VALLETTA, April 23, 2026, 10:38 CEST
- Blockchain.com said on April 21 it launched Hyperliquid-powered perpetual futures inside its DeFi wallet, with access to more than 190 markets and leverage of up to 40x.
- DefiLlama showed Hyperliquid at about $6.5 billion in 24-hour perpetual futures volume and $7.67 billion in open interest on Thursday.
- Kraken is buying Bitnomial, Coinbase already offers perpetual-style futures and the Commodity Futures Trading Commission has signaled fresh clarity on crypto perps.
Blockchain.com said on April 21 that it had added Hyperliquid-powered perpetual futures to its decentralized finance, or DeFi, wallet, giving the on-chain derivatives platform a new route to retail traders. The launch lands as U.S. exchanges prepare competing products ahead of an expected regulatory shift.
That matters because perpetual futures, or perps, are leveraged contracts with no expiry date. Reuters reported the market handled $61.7 trillion of volume in 2025, far ahead of spot crypto trading, which helps explain why wallets, brokers and exchanges are all moving at once.
Blockchain.com said users can fund positions directly with bitcoin already in their wallet and trade more than 190 crypto markets with up to 40x leverage. Co-founder and Vice Chairman Nic Cary said the aim was to make the jump from holding crypto to using it feel “instant” while users kept control of the keys that authorize transactions. PR Newswire
DefiLlama data on Thursday showed Hyperliquid with about $6.5 billion in 24-hour perp volume, $187.7 billion over 30 days and $7.67 billion in open interest, or the value of outstanding positions. Fees over the last 24 hours stood at about $2.25 million.
Rivals are moving. Kraken said last week it would acquire Bitnomial for up to $550 million, and co-Chief Executive Arjun Sethi said the deal would help bring “perpetuals and options” to U.S. clients under CFTC regulation. Coinbase says its U.S. perpetual-style futures can be held for up to five years and trade 24/7 except for short maintenance breaks. Kraken Blog
The regulatory mood has shifted with the market. In a March speech, Commodity Futures Trading Commission Chair Michael Selig said he had directed staff to clarify how it views “true crypto-perpetuals,” and Reuters reported on Wednesday that exchanges are now gearing up for a broader rule change that could pull more of the business onshore. CFTC
Robinhood has already rolled out crypto perpetual futures in Europe with up to 3x leverage and says the product involves significant risk. Reuters reported this week that the brokerage is exploring a U.S. offering as well.
That scramble helps explain the appeal of Hyperliquid. “Over the last 12 months it definitely has picked up a ton,” Matthew Fisher, chief executive of Katana, told Reuters. The Wall Street Journal reported last month that traders were using Hyperliquid’s 24/7 oil futures when traditional commodity markets were closed, a sign the platform has already pushed beyond pure crypto bets. Reuters
But perps remain one of crypto’s riskiest products. Better Markets’ Ben Schiffrin told Reuters losses can “compound and compound,” and a tougher U.S. rule set on leverage or disclosures could still curb demand even as regulated venues narrow Hyperliquid’s lead. Reuters
That leaves Hyperliquid with wider distribution and a bigger target on its back. If U.S. venues can pair regulatory cover with deep liquidity, some of the trade that helped build Hyperliquid may start drifting onshore.
