MetaMask and Infinex have joined forces with Hyperliquid, a leading decentralized derivatives platform, to boost their services in the burgeoning perpetual futures market, vying for market dominance against centralized exchanges.

MetaMask’s integration of Hyperliquid, which became operational recently, enables users to engage directly in decentralized perpetual swaps right through the MetaMask wallet. This significant advancement reinforces MetaMask’s aspiration to evolve into a comprehensive self-custodial trading platform, targeting the market share of centralized trading platforms.

Gal Eldar, the global product lead for MetaMask, stated, >”The opportunity is enormous. And with these barriers falling away, the timing couldn’t be better for MetaMask to bring a one-tap, onchain trading experience to our entire user base.”

Recently, Hyperliquid was also incorporated into Infinex for beta testing, achieving over $100 million in trading volume within its first four weeks before it was made available to retail users last week.

Record Volume in Decentralized Perp Market

The popularity of crypto perps is climbing, earning a staggering $772 billion in trading volume in September alone, shattering previous records with $59.5 billion documented on September 25, according to DefiLlama. Hyperliquid currently leads the decentralized perps market, followed closely by Aster and Lighter.

Infinex’s Successful Pre-Launch

Kain Warwick, the founder of Infinex, noted that their platform secured over $100 million during the pre-launch stage of the Hyperliquid integration, primarily from early backers and select traders.

Enhanced User Experience for MetaMask Users

Eldar admitted that using on-chain perp platforms has often proven daunting for even seasoned traders. He described the user experience as overly complex, which can discourage many from participating. He stated,

“Users show intent, but they give up along the way because the process is anything but simple.”

Centralized Exchanges Still Hold the Upper Hand

Despite the advancements in decentralized platforms, centralized exchanges like Binance continue to dominate the derivatives market, with Binance and Bybit reporting $93.4 billion and $31.9 billion respectively within a 24-hour period, while Hyperliquid managed $10.3 billion in the same timeframe.

New Loyalty Program from MetaMask

Additionally, MetaMask plans to launch a ‘loyalty engine’ that rewards users for their participation in on-chain activities, including swaps and perp trades. Users can accumulate points to access tiered rewards, with significant incentives included in MetaMask’s first season, featuring $30 million worth of tokens among other benefits.

This news signals a pivotal shift in the crypto trading landscape, as decentralized platforms continue to innovate and tackle the challenges presented by traditional centralized exchanges.