MetaMask Introduces “CEX Killer” with New In-Wallet Perpetual Trading

MetaMask has made a significant leap into the on-chain derivatives market. On October 8, Consensys announced the launch of “MetaMask Perps,” enabling users to engage in perpetual futures trading directly from the MetaMask mobile app. This new feature is viewed as a challenge to centralized exchanges, allowing trading of over 150 tokens with leverage up to 40 times, all while users maintain complete control over their private keys.

Key Takeaways

MetaMask has launched "MetaMask Perps," allowing in-wallet perpetual trading and challenging centralized exchanges.
Users can trade over 150 tokens with leverage up to 40x directly from the MetaMask mobile app.
The new feature supports various EVM-compatible tokens and offers high performance with full control over private keys.
MetaMask has introduced a major upgrade to its mobile interface, enhancing trading capabilities with live charts and risk management tools.
The wallet also plans to launch a native token, MASK, and has issued its first stablecoin, MetaMask USD (mUSD).

MetaMask Unleashes "CEX Killer" With New In-Wallet Perps Trading

Major Expansion: MetaMask Wallet Transforms into a Comprehensive Trading Platform

MetaMask has significantly expanded its trading capabilities with the addition of a new “Perps” tab in its mobile interface. Users can now open long or short positions on leading tokens like Bitcoin, Ethereum, LINEA, and BONK without needing to exit the app.

🚨 PERPS ARE NOW LIVE 🚨

You can start trading perps on MetaMask Mobile.

And rewards are coming soon. 🧵👇 pic.twitter.com/J2lgZvlpmr — MetaMask.eth 🦊 (@MetaMask) October 8, 2025

Funding for trading can be done using any EVM-compatible token, such as ETH, USDT, or BNB. These tokens are automatically converted to USDC for trading without additional swap fees.

MetaMask assures that the performance of this integration matches that of centralized exchanges, all within a completely self-custodial environment. The revamped mobile app features instant trade execution, live market charts, and various risk management tools—including stop-loss, take-profit, and limit orders.

Trades are settled in mere seconds, enabling users to respond promptly to market fluctuations. To start trading, users should update their MetaMask Mobile app to version 7.56 or later and access the new “Perps” tab on the home page. Once funded, users can easily open and manage their positions with a single tap and receive real-time updates through push notifications.

The launch of MetaMask Perps comes as the demand for decentralized perpetual trading surges. Data from DefiLlama indicates that DeFi-based perpetual trading volumes reached over $1.14 trillion in September. Platforms like Hyperliquid, Aster, and Lighter are driving this activity, with Hyperliquid setting records with over $59.5 billion in volume on September 25.

Perps Trading Volume Source: DeFiLlama

Global product lead for MetaMask, Gal Eldar, views this launch as a critical step towards evolving MetaMask into a comprehensive self-custodial trading platform. He mentioned, “By embedding the Hyperliquid engine directly into our wallet and optimizing it for mobile, we’re offering a seamless transition for passive holders to become active traders.”

MetaMask's entrance into this market occurs amid increasing competition among trading platforms. Recently, the Phantom Wallet introduced a similar feature for Solana users, while Kraken debuted its custodial “Kraken Perps” platform in September. Such moves position MetaMask squarely against established centralized exchanges like Binance and OKX, which have traditionally dominated the perpetuals market. However, MetaMask Perps stands out as users retain control over their asset wallets at all times, minimizing custodial risks.

Broader Offerings: MetaMask's Plans for Stablecoin and Token Rollouts

The launch of MetaMask Perps follows weeks of speculation fueled by earlier GitHub code updates that hinted at a new "Perps" trading tab and a deposit flow for Hyperliquid.

In September, rumors circulated regarding these code updates, suggesting that MetaMask was ready to introduce perpetual futures trading in collaboration with Hyperliquid—a decentralized derivatives exchange on its own Layer 1 network.

🚀 @MetaMask is preparing in-wallet perpetuals trading via @HyperliquidX, expanding options for its 30M+ users. #MetaMask #hyperliquid https://t.co/5wLcRCVNKw — Cryptonews.com (@cryptonews) September 19, 2025

These developments refer to a trading screen for perpetuals and a USDC deposit model, indicating that users will soon be able to trade leveraged derivatives directly within MetaMask's interface.

Additionally, Consensys CEO and Ethereum co-founder Joseph Lubin indicated that MetaMask's eagerly anticipated token, named MASK, "may come sooner than expected."

The MetaMask token launch "may come sooner than you would expect," says Joe Lubin, CEO of Consensys. #MetaMask #MASKToken #Consensys https://t.co/QzEWfGdOwO — Cryptonews.com (@cryptonews) September 19, 2025

Lubin stated that the token will support the decentralization of the MetaMask ecosystem. This announcement has sparked renewed excitement among users, especially those anticipating a potential airdrop for active wallet holders.

Moreover, MetaMask has introduced its first native stablecoin, MetaMask USD (mUSD), making it the only major self-custodial wallet to do so. This stablecoin aims to enhance liquidity and utility across decentralized finance.

In August, the wallet further upgraded its offerings by adding social logins, allowing users to create or recover accounts using Google or Apple credentials without compromising self-custody. This feature employs advanced cryptographic techniques, ensuring neither MetaMask nor login providers can access private keys.

🪪 MetaMask adds Google and Apple login to simplify wallet access, eliminating the need for complex seed phrase management. #MetaMask #Wallet https://t.co/jjy80DdR9e — Cryptonews.com (@cryptonews) August 27, 2025

These advancements highlight MetaMask's transition from a simple Ethereum wallet to a comprehensive DeFi hub, incorporating trading, payments, and stable assets while ensuring user control remains intact.