MetaMask Set to Launch In-Wallet Perpetuals Trading in Partnership with Hyperliquid

MetaMask, a popular self-custodial crypto wallet, is reportedly preparing to integrate perpetual trading directly into its interface through a collaboration with Hyperliquid, a rapidly growing decentralized derivatives platform. Recent code updates in MetaMask's public GitHub repository indicate that this feature is currently in development, featuring a new "Perps" trading screen alongside deposit functionality that will allow users to fund their perpetual futures accounts using USDC.

Key Takeaways

MetaMask is developing in-wallet perpetual trading functionality via a partnership with Hyperliquid.
This new feature aims to provide seamless trading of leveraged derivatives within the wallet, similar to centralized exchanges.
The integration follows Hyperliquid's significant growth and market presence in decentralized derivatives trading.
A MetaMask token launch appears imminent, as confirmed by Consensys CEO Joseph Lubin.

MetaMask's Integration with Hyperliquid Signals Expansion Ahead of Token2049

This development suggests a significant enhancement to MetaMask’s features. With more than 30 million monthly active users, the wallet has long served as a gateway for access to decentralized applications. By incorporating perpetual trading into its platform, MetaMask could allow users to engage in leveraged derivatives trading without needing to switch away from the wallet interface, providing an experience akin to that found on centralized exchanges.

Consensys CEO Joseph Lubin has mentioned that the MetaMask token is "on the way" and could launch sooner than previously anticipated.

Hyperliquid specializes in high-performance trading of perpetual futures. Operating on its own Layer 1 blockchain, it aims to lead in decentralized derivatives by offering fees-free transactions and fully on-chain settlements. Its unique HyperEVM architecture can handle over 200,000 orders per second while ensuring transparent order books, providing the speed typically associated with centralized platforms but retaining the security benefits of decentralized systems.

The leaked code from GitHub reveals essential details about the integration process. A pull request from July incorporates a USDC deposit flow specifically for Hyperliquid's perpetuals, outlining minimum deposit requirements, real-time gas fee estimates, slippage tracking, and transaction confirmations. By following testing instructions, users could deposit from within their MetaMask wallets, check fee breakdowns, and receive status updates until the transactions are completed successfully.

The deployment of this feature seems imminent. Developers have hinted at a potential launch in the upcoming weeks and are expected to make a formal announcement during Token2049 in September, particularly during a Hyperliquid-hosted event.

The integration would align with Hyperliquid's rapid ascension in the derivatives market. Recently, the exchange reported a monthly trading volume of $383 billion and a revenue of $106 million in August, marking a 23% increase from July. According to DeFiLlama data, Hyperliquid's annual revenue has surpassed $1.162 billion, with cumulative perpetual trading volume reaching $2.57 trillion. It reportedly has secured around 70% market share in DeFi perpetuals, outpacing both decentralized and smaller centralized competitors.

Hyperliquid's operational efficiency is noteworthy, operating with a workforce of only 11 employees to process $330.8 billion annually. In comparison, companies like PayPal have nearly 29,000 employees managing $1.6 trillion, while Visa employs 28,000 people to handle $13 trillion.

The exchange's expansion is also fueled by institutional interest, with partnerships established with Anchorage Digital Bank for custody services and Circle for USDC deployment. Recently, Hyperliquid reduced its spot trading fees by 80%, a strategy designed to boost liquidity and strengthen its foothold in the DeFi derivatives space.

If confirmed, the integration of perpetual trading into MetaMask would significantly advance the introduction of sophisticated derivatives trading into mainstream decentralized finance. For MetaMask’s extensive user base, this could reduce dependence on centralized platforms while reinforcing Hyperliquid’s dominance in the crypto derivatives arena.

Anticipation Builds for MetaMask’s Token Launch Following Lubin’s Confirmation

The much-anticipated launch of the MetaMask token seems nearer than ever after Consensys CEO Joseph Lubin stated that “the Mask token is coming” and may arrive sooner than expected. The Ethereum co-founder ties this launch to ongoing efforts aimed at decentralizing aspects of the MetaMask platform.

These comments provide strong signals of an upcoming release, following years of speculation, notably dating back to 2021 when Lubin playfully hinted at the token's potential arrival. Co-founder Dan Finlay had previously indicated that a token could be introduced under favorable market conditions, highlighting plans to promote any issuance directly within the wallet.

MetaMask has also recently broadened its product range. In July, it collaborated with Mastercard and Baanx to introduce a crypto debit card, enabling users to spend directly. On August 6, a governance proposal was introduced for MetaMask USD (mmUSD), a native stablecoin using Stripe's payment infrastructure.

The token is expected to launch on both Ethereum and Consensys’ Linea network on August 21, facilitating DeFi integrations for lending, borrowing, and liquidity purposes. Additionally, MetaMask introduced a social login feature on August 27, allowing account recovery via Google or Apple credentials, which mitigates the risks associated with lost seed phrases.

These initiatives reflect MetaMask's ambition to evolve beyond merely a wallet, positioning itself as a comprehensive financial gateway for decentralized services.