MetaMask Launches Perpetuals Trading, Plans Polymarket Integration

MetaMask launched its new perpetuals trading service today, a mobile-focused platform powered by Hyperliquid. It offers up to 40x leverage on over 150 EVM-compatible assets.

This is part of a broader trend to pivot the firm from a wallet service to a broader trading/investment hub. It will integrate with Polymarket to provide prediction markets and other services, but its infrastructure might not be up to the challenge.

MetaMask Pivots with Perpetuals

MetaMask, a crypto wallet platform, has been pursuing ambitious expansion goals over the last few months, launching new partnerships to fulfill its aims.

Today, the company further continued this long-term strategy, launching perpetuals trading on MetaMask’s mobile app:

The new perpetuals service, MetaMask Perps, is powered by Hyperliquid. It offers contracts based on over 150 tokens, including ETH, BTC, LINEA, XPL, and BONK. EVM compatibility is a general rule of thumb for determining whether an asset is eligible.

According to MetaMask’s press release, the perpetuals contracts are just one component of the firm’s near-term goals. It further confirmed that it plans to launch its own token soon, and the company will launch its new Rewards program in October despite community backlash.

Together, the perpetuals trading and other new products will “establish MetaMask as an all-in-one self-custodial trading and investment hub for global finance”, if everything goes according to plan.

That is to say, these features are part of a broader pivot, reducing MetaMask’s wallet capabilities as the business’s core focus.

Polymarket Integration and Safety Concerns

As one of these new services, the company plans to partner with Polymarket, bringing prediction markets to its customers worldwide. These markets will include all the classic betting options on these services, like sports, politics, and token markets.

Still, this perpetuals trading idea has earned some backlash from MetaMask’s community. This mobile-first platform will offer incredibly risky trades, with up to 40x leverage, with an immense possibility for trader losses.

Is MetaMask’s infrastructure prepared to power these trades, when one technical setback could ruin its users?

In other words, these perpetuals could be the first step to revolutionizing MetaMask, but there are many unanswered questions. Although the firm wishes to become much more than a wallet app, its users still need to actually participate.

If controversies keep piling up, that could hinder on-chain activity.