Decentralized exchange Hyperliquid has introduced perpetual futures for the Solana-based Useless Coin (USELESS). The platform has set a maximum leverage of 3x for this asset, which is significantly lower than the 50x leverage available for Bitcoin on the same exchange.
Useless Coin launched on May 10, 2025, with a total supply of 1 billion tokens. At the time of the listing, the token was priced at $0.30, resulting in a fully diluted valuation of approximately $300 million. The project does not have a roadmap, whitepaper, or partnerships.
The listing on Hyperliquid follows the availability of USELESS derivatives on centralized platforms such as Binance and Bybit. Currently, the aggregate open interest for these derivatives across various trading venues exceeds $100 million, with daily trading volumes reaching hundreds of millions of dollars.
Hyperliquid, which operates on its own Layer-1 blockchain, currently supports over 190 perpetual markets. The exchange has processed trillions in cumulative transaction volume since its launch in 2023. The 3x leverage cap is intended to facilitate hedging for liquidity providers while mitigating the risk of large-scale liquidations.
