The open interest on the Hyperliquid platform has surpassed $10 billion. The protocol ranks third among the largest venues for perpetual futures trading, according to a report from Talos.
Source: Talos.This growth was fueled by the launch of markets for traditional assets—stocks, commodities, and indices. Approximately $4 billion of the open interest is attributed to decentralized exchanges created by third-party developers under HIP-3.
Source: Talos.According to the report, traders are actively utilizing synthetic instruments. Oil and the Nasdaq 100 index regularly account for over $100 million in daily trading volume. There has also been significant interest in pre-IPO markets: ahead of SpaceX's listing, open interest in the relevant contract reached $250 million.
Source: Talos.A key milestone for the ecosystem was the transition to USDC. Following the acquisition of the USDH brand by Circle and Coinbase, the stablecoin has become the primary settlement asset for the platform.
Under the terms of the partnership, issuers are required to stake HYPE tokens and share the yield from reserves with the protocol. Hyperliquid will receive about 90% of the profits from treasury bonds and repo transactions that back USDC within the network. At current rates, this will generate approximately $160 million annually for the platform.
The protocol plans to direct additional income towards the buyback and burning of native HYPE tokens. The total buyback amount is expected to reach $450 million. According to the project's mechanics, burning will reduce the asset's supply and support its market value.
As a reminder, in May, the share of perpetual futures trading volume on Hyperliquid rose to a record 6.63% of the total turnover on CEX—$200 million out of $3 trillion.