Bitso opens 200+ Hyperliquid perpetuals to 10M users

By Tom Whitfield

Bitso has opened access to more than 200 Hyperliquid perpetual futures markets through Bitso Alpha, extending the products to the Latin American exchange’s base of more than 10 million users. Hyperliquid’s Jan De Villiers, head of business development, announced the integration, which Bitso Alpha previously confirmed on November 9.

Orders entered on Bitso Alpha execute directly on Hyperliquid’s onchain derivatives infrastructure. Eligible customers can trade cryptocurrency, stock-index, commodity and forex perpetual contracts without leaving Bitso’s website.

What can customers trade?

Bitso Alpha now supports more than 200 perpetual markets spanning Bitcoin, Ethereum, equities, indices, gold, oil and foreign exchange. The catalog includes crypto and non-crypto contracts, while limits for individual contracts determine the maximum exposure available to each customer.

• Leverage reaches 50 times, although limits vary by contract.
• Customers can open long or short positions.
• Every contract settles in USDC.
• The interface accepts market and limit orders, stop-loss instructions and take-profit orders.

Bitso’s platform reaches more than 10 million customers across Latin America, including Mexico, Brazil, Argentina and Colombia. The integration brings Hyperliquid’s derivatives market inside an existing Bitso workflow, so customers do not need to move to a separate website or interface.

How does collateral and execution work?\n

All contracts settle in USDC, while customers connect self-custodial wallets to Hyperliquid and maintain control of their collateral. According to Bitso, users retain control of those funds, and the exchange neither holds the collateral nor acts as counterparty to the trades.

Operationally, Bitso contributes the customer interface and order controls, while Hyperliquid supplies the onchain execution infrastructure and liquidity. The arrangement lets Bitso widen its product offering while leaving collateral in customer-controlled wallets.

Alexandre Mehrdad, Bitso’s general manager, said: “The service combines Hyperliquid’s liquidity with Bitso’s existing trading tools.” He also said the company recorded customer interest during beta testing. Bitso did not disclose beta-user numbers, trading volumes or revenue figures.

How does the partnership fit Hyperliquid’s expansion?\n

Pump.fun introduced Hyperliquid-powered perpetual futures trading in October. The Bitso rollout follows that integration and gives customers another route into Hyperliquid markets through an established platform, extending distribution beyond standalone access to the protocol.

Intercontinental Exchange also plans to introduce US-regulated perpetual futures through Hyperliquid. ICE announced its proposed arrangement with Trade[XYZ] in October, and the plan remains subject to regulatory approval.

Hyperliquid Strategies has separately applied for futures commission merchant registration to support regulated derivatives trading in the United States. Its proposed services also remain contingent on approval, unlike Bitso’s live product, which is restricted to adults in supported jurisdictions.

What did the HYPE move indicate?\n

HYPE began the day under bearish pressure before finding support at $69. By press time, the token traded at $74.52, up over 6.5% after rebounding more than 4% from its daily low, alongside the Bitso distribution announcement. Bitcoin was falling toward $68,000 during a broader crypto-market decline. Neither company disclosed changes in Hyperliquid usage, volume or fees, so the token rebound did not establish a measurable operating effect.

What changes next?

Bitso’s rollout puts more than 200 contracts in front of a customer base exceeding 10 million, subject to local eligibility and jurisdictional limits. The next structural test for US access depends on regulatory approval for ICE’s Trade[XYZ] proposal and Hyperliquid Strategies’ futures commission merchant application; neither carried an announced deadline. Until those decisions arrive, regulated US perpetual futures through Hyperliquid remain contingent rather than operational.