$USELESS Perpetual Contracts Launch With 3x Leverage
Hyperliquid has launched perpetual contracts for $USELESS with a maximum leverage of 3x, significantly lower than the 50x cap offered on Bitcoin contracts on the same platform. This move is part of Hyperliquid's broader pattern of responding to community demand and adding new markets as trader interest grows around specific tokens.
$USELESS is a Solana-based token with no roadmap or whitepaper, but it has gained traction among traders due to its ironic nature. The token, which debuted on May 10, 2025, features a total supply of 1 billion tokens fully committed to liquidity. Despite its lack of fundamentals, $USELESS has built a significant derivatives market, with aggregate open interest exceeding $100 million across multiple platforms.
The launch of $USELESS perpetual contracts on Hyperliquid fits into the broader trend of altcoin rotation, where traders shift capital toward smaller tokens as momentum in major assets fluctuates. The 3x leverage cap on the new contract is designed to limit the risk associated with trading a meme token like $USELESS.