained over $14 million in volume and was trading at $0.63 at the time of writing.

Hyperliquid has launched a new ASTER/USDC perpetual contract, supporting up to 3x leverage. BNB Chain-based decentralized perpetuals exchange Aster briefly crossed $2 billion in total value locked (TVL) after launching its native token, before falling back sharply. The surge that followed the project’s Aster (APX) token launch proved to be short-lived, ending the day at $545 million TVL. At the time of writing, the exchange’s TVL rebounded to $655 million, still nearly double its usual range of $300–$400 million before the token debut. The launch also sparked heightened trading activity, with Aster logging $434 million in 24-hour volume, placing it among the most active decentralized finance (DeFi) derivatives platforms. While the project gained traction, it still has a ways to go to catch up with Hyperliquid, its biggest rival in the space. According to DefiLlama, Hyperliquid reported $670 million in TVL, $800 million in daily trading volume and $15 billion in open interest, compared to Aster’s $3.72 million.

Community speculation suggests that Binance co-founder Changpeng “CZ” Zhao may be involved in Aster, with some users pointing to changes in his profile and suggesting Aster was launched in response to Hyperliquid’s growth. One community member claimed that Zhao may have realized the business is at risk, launching Aster in response. Another user took the speculation further, saying Zhao is “obviously pissed about hyperliquid” and said that he is “back in charge” after removing the ex-Binance tag on his profile. Despite the speculation, CZ is barred from managing Binance under a lifetime ban imposed by US authorities in 2024 as part of his plea deal. Zhao has since described himself as “just a community member and a BNB holder.”

Despite Zhao’s distancing, Aster’s ties to the Binance ecosystem are documented. Binance Labs, the former venture capital arm of the exchange and the family office tied to Binance co-founders CZ and Yi He, rebranded to YZi Labs in January. According to an announcement, Zhao will take an active role in coaching and mentoring the incubator’s startup companies. In November 2024, YZi Labs announced that it had invested in Aster’s predecessor, Astherus. A BNB Chain representative told Cointelegraph that Aster received support from BNB Chain and YZi Labs. The spokesperson said Aster received mentorship, ecosystem exposure, and access to technical and marketing resources as part of the program. However, it’s unclear whether Zhao directly coached or mentored Aster. “Additionally, Aster got investment from YZi Labs (formerly Binance Labs) as part of the incubation program,” the BNB Chain representative told Cointelegraph. The BNB Chain representative also said Aster is now the number one perpetual DEX on the blockchain and expressed their intention to support the project fully. “Derivatives are a crucial part of any DeFi ecosystem. We will keep supporting Aster, and we look forward to seeing more perpetual protocols emerge and grow to further enrich BNB Chain’s ecosystem.”

Recent reports indicate that Hyperliquid is expanding its market presence through key integrations and ecosystem developments. A notable leak revealed that MetaMask is incorporating Hyperliquid's leveraged trading functionality directly into its wallet interface, enabling users to trade perpetual futures without leaving the platform. This integration is expected to be a highlight at the upcoming Token2049 event, potentially enhancing Hyperliquid's accessibility and interoperability within the broader blockchain landscape.

Hyperliquid also announced a significant addition to its trading features, allowing users to long or short $ASTER with leverage of up to 3x. This enhancement broadens the scope for derivatives trading on the platform, positioning Hyperliquid as a versatile environment for executing sophisticated financial strategies, which could attract a wider user base seeking advanced trading options.

Institutional engagement continues to play a crucial role in Hyperliquid's ecosystem. Digital Asset Treasuries now hold approximately 6.8% of the total circulating token supply, with key players like Hyperliquid Strategies accounting for about 6.24% and Hyperion DeFi holding around 0.57%. This institutional backing supports ecosystem liquidity and highlights growing confidence. Concurrently, the Hyperliquid decentralized exchange is demonstrating solid performance, with trading volumes showing substantial week-over-week growth and total value locked reflecting continuous expansion across protocols like Hyperlend, signaling robust platform health and adoption.