Leaked code shows Metamask eyeing in-wallet perps via Hyperliquid

MetaMask is preparing to embed perpetual futures trading into its interface through an integration with Hyperliquid, according to newly surfaced code leaks on social media.

Updates on MetaMask’s public GitHub repository revealed a dedicated “Perps” tab and deposit flows for USDC, signaling the addition of leveraged trading features typically found on centralized exchanges.

The new functionality would let users open and manage perpetual positions via Hyperliquid without ever leaving the wallet.

Potential rollout

The code includes details such as minimum deposit thresholds, gas fee previews, slippage checks, and confirmation messages.

Testing notes describe the ability to start deposits inside MetaMask and receive real-time status updates until settlement. While no formal launch has been announced, developer comments indicate the feature could go live within weeks.

Many in the community expect MetaMask may unveil the integration at Token2049 in Singapore, where Hyperliquid is scheduled to host an event.

Expanding market share

Hyperliquid has quickly become a heavyweight in derivatives since its launch last year.

According to DefiLlama data, the platform recorded $383 billion in monthly trading volume and $106 million in revenue in August, a 23% increase from the prior month. Its annualized revenue now exceeds $1.16 billion, with total perpetuals trading surpassing $2.5 trillion.

Built on its own Layer 1 blockchain, Hyperliquid’s infrastructure claims capacity for more than 200,000 orders per second. The system features gas-free transactions and fully on-chain settlement, designed to offer centralized exchange-level performance while retaining transparency.

The decentralized perpetuals exchange has also cultivated institutional ties, including custody services with Anchorage Digital and a partnership with Circle to deploy the USDC stablecoin natively on the network.

Hyperliquid has used lower fees and automation to rapidly expand its market presence. As of September, it controls an estimated 70% share of decentralized perpetuals.

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