Hyperliquid lists Useless Coin perps with up to 3x leverage

Hyperliquid, the Layer-1 blockchain and decentralized perpetual futures exchange, has listed perpetual futures contracts for Useless Coin ($USELESS) with a maximum leverage of 3x. The listing adds yet another meme token to a platform that already supports over 190 perp markets.

What we know about the listing

The new $USELESS perps went live on Hyperliquid with a 3x leverage cap, a notably conservative ceiling compared to what the platform offers for more established assets. For context, Hyperliquid allows up to 50x leverage on Bitcoin perpetuals, making the 3x limit a clear acknowledgment that trading a self-described useless token carries elevated risk.

$USELESS itself is a Solana SPL token that launched on May 10, 2025, with a total supply of 1 billion tokens allocated entirely to liquidity. The project’s entire pitch is its lack of a pitch. No roadmap. No ecosystem partnerships. No whitepaper. Just vibes, irony, and a $0.30 price tag as of the listing date.

That price point puts the token’s fully diluted valuation in the neighborhood of $300 million.

The meme coin derivatives market keeps growing

$USELESS perps were already trading on centralized platforms like Binance and Bybit before Hyperliquid’s listing, with varying leverage limits across venues. Aggregate open interest for $USELESS derivatives has exceeded $100 million across multiple trading platforms, and 24-hour trading volumes have reached into the hundreds of millions of dollars.

Hyperliquid’s decision to add the listing reflects the platform’s broader approach of responding to community demand. Since launching in 2023, Hyperliquid has processed trillions in cumulative transaction volume, establishing itself as one of the dominant venues for on-chain perpetual futures. The platform operates its own Layer-1 blockchain, purpose-built for order book trading at speeds that rival centralized exchanges.

Why meme coin perps matter more than you’d think

Perpetual futures serve a genuine function beyond speculation. They allow market makers and liquidity providers to hedge exposure. If you’re providing liquidity for $USELESS on a Solana DEX, being able to short the token via perps on Hyperliquid means you can remain market-neutral while still earning trading fees.

The 3x leverage cap is high enough to be useful for hedging and modest directional trades, but low enough to discourage extreme leveraged positions that tend to create violent liquidation events. Hyperliquid’s 190-plus perp markets already rival the selection available on major centralized platforms.

When a token has perps trading on multiple major venues with over $100 million in aggregate open interest, the infrastructure around meme tokens is starting to look increasingly permanent, regardless of whether any individual token survives long-term.

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