OneKey x Hydromancer

What is OneKey

OneKey makes hardware wallets and the OneKey App for self-custody. Founded in 2019, it keeps its firmware and app open source on GitHub, and it's backed by YZi Labs (formerly Binance Labs) and Coinbase Ventures.

In June 2025, it closed a Series B at a $150 million valuation, led by YZi Labs. Binance, OKX, Bybit and Bitget all co-brand its hardware wallets.

OneKey Passes Its First Year of Integrating Hyperliquid Perps

On 22 August 2025, OneKey App 5.12.0 brought OneKey Perps, perpetual futures trading powered by Hyperliquid, into the OneKey desktop app.

One year later, the numbers show how far it has come. In its first year, from 20 August 2025 to 19 August 2026, OneKey users traded $2.37 billion on Hyperliquid over 480,911 fills. 2,223 wallets placed their first OneKey trade, and there was trading on all 365 days. By 2 November 2026, total volume reached $3.27 billion from 2,858 traders.

All of it happens without leaving the wallet. There’s no sign-up or KYC: OneKey hardware wallet users approve an agent wallet on their device, then place orders without confirming each one on the device.

Self-custody meets onchain perps

The combined product plays to each side's strengths:

• OneKey handles what a wallet company does best: keys, signing and a simple app. Keys stay with the user, and hardware-wallet users approve on their own device.
• Hyperliquid handles what onchain markets do best: deep, transparent liquidity, margining, and a range of markets, including stocks and commodities through HIP-3.

A trader can go long BTC or short gold from the same app that holds their crypto, without handing their funds to an exchange.

How OneKey Uses Hydromancer

OneKey uses the Hydromancer API for two parts of OneKey Perps:

• Fill and liquidation notifications, sent to traders in real time
• Data for OneKey's Perps referral rebates

Market data, positions and account history in the app come straight from Hyperliquid. Orders also go straight to Hyperliquid, signed by the user: hardware-wallet users authorize an agent wallet from their device, which signs subsequent orders and is renewed when that authorization expires.

A year at scale

The milestones came faster as the year went on:

In the first year:

• 275 days were above $1 million in volume
• 76 days were above $10 million
• 13 days were above $25 million

These overlap: a $25 million day also counts as a $10 million and a $1 million day. Average daily volume was $6.49 million.

The first billion took a little over seven months. The second took three months, and the third a little over three.

Building into a $365 million quarter

The first weeks were small. In the first month an average of five wallets traded each day, for about $106,000 a day.

That changed in late 2025:

• October 2025: $29.6 million in volume
• November 2025: $92.3 million. On 27 November, OneKey had its first day above $10 million, $15.3 million from 55 traders, and passed $100 million in total volume.
• December 2025: $243.0 million

Over the full fourth quarter of 2025, OneKey users traded $365.0 million, and 482 new wallets made their first trade.

The product kept moving through those months. OneKey App 5.16.0, on 31 October, improved the Perps screen with clearer PnL, the order book, liquidation prices and deposit and withdrawal history.

On 21 November, OneKey added share cards, so traders could post a position straight to social media. By the end of December, Perps covered more than 100 assets with leverage up to 40x.

A record start to 2026

On 13 January 2026, OneKey launched HIP-3 markets in Perps. HIP-3 lets other teams list their own markets on Hyperliquid, which is how stocks, precious metals and currencies came to the app: "From crypto to stocks, all in one place."

January set a new monthly record of $329.3 million, which held until May.

OneKey's largest single day so far was 29 January 2026: $50.40 million from 75 traders over 2,176 fills, or more than $23,000 per fill on average. A week earlier, on 21 January, it had $42.38 million.

The first quarter of 2026 finished at $716.5 million, about double the quarter before. On 5 February, OneKey had its first day with 100 traders, and on 19 February OneKey App 6.0 went live with "a cleaner interface, more powerful Perps".

Growth through 2026

March brought 339 new traders, the most of any month, and average daily traders doubled from 56 to 112, staying above 110 since. Volume held above $900 million a quarter through the middle of the year, and September 2026 was OneKey's biggest month so far at $403.6 million, with a record 236 wallets trading on 21 September.

OneKey users have traded 411 markets. BTC and ETH make up almost three-quarters of the volume, but stocks and commodities are growing: $474.0 million, or 14.5%, went through Trade[XYZ]'s HIP-3 markets, led by crude oil, Micron, silver, Nvidia and gold.

OneKey keeps adding more, such as SHEIN pre-IPO perps, new HIP-3 markets through Entropy and six new markets in September.

In traders' own words

A few traders shared how they use OneKey Perps:

• @revolut20, May 2026: "everything is inside OneKey with no jumping across random DApps. Connected wallet and started trading in seconds."
• @Obesepotato_hl, June 2026: "you can trade through the app on Hyperliquid while keeping your funds secured with a hardware wallet"
• @Jagabenz001, September 2026: "Still learning Perps myself, but OneKey is making the experience pretty beginner-friendly."

What's ahead

At the end of 2025, OneKey wrote that launching Perps moved it "closer to being a single wallet that covers most on-chain needs," and that its original belief hasn't changed: "everyone should fully control their own assets."

A year in, OneKey users have traded $3.27 billion on Hyperliquid, from a hardware wallet company that started out keeping crypto offline.