Open interest on the Hyperliquid platform has exceeded $10 billion. The protocol took third place among the largest perpetual futures trading venues, according to a Talos report.

The growth in the metrics was driven by the launch of markets on traditional assets — stocks, commodities and indices. About $4 billion of the open interest came from decentralized exchanges created by third-party developers under HIP-3.

According to the report, traders are actively using synthetic instruments. Oil and the Nasdaq 100 index regularly account for more than $100 million in daily trading volume. Pre-IPO markets also drew notable interest: ahead of SpaceX's listing, open interest in the corresponding contract reached $250 million.

An important stage in the ecosystem's development was the transition to USDC. After the USDH brand was acquired by Circle and Coinbase, the stablecoin became the platform's main settlement asset.

Under the terms of the partnership, issuers are required to stake HYPE tokens and share with the protocol the yield from reserves. Hyperliquid will receive about 90% of the profit from treasury bonds and repo deals backing USDC within the network. At current rates this will bring the platform about $160 million a year.

The protocol will direct additional revenue toward buying back and burning native HYPE tokens. The total buyback amount is expected to be $450 million. Under 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 total turnover on CEXs — $200 million out of $3 trillion. 

Source: ForkLog