MetaMask allows direct access to perpetual contracts on mobile, featuring over 150+ crypto assets along with US stocks and various equity targets. Users can also use any EVM asset to instantly swap for USDC as margin, essentially upgrading "wallet = entrance" to "wallet = fully functional trading terminal".
There are a few points worth noting:
For users: As long as you have MetaMask, you can open multiple longs and shorts on your phone with up to 40x leverage, eliminating the need to transfer assets back and forth to access CEX or additional dApps, bringing the experience much closer to centralized exchanges.
For the industry: Hyperliquid ($HYPE ) serves as the underlying layer, while MetaMask acts as the frontend and traffic entry point, effectively connecting one of the largest profit pools in derivatives directly to wallets, representing a direct attack on the CEX business model.
Of course, with perpetual contracts and high leverage moving to the "wallet layer", risk education and compliance boundaries will become even more critical: this initial batch has directly excluded the United States, the United Kingdom, Belgium, Ontario, Canada, and sanctioned countries, indicating that mainstream wallets, while absorbing CEX functionalities, will increasingly resemble "semi-financial institutions" that need to embed risk control and compliance boundaries within product design.
