MetaMask, the popular self-custodial crypto wallet, is on the verge of integrating perpetuals trading directly within its interface, thanks to a partnership with Hyperliquid, a rising decentralized derivatives platform. Recent code updates on MetaMask’s public GitHub repository indicate that the feature is actively being developed, with mentions of a new “Perps” trading screen and deposit functionality that will allow users to fund perpetual futures accounts in USDC.
The move represents a significant expansion of MetaMask’s services. With over 30 million monthly active users, the wallet has long been a go-to gateway for decentralized applications. By incorporating perpetuals trading into its interface, MetaMask will enable users to engage in leveraged derivatives trading without having to leave the wallet environment, providing a seamless experience similar to centralized exchanges.
Hyperliquid, the platform that MetaMask is gearing up to integrate, specializes in high-performance perpetual futures trading. Operating on its own Layer 1 blockchain, Hyperliquid has established itself as a leader in decentralized derivatives by offering gas-free transactions and fully on-chain settlements. Its custom HyperEVM architecture supports over 200,000 orders per second while maintaining transparent order books, combining the speed of centralized platforms with the security of decentralized infrastructure.
The leaked GitHub code sheds light on the integration process, revealing a USDC deposit flow for Hyperliquid’s perpetuals. This includes details such as minimum deposit requirements, real-time gas fee estimates, slippage tracking, and transaction confirmations. Users will be able to initiate deposits from within the MetaMask wallet, review fee breakdowns, and receive updates on the transaction status until it is successfully completed.
Speculation suggests that the integration could be formally announced by MetaMask at Token2049 in September, during an event hosted by Hyperliquid. The timing aligns with Hyperliquid’s recent success in the derivatives sector, reporting $383 billion in monthly trading volume and $106 million in revenue for August, marking a 23% increase from July. DefiLlama data showcases the platform’s annualized revenue exceeding $1.162 billion, with cumulative perpetual trading volume hitting $2.57 trillion.
Hyperliquid has secured a substantial 70% share of the DeFi perpetuals market, surpassing both decentralized and smaller centralized competitors. Its efficient operational model, leveraging automation and smart contracts, enables the platform to process $330.8 billion annually with only 11 employees. In comparison, traditional financial giants like PayPal and Visa require tens of thousands of employees to handle similar transaction volumes.
The platform’s growth has been further fueled by institutional adoption, with strategic partnerships in place for custody services and stablecoin deployment. To enhance liquidity and solidify its position in the DeFi derivatives market, Hyperliquid recently slashed spot trading fees by 80%.
If the MetaMask integration with Hyperliquid is indeed confirmed, it could represent a significant step towards mainstream adoption of advanced derivatives trading within decentralized finance. For MetaMask users, the integration could eliminate the reliance on centralized exchanges while strengthening Hyperliquid’s dominance in the crypto derivatives space.
In related news, MetaMask is gearing up for the long-awaited launch of its native token, following confirmation from Consensys CEO Joseph Lubin. The token launch has been a topic of speculation since 2021, with recent developments hinting at an imminent release tied to the decentralization efforts within the MetaMask platform. With the addition of new features such as a crypto debit card, a native stablecoin, and social login capabilities, MetaMask is solidifying its position as a comprehensive financial gateway for decentralized services.
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