📝 Editor’s Note:
Welcome to OurNetwork's latest, part one of a two-part onchain dive into leading derivatives protocols.
In this issue, Nikita Ovchinnik is covering Hyperliquid's surge to $15B in open interest. Chris Grundy is covering the venerable dYdX, Shogun is covering GMX's post-vulnerability comeback, and Alexandra is covering Storm, which is making noise on the TON blockchain.
Let's get into it.
– ON Editorial Team
ON–359: Derivatives Part 1 📊
Hyperliquid | dYdX | GMX | Storm
Hyperliquid 🌊
👥 Nikita Ovchinnik | Website | Dashboard
📈 Hyperliquid is Scaling Fast with $15.3B Open Interest, $5.1B USDC Inflows, and a Phantom Wallet Integration Driving Retail Growth
Hyperliquid is emerging as the leading onchain perps venue, built on a custom Layer 1 with a centralized exchange-like UX. Open interest reached $15.3B in July and is up 369% year-to-date. Over $5.1B USDC has been bridged in, with inflows accelerating ahead of native USDC and CCTP V2 coming to the platform. The upgrade removes bridging friction and unlocks Circle Mint rails. Phantom Wallet also contributed $2.7B in volume and over 20k users, fueling both institutional and retail traction.
Phantom's in-app perps integration drove $2.66B in volume, $1.3M in fees, and 20,900 new users to Hyperliquid. That's with no bridging, no signups, just native access. The wallet has become a major source of first-time perps users, showing the impact of embedded UX.
