MetaMask Unleashes “CEX Killer” With New In-Wallet Perps Trading

Core Insights - MetaMask has launched perpetual futures trading within its mobile app, challenging centralized exchanges [1][2] - The new feature, "MetaMask Perps," allows trading of over 150 tokens with up to 40x leverage while maintaining control of private keys [1][3] Product Features - Users can open long or short positions on popular tokens like Bitcoin and Ethereum without leaving the app [2] - Funding can be done using any EVM-compatible token, which is automatically converted to USDC for trading without additional swap fees [2][3] - The mobile interface includes instant trade execution, live market charts, and risk management tools such as stop-loss and limit orders [3][4] Trading Performance - Trades settle within seconds, enabling users to react to price movements quickly [4] - Users must update to MetaMask Mobile version 7.56 or later to access the new "Perps" tab [4] Market Context - The launch aligns with increasing demand for decentralized perpetuals, with trading volumes exceeding $1.14 trillion in September [5] - Hyperliquid, the platform powering MetaMask's new feature, recorded over $59.5 billion in trading volume on September 25 [5] Competitive Landscape - MetaMask's entry into the derivatives market comes amid rising competition, with Phantom Wallet and Kraken also launching similar features [6][7]