MetaMask Enters On-Chain Derivatives Market with Perpetual Futures Trading
MetaMask, a leading self-custody wallet, has launched perpetual futures trading directly on its mobile app, marking a significant expansion of its trading capabilities. This move is seen as a challenge to centralized exchanges, as users can now trade over 150 tokens with up to 40x leverage while maintaining full control of their private keys. The new feature, called MetaMask Perps, is powered by decentralized exchange Hyperliquid.
The update, announced by Consensys on October 8, introduces a new “Perps” tab on the MetaMask mobile app, allowing users to open long or short positions on popular tokens such as Bitcoin, Ethereum, LINEA, and BONK without leaving the app. Funding can be done using any EVM-compatible token, such as ETH, USDT, or BNB, which will be automatically converted to USDC for trading without incurring additional swap fees.
Transforming MetaMask into a Full-Fledged Trading Platform
According to MetaMask, the integration offers the same level of trading performance expected from centralized exchanges, but within a fully self-governing framework. The redesigned mobile interface includes instant trade execution, live market charts and a range of risk management tools such as stop loss, take profit, and limit orders. Trades are completed within seconds, allowing users to react to price movements on the go.
To start trading, users need to update to MetaMask Mobile version 7.56 or later and then access the new “Perps” tab on the home screen. Once funded, traders can open and manage positions with a single tap, monitor them in real-time through push notifications, and close positions at any time. The introduction takes place against the background of increasing demand for decentralized long-running devices, with trading volume by DeFi-based perpetrators exceeding $1.14 trillion in September, according to DefiLlama.
Expansion and Competition in the On-Chain Derivatives Market
MetaMask’s entry into the market comes at a time when competition between trading platforms is intensifying. In recent months, Phantom Wallet introduced a similar Perps feature for Solana users, also leveraging Hyperliquid’s infrastructure, while Kraken launched its Kraken Perps custody platform in September. The move puts MetaMask in direct competition with centralized exchanges like Binance and OKX, which have long dominated the perpetual securities market. However, unlike these platforms, MetaMask Perps operates without custody risk, as users remain in control of their assets at all times.
MetaMask global product lead Gal Eldar described the launch as a step toward transforming MetaMask into an all-in-one, self-governing trading platform. “By embedding the Hyperliquid engine directly into our wallet and optimizing it for mobile, we offer passive holders a seamless path to becoming active traders,” he said. The launch of MetaMask Perps followed weeks of speculation after GitHub code updates revealed plans for a “Perps” tab and a Hyperliquid deposit flow.
MetaMask’s Future Plans and Developments
In addition to the launch of MetaMask Perps, the wallet is also expanding its offerings with stablecoin and token launch plans. Joseph Lubin, CEO of Consensys and co-founder of Ethereum, confirmed that MetaMask’s long-awaited token called MASK “may be coming sooner than expected.” The token will support the decentralization of the MetaMask ecosystem. MetaMask also launched MetaMask USD (mUSD), its first native stablecoin, making it the only major self-custody wallet to issue one.
For more information on MetaMask’s new perpetual futures trading feature, visit https://cryptonews.com/news/metamask-unleashes-cex-killer-with-new-in-wallet-perps-trading/
