Hyperliquid, driven by rising demand for its perpetual futures, is increasingly taking share from behemoths like Binance.
But perps have been an afterthought in America. That is about to change.
Now, Coinbase and Robinhood are bringing perpetuals onto U.S. shores.
However, success in this market is not as simple as it may seem, and copying Hyperliquid’s playbook is far from straightforward.
Here are some factors that will determine the success of perps in the U.S.
Hyperliquid may be banned in the U.S., but it’s clear Americans are interested in the platform.
According to data from SimilarWeb, looking at website traffic over the last 30 days ending June 20, 25% of its total traffic came from the U.S. That amounts to approximately 875,000 monthly visitors.
U.S. retail traders also have limited options to get leverage in crypto.
In fact, the new popular way for retail to do it is through treasury companies. Over 220 crypto treasury companies worldwide hold over $60 billion worth of crypto on their balance sheets.
With a couple of small exceptions, the vast majority of the treasury companies focus on major assets like Bitcoin, Ethereum, Solana, and XRP.
That’s where perpetuals come in, as they specialize in long-tail assets.
“Open interest in several long-tail tokens has shifted to Hyperliquid, suggesting traders view it as the venue of record for niche perp liquidity,” says Michael Zhao, research associate at Grayscale.
But the ultimate question of whether or not perpetual futures in the U.S. will succeed may come down to a couple of key factors, starting with the ultimate strength of Coinbase and Robinhood’s brands.
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