Metamask Expands Offerings with Hyperliquid Integration for Perpetual Trading
Metamask, a popular self-custodial crypto wallet, is set to integrate directly with Hyperliquid, a rapidly growing decentralized derivatives platform, as indicated by code updates on the Metamask public GitHub repository. This integration will enable users to trade perpetual futures within the Metamask interface, marking a significant expansion of the wallet’s offerings.
The leaked code references a new trading screen and deposit functions for “perpetuals,” allowing users to fund perpetual futures accounts in USDC. This development could provide a seamless experience for users, similar to what is traditionally offered by centralized exchanges. Hyperliquid specializes in high-performance perpetual futures trading, building on its own layer 1 blockchain and offering gas-free transactions and fully open-ordered settlements.
Hyperliquid’s Capabilities and the Integration Process
Hyperliquid’s customer-specific overseeing architecture supports over 200,000 orders per second while maintaining transparent order books, providing the speed of central platforms while ensuring the safety of decentralized infrastructure. The leaked GitHub code contains further details on the integration process, including a USDC deposit flow for Hyperliquid’s perpetuals, with minimum table requirements, real-time gas fee estimates, slippage tracking, and transaction confirmations.
The test instructions demonstrate that users can initiate deposits within the Metamask wallet, check the breakdown of fees, and receive status updates until successful completion. The timing of the rollout appears to be tight, with developers indicating that Metamask could formally announce the feature at TOKEN2049 in September during a Hyperliquid-hosted event.
Implications of the Integration and Metamask’s Expansion
The integration would match Hyperliquid’s rapid growth in the derivatives sector, with the exchange recently reporting a monthly trading volume of $383 billion and revenue of $106 million for August, a 23% increase from July. Defillama data shows that the exchange’s annualized revenue now exceeds $1.162 billion, with a cumulative perpetual volume of $2.57 trillion.
Hyperliquid has recorded an estimated 70% market share in the DeFi perpetual market, consistently outpacing both decentralized and smaller centralized competitors. The exchange’s lean operational model, based on automation and smart contracts, enables it to process $330.8 billion annually with a workforce of only 11 employees.
Metamask’s Token Launch and Decentralization Efforts
The long-discussed token launch of Metamask appears closer than ever after Consensys CEO Joseph Lubin confirmed that “The Mask token is coming” and could arrive earlier than expected. The remarks mark the strongest signal of an upcoming launch after years of speculation, which began in 2021 when Lubin teased “Wen $MASK?” on social media.
Metamask has recently expanded its product suite, teaming up with Mastercard and Baanx to launch a crypto debit card, and proposing plans for Metamask USD (MMUSD), a native stablecoin with Stripe’s Payment Rails. The wallet has also introduced a social recovery function, allowing accounts to be restored via Google or Apple registration information without compromising self-custody.
For more information on the Metamask and Hyperliquid integration, visit https://cryptonews.com/news/leaked-code-reveals-metamask-is-launching-in-wallet-perpetuals-trading-using-hyperliquid/
