OpenSea launches perpetual contracts via Hyperliquid

OpenSea, one of the most well-known NFT platforms in the world, has announced the arrival of perpetual contracts on its platform. Product Marketing Lead Zack Brenner shared the news on X and confirmed that the service runs on Hyperliquid via so-called builder codes. The Hyperliquid price currently stands at $70.81, a decline of 2.0% over the past 24 hours.

Hyperliquid is available on Bitvavo and Bybit.

OpenSea wants to offer early access to perps

Zack Brenner asked on X who wants early access to perpetual contracts on OpenSea. When a user then asked whether the service is powered by Hyperliquid, Brenner replied curtly with “yes!”, thereby confirming the collaboration between the NFT platform and the Hyperliquid exchange.

Hyperliquid works with so-called builder codes, a system that allows external platforms to use Hyperliquid’s infrastructure for their own services. Previously, Phantom earned over $20 million via the same Hyperliquid builder programme, showing that the technology is gaining increasing traction in the market.

OpenSea remains a major player despite competition

OpenSea currently ranks third in monthly NFT trading volume, with a market share of 19.9% according to the latest marketplace ranking from CoinGecko. Despite increasing competition, the platform remains one of the most recognisable names in the NFT world.

The move into perpetual contracts is a notable expansion of its offering. While OpenSea has so far focused purely on NFT trading, it is now entering a market traditionally dominated by crypto exchanges. Whether this becomes a success depends in part on how attractive the early access is for users and how smoothly the integration with Hyperliquid proceeds. Hyperliquid itself has been in the news more often recently, including when a trader lost $42 million in profit from a short position on the platform.