VALLETTA, April 23, 2026, 10:38 CEST
- Blockchain.com on April 21 rolled out Hyperliquid-powered perpetual futures in its DeFi wallet, opening up over 190 markets and leverage reaching 40x.
- On Thursday, DefiLlama pegged Hyperliquid’s 24-hour perpetual futures volume near $6.5 billion, with open interest sitting at $7.67 billion.
- Kraken is snapping up Bitnomial, while Coinbase continues to offer perpetual-style futures. The Commodity Futures Trading Commission, meanwhile, has moved toward greater clarity on crypto perps.
Blockchain.com has rolled out Hyperliquid-powered perpetual futures in its DeFi wallet as of April 21, opening up a fresh path for retail traders to access the on-chain derivatives platform. The move arrives just as U.S. exchanges gear up to introduce rival offerings, anticipating a possible change in regulations.
This is no small point: perpetual futures—perps, in the market’s shorthand—are leveraged contracts that never expire. Reuters put the 2025 volume at $61.7 trillion, dwarfing spot crypto trading. That scale helps clarify why wallets, brokers, and exchanges are all scrambling now.
Users at Blockchain.com are now able to fund trades straight from their bitcoin wallets and access over 190 crypto markets, with leverage available up to 40x. “The goal is for moving from just holding crypto to actually using it to feel instant,” said co-founder and Vice Chairman Nic Cary, emphasizing that users retain control of the keys needed for transactions. PR Newswire
Hyperliquid’s 24-hour perp volume landed near $6.5 billion on Thursday, according to DefiLlama. The platform posted $187.7 billion in trading volume for the past 30 days, with open interest totaling $7.67 billion—the amount tied up in active positions. Fees collected in the last 24 hours hit roughly $2.25 million.
Competitors aren’t standing still. Kraken last week announced plans to buy Bitnomial for as much as $550 million. Co-Chief Executive Arjun Sethi called the move a step toward offering “perpetuals and options” to U.S. traders, all under CFTC oversight. Coinbase, for its part, touts U.S. perpetual-style futures that can run as long as five years, with trading available around the clock apart from brief maintenance windows. Kraken Blog
The regulatory landscape is moving alongside the market. Back in March, Commodity Futures Trading Commission Chair Michael Selig told audiences he’d told his team to spell out the agency’s stance on “true crypto-perpetuals.” Reuters reported Wednesday that exchanges are bracing for sweeping rule changes—potentially dragging more of their operations back onto U.S. soil. CFTC
Robinhood’s crypto perpetual futures, now live in Europe, come with leverage up to 3x and a warning about substantial risk. This week, Reuters reported the broker is weighing a similar launch for U.S. customers.
The rush is one reason traders are flocking to Hyperliquid. “Over the last 12 months it definitely has picked up a ton,” said Matthew Fisher, chief executive of Katana, in comments to Reuters. Last month, The Wall Street Journal pointed out that traders were turning to Hyperliquid’s round-the-clock oil futures when regular commodity desks were shut, showing the venue is already stepping outside the crypto-only pool. Reuters
Still, perps are among the riskiest bets in crypto. “Losses can ‘compound and compound,’” Ben Schiffrin at Better Markets warned Reuters. Even if regulated venues start catching up to Hyperliquid, stricter U.S. rules on leverage or disclosures could chill demand. Reuters
Hyperliquid now finds itself spread out further—and more exposed. Should U.S. exchanges manage to blend regulatory safety with serious liquidity, some of the volume that’s fueled Hyperliquid’s growth could migrate stateside.
