Hyperliquid Launches Shared Liquidity Model; MetaMask, VALR Integrate Perpetual Order Book

According to CoinDesk, Hyperliquid has emerged as a unified liquidity infrastructure for wallets and exchanges on July 28 through its shared order book model and Ethereum-compatible HyperEVM. MetaMask integrated the platform in October 2025, enabling direct perpetual contract trading within the wallet, and charges a 0.1% builder fee on notional trading volume. South African exchange VALR discontinued its own perpetual order book development to access Hyperliquid's liquidity instead.

The platform's "builder code" model allows applications to outsource matching, oracle, and margin functions. Developers have generated approximately $90 million in revenue through the model, while institutions like Hyperion DeFi have launched investment products based on native token HYPE.