MetaMask is set to introduce perpetual futures trading directly within its interface in collaboration with Hyperliquid, as indicated by recent code leaks on social media.
Recent updates on MetaMask’s public GitHub repository have unveiled a dedicated “Perps” tab and deposit procedures for USDC, hinting at the inclusion of leveraged trading options commonly seen on centralized exchanges.
This new feature will enable users to initiate and manage perpetual positions through Hyperliquid without the need to switch between platforms.
Possible Implementation
The code snippets reveal specifics such as minimum deposit requirements, gas fee estimates, slippage verifications, and confirmation prompts.
Testing insights suggest that users can commence deposits within MetaMask and receive real-time updates until completion. While an official launch date has not been disclosed, developers suggest that the feature could be operational within a few weeks.
There is anticipation within the community that MetaMask might unveil this integration at Token2049 in Singapore, an event hosted by Hyperliquid.
Market Expansion
Since its inception last year, Hyperliquid has rapidly emerged as a key player in the derivatives market.
According to DefiLlama data, the platform saw $383 billion in monthly trading volume and generated $106 million in revenue in August, marking a 23% rise from the previous month. Its annual revenue has now surpassed $1.16 billion, with total perpetual trading exceeding $2.5 trillion.
Operating on its proprietary Layer 1 blockchain, Hyperliquid boasts a capacity of over 200,000 orders per second. The platform facilitates gas-free transactions and fully on-chain settlement, aiming to provide performance akin to centralized exchanges while maintaining transparency.
Moreover, the decentralized perpetuals exchange has established partnerships with industry players such as Anchorage Digital for custody services and Circle for the native deployment of the USDC stablecoin on its network.
By leveraging lower fees and automation, Hyperliquid has significantly expanded its market presence and currently commands an estimated 70% share of the decentralized perpetuals market as of September.
