Opinion: Hyperliquid Becomes DeFi's "Liquidity Base," Wallets and Exchanges Connect to Its Perpetual Contract Order Book

On July 28, according to CoinDesk, decentralized perpetual contract platform Hyperliquid is providing unified liquidity infrastructure for wallets and exchanges through a shared order book and the Ethereum-compatible HyperEVM. MetaMask will integrate with Hyperliquid starting October 2025, allowing users to trade perpetual contracts directly within the wallet and charging a 0.1% builder fee on notional trading volume. South African compliant exchange VALR has abandoned building its own perpetual contract order book and is instead integrating with Hyperliquid to address liquidity shortages. Through its "builder code" model, Hyperliquid allows applications to outsource underlying functions such as matching, oracles, and margin. Developers have generated approximately $90 million in revenue, and institutions like Hyperion DeFi are issuing investment products around the native token HYPE.