MetaMask Prepares Perpetuals Trading Integration with Hyperliquid, Stock Drops 4.211%

Hyperliquid's latest price was $56.17, down 4.211% 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. This integration is evident from code updates on MetaMask’s public GitHub repository, which suggest that the feature is under active development. The updates include references to a new “Perps” trading screen and deposit functionality enabling users to fund perpetual futures accounts in USDC. This development points to a major expansion of MetaMask’s offerings, which currently serve more than 30 million monthly active users. By embedding perpetuals trading within its interface, MetaMask would allow users to trade leveraged derivatives without leaving the wallet environment, mirroring the seamless experience traditionally offered by centralized exchanges.

Hyperliquid, the platform MetaMask is preparing to integrate, specializes in high-performance perpetual futures trading. Built on its own Layer 1 blockchain, Hyperliquid offers gas-free transactions and fully on-chain settlements. Its custom HyperEVM architecture supports more than 200,000 orders per second while maintaining transparent order books, a model designed to deliver the speed of centralized platforms while retaining the security of decentralized infrastructure. The leaked GitHub code provides further detail on the integration process, including a pull request merged in July that added a USDC deposit flow for Hyperliquid’s perpetuals. This includes minimum deposit requirements, real-time gas fee estimates, slippage tracking, and transaction confirmations. Testing instructions indicated that users could initiate deposits from within the MetaMask wallet, verify fee breakdowns, and receive status updates until successful completion. The timing of the rollout appears close, 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.

The integration would coincide with Hyperliquid’s rapid rise in the derivatives sector. The exchange recently reported significant trading volume and revenue, with a 23% increase from the previous month. 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. 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. The decentralized exchange recently slashed spot trading fees by 80%, in a move designed to boost liquidity and deepen its hold over the decentralized finance (DeFi) derivatives market.

If confirmed, the MetaMask integration would mark a pivotal step in bringing advanced derivatives trading into mainstream decentralized finance. For MetaMask’s vast user base, it could eliminate the need to rely on centralized venues while further cementing Hyperliquid’s position as a dominant force in crypto derivatives. The integration would allow MetaMask’s users to trade perpetual futures contracts without leaving their wallet interface, eliminating the need to navigate to separate trading platforms. This move by MetaMask and Hyperliquid sets a precedent for other wallet providers and DeFi protocols, signaling a shift towards more integrated and user-friendly DeFi experiences. As wallets become more feature-rich, they are poised to become central hubs for all decentralized financial activities. This could lead to increased adoption of DeFi, as the complexities that often deter new users are gradually smoothed out. By bringing advanced trading tools directly to the user’s fingertips, MetaMask is not just expanding its own utility but also pushing the entire ecosystem forward towards greater accessibility and mainstream appeal.

Decentralized perpetual exchange Hyperliquid has officially listed the native token of Aster, which has caused a lot of 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 said, “By community request, you can now long or short $ASTER with up to 3x leverage. Beware of low liquidity, high volatility, and increased liquidation risk.” This development follows the launch of Aster Token ($ASTER) by Decentralized perpetual exchange Aster on the BNB chain. Within 24 hours of launch, the platform recorded significant trading volume, Total Value Locked (TVL), and new users. Changpeng Zhao, CEO of Binance, also expressed his appreciation for the successful launch. The listing of Aster’s native token on Hyperliquid can be considered both collaborative and competitive. Aster is debut on Hyperliquid, ASTER gained over $14 million in volume and it was trading at $0.63 at the time of writing. This move highlights the competitive nature of the DeFi ecosystem, where platforms are constantly innovating to attract users and liquidity.

Hyperliquid has launched its mainnet, introducing a decentralized exchange featuring perpetual swaps as its core offering. This platform operates on Hyperliquid's proprietary Layer 1 blockchain, which utilizes a proof-of-stake consensus mechanism. Following the mainnet release, the platform entered a testnet phase designed for user interaction and feedback gathering. During this testing period, users actively participated in simulated trading and transactions, contributing valuable insights that informed adjustments prior to the full public deployment. A key strategic development involves Hyperliquid integrating with prominent Layer 2 solutions Arbitrum and Starknet. This integration aims to improve cross-chain interoperability, allowing Hyperliquid users to manage assets and positions more fluidly across these different blockchain environments. To encourage initial platform participation, Hyperliquid initiated a liquidity mining incentive program. This program rewards users who provide liquidity to specific trading pools on the exchange, contributing to overall market depth. Governance capability was introduced through the release of the platform's native token. This token enables holders to propose modifications to platform parameters and vote on key development directions, establishing a decentralized decision-making framework for the Hyperliquid ecosystem.