What happened?
MetaMask rolled out “Perps” inside its mobile wallet, letting users trade perpetual futures via a Hyperliquid integration. Users can trade 150+ tokens with up to 40x leverage, fund positions with any EVM token (auto-converted to USDC), and use instant execution plus risk tools like stop-loss and take-profit while keeping self-custody. The launch (MetaMask Mobile v7.56+) follows other big moves from MetaMask like its mUSD stablecoin, social login, and hints of a MASK token.
Who does this affect?
Millions of MetaMask users and mobile crypto holders who want to trade derivatives without leaving their wallet are the first group impacted. Centralized exchanges (Binance, OKX, Kraken) and other DeFi perp platforms now face direct competition for perpetuals volume as wallets become trading venues. Builders, liquidity providers, and market makers (including Hyperliquid) will see more on-chain flow and user onboarding driven by easier access and new MetaMask products.
Why does this matter?
This blurs the line between wallets and exchanges, potentially shifting significant perp trading volume from custodial CEXs to self-custodial DeFi rails. Greater on-chain perp activity could change liquidity, fees, and market depth dynamics while accelerating mainstream adoption of decentralized derivatives. At the same time, higher retail leverage inside wallets raises risk and regulatory scrutiny, and any MASK token or rewards could rapidly amplify trading and liquidity shifts.