Perspective: Hyperliquid becomes DeFi’s “liquidity base,” with wallets and exchanges integrated into its perpetual futures contract order book

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PANews July 28, 2025, citing CoinDesk: The decentralized perpetual contract platform Hyperliquid provides wallets and exchanges with a unified liquidity infrastructure by sharing the order book and using an Ethereum-compatible HyperEVM. MetaMask integrated Hyperliquid starting in October 2025, allowing users to trade perpetual contracts directly within the wallet, and charging a 0.1% builder fee on notional trade size. The South African compliant exchange VALR has abandoned building its own perpetual contract order book and instead integrated Hyperliquid to address liquidity shortages. Through the “builder code” model, Hyperliquid outsources underlying functions such as matching, oracles, and margin to applications. Developers have already generated about $90 million in revenue, while institutions such as Hyperion DeFi have issued investment products around the native token HYPE.

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