hyperliquid

Hyperliquid has reached a new milestone as its permissionless perpetual markets under the HIP-3 framework recorded $5.2 billion in daily trading volume on February 5, marking the highest single-day activity since the protocol’s launch in October 2025.
The surge was largely driven by heightened volatility in precious metals markets, particularly gold and silver, which attracted significant capital flows into on-chain perpetual products.
TradeXYZ Dominates HIP-3 Activity
TradeXYZ, the primary market deployer on HIP-3, accounted for nearly 90% of total trading volume, with strong participation across perpetual contracts tied to precious metals, stock indices, and individual equities.
Notably, the Silver perpetual contract alone generated $4.09 billion in volume on February 5, representing approximately 68% of all HIP-3 activity that day. The sharp price swings in silver appeared to fuel speculative interest, as traders sought exposure beyond traditional crypto assets.
This shift highlights how decentralized derivatives platforms are increasingly capturing demand tied to macro-driven asset classes.
Precious Metals Rally and Sharp Correction
The spike in HIP-3 trading volume began in the final week of January, when gold surged above $5,000 per ounce for the first time, and silver briefly reached $100 per ounce.
However, the rally was followed by a rare and aggressive correction. Within a single day, gold declined by roughly 20%, while silver dropped nearly 30%, triggering elevated volatility and heightened derivatives activity.
Open interest (OI) on HIP-3 climbed to an all-time high of $1.06 billion prior to the correction, with TradeXYZ representing about 87% of that figure. Currently, total open interest stands near $665 million, still up approximately 88% compared to the previous month.
The data suggests that while leverage was reduced following the pullback, overall participation remains significantly elevated relative to earlier periods.
From Crypto-Native to Multi-Asset Trading Layer
Despite the price correction in metals, the recent trading surge has reshaped perceptions of Hyperliquid’s positioning.
Initially recognized primarily as a crypto-native perpetual trading platform, Hyperliquid is increasingly being viewed as a broader multi-asset trading layer. Gold and silver contracts have entered the top five most traded instruments on the platform, signaling diversification beyond digital assets.
On-chain analysis indicates that gold and silver perpetual volume on HIP-3 has reached approximately 1% of COMEX volume, the world’s largest traditional metals derivatives exchange. While still relatively small compared to established legacy markets, this comparison underscores the growing relevance of decentralized derivatives infrastructure.
Structural Implications
The HIP-3 volume milestone reflects more than short-term speculation. It demonstrates how permissionless, on-chain perpetual markets can rapidly scale in response to macro volatility.
As traditional asset classes experience sharp price movements, decentralized platforms may continue to capture liquidity from traders seeking 24/7 access, composability, and transparent settlement mechanisms.
Whether this expansion represents a sustained structural shift or a volatility-driven spike remains to be seen. However, the data suggests that Hyperliquid’s ecosystem is evolving beyond purely crypto exposure toward broader financial market participation.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial or investment advice. Readers should conduct their own research before making financial decisions.
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