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Barry, OppHub America Desk · · Source: coindesk
Crypto Perpetuals: Hyperliquid Powers DeFi, Boosting U.S. Developer Revenue
💡 . investors should monitor the growth of DeFi infrastructure providers like Hyperliquid, as their expanding ecosystems can create new opportunities for derivative trading and tokenized asset exposure.,Watch for further integrations by major . financial applications and wallets, as these partnerships signal increasing mainstream adoption of decentralized perpetuals and potentially expand the investable universe of digital assets.,Consider how the 'builder code' model, which generated $90 million in revenue, could impact the revenue streams of companies involved in crypto infrastructure and development, including potential equity plays in firms leveraging this technology.
Hyperliquid is enhancing decentralized finance (DeFi) by allowing firms to build on its shared liquidity for crypto perpetual futures, rather than fragmenting it. This approach fosters innovation and generates revenue for developers, including those in the U.S. market, by acting as a foundational infrastructure for derivative trading.
Hyperliquid, launched in early 2023, is leveraging its substantial trading volume and order book depth to offer a unique platform for decentralized finance (DeFi). The platform provides a structure where smart contracts can integrate seamlessly, acting as 'money LEGOs' for creating new tokenized financial products. This composability allows various applications, including wallets and other exchanges, to utilize Hyperliquid's robust backend for offering perpetual futures trading.
The system, built with an Ethereum-compatible HyperEVM connected to its proprietary HyperCore blockchain, enables other applications to utilize its shared liquidity. This method prevents fragmentation of liquidity and supports the expansion of services across the DeFi ecosystem. Prominent entities such as MetaMask and Phantom wallet are already integrating with Hyperliquid's 'builder codes,' showcasing its growing influence.
Several hundred developers are currently building on Hyperliquid, collectively generating approximately $90 million in revenue. This includes U.S.-based firms like Hyperion DeFi, which is focused on Hyperliquid's native token, HYPE. The platform's model allows builders to manage user interfaces and customer relationships while Hyperliquid provides the underlying liquidity and execution, akin to Amazon Web Services (AWS) for cloud infrastructure.
Integrators like MetaMask benefit by offering direct access to perpetuals trading from user wallets, streamlining fund transfers and leveraging Hyperliquid's efficient order matching and margin engine. MetaMask reports expanding interest beyond traditional crypto to real-world assets, with these markets now accounting for a quarter of its perpetual volume. This shift presents new avenues for investment and trading, especially as more diverse assets become accessible through DeFi platforms.
Even established centralized exchanges, such as South Africa's VALR, are opting to integrate with Hyperliquid for perpetuals trading. VALR, despite having built its own in-house infrastructure, found it challenging to achieve sufficient volume and liquidity. By plugging into Hyperliquid, VALR gains access to significant volume and market participants from around the globe, demonstrating the platform's ability to solve critical liquidity challenges for various financial entities.
Based on reporting from coindesk.
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Snapshot date: July 28, 2026 at 12:13 PM ET
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DeFi Infrastructure
A crypto platform called Hyperliquid is making it easy for other apps to offer advanced trading without splitting up money pools. Beginners should care because this ecosystem is generating massive developer revenue, signaling the growth of serious financial tools outside traditional banks.
What changed
Hyperliquid has established a shared liquidity infrastructure for decentralized perpetual futures, generating significant revenue for developers through its builder code model.
Who wins / who loses
Decentralized infrastructure providers and developers benefit from shared liquidity, while fragmented standalone protocols risk losing volume.
Time horizon
Think in terms of the next few months.
Confidence & best fit
medium confidence · Long-term investor, Active trader
Safer theme exposure (ETFs)
Baskets that own the theme without betting on one company.
Single stocks (higher risk)
Primary = closest to the story · Peers = same industry · Second-order = knock-on effects · Avoid = looks related but may be a trap
Peer
- $COINWatch — track, don’t rush
A major public crypto exchange that competes with or adapts to decentralized trading trends.
View $COIN chart → · End-of-day delayed data
Second-order
- $MSTRWatch — track, don’t rush
A company holding massive amounts of crypto whose stock moves with digital asset trends.
View $MSTR chart → · End-of-day delayed data
Options (education only)
No strikes or expiries — a framework for how traders might express the view. Options can expire worthless.
Beginners should skip options here entirely and stick to spot exposure or broad funds if interested.
See options-friendly brokers →Income / OppHub America angle
Not a trade tip — ways to use the insight outside the market.
- Exploring development on HyperEVM to earn developer revenue via builder codes
What would break this thesis
- Regulatory crackdowns on decentralized perpetual exchanges
- Severe smart contract exploit or loss of user funds on the platform
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