MetaMask, the popular Ethereum wallet, is rumored to be integrating perpetual futures trading into its platform through a collaboration with Hyperliquid, as per leaked code snippets on social media.
Recent updates on MetaMask’s public GitHub repository have unveiled a new “Perps” tab and deposit flows for USDC, hinting at the addition of leveraged trading features commonly found on centralized exchanges. This new functionality would enable users to open and manage perpetual positions directly within MetaMask, without the need to switch to a different platform.
The leaked code includes details such as minimum deposit requirements, gas fee estimations, slippage checks, and confirmation messages. Test notes suggest that users will be able to initiate deposits within MetaMask and receive real-time updates until the trades are settled. Although an official launch date has not been announced, developers have hinted that the feature could go live in the coming weeks.
Rumors within the community speculate that MetaMask might unveil this integration at the upcoming Token2049 event in Singapore, where Hyperliquid is set to make an appearance.
Hyperliquid, a relatively new player in the derivatives market, has seen significant growth since its inception. Data from DefiLlama shows that the platform recorded $383 billion in monthly trading volume and $106 million in revenue in August alone, marking a 23% increase from the previous month. With an annualized revenue exceeding $1.16 billion and total perpetuals trading volume surpassing $2.5 trillion, Hyperliquid has quickly established itself as a major player in the space.
Operating on its own Layer 1 blockchain, Hyperliquid boasts a high-performance infrastructure capable of handling over 200,000 orders per second. The platform offers gas-free transactions and fully on-chain settlement, aiming to deliver the performance of centralized exchanges while maintaining transparency.
In addition to its technical capabilities, Hyperliquid has secured partnerships with industry players such as Anchorage Digital for custody services and Circle for the deployment of the USDC stablecoin on its network. By offering lower fees and automated processes, Hyperliquid has managed to capture an estimated 70% share of the decentralized perpetuals market as of September.
As the crypto community eagerly awaits the potential integration of perpetual futures trading on MetaMask through Hyperliquid, the partnership could further solidify MetaMask’s position as a leading decentralized finance platform. Stay tuned for more updates on this exciting development.