hyperliquid

According to the terms proposed by Hayes, the bet will be in effect from February 10 at 00:00 Coordinated Universal Time (UTC) until July 31, 2026, at 00:00 UTC. During this time, $HYPE must outperform any altcoin with a market capitalization above $1 billion on the CoinGecko platform, Hayes announced. Samani is offered to choose the token for comparison himself. The loser of the dispute will have to donate $100,000 to a charity chosen by the winner, suggested the co-founder of BitMEX.

Author of the news: Crypto Emergency
Co-founder of BitMEX Arthur Hayes proposed to co-founder of Multicoin Capital Kyle Samani to make a bet of $100,000 after Samani sharply criticized the Hyperliquid project and its native token HYPE. The dispute concerns whether HYPE can show better returns than any altcoin with a market capitalization above $1 billion chosen by Samani.

📅 February 10 - Global / DeFi | In an unexpected turn for the crypto ecosystem, Hyperliquid stopped being seen only as a digital derivatives exchange and was transformed, in a matter of days, into a true multi-asset trading layer. The trigger was not bitcoin or ethereum, but the historical volatility of gold and silver, which led traders around the world to seek quick exposure to precious metals through permissionless perpetual markets.

📖TradeXYZ, the main market deployer in HIP-3, which concentrates close to 90% of the total volume. Silver perpetuals alone generated $4.09 billion that day, equivalent to 68% of all activity on the protocol.
The reason: while metals were breaking records - gold exceeding $5,000 per ounce and silver crossing $100 - traders found in Hyperliquid an agile way to speculate outside traditional markets.
But the euphoria was short-lived. Days later, both metals suffered historical corrections of 20% and 30% in a single day, shaking leveraged positions and reducing open interest from a record of $1,060 million to a current $665 million, still 88% above the previous month. Before the crash, TradeXYZ accounted for 87% of total OI.
Despite the blow, the structural effect is already marked. Gold and silver became among the five most traded instruments on Hyperliquid, changing the narrative of the protocol towards an environment where not only cryptoassets are traded, but also indices, stocks and commodities.
A fact that illustrates the magnitude of the phenomenon: the volume in the gold and silver markets in HIP-3 came to represent close to 1% of the volume of COMEX, the largest metal derivatives exchange in the world. For a DeFi protocol that is months old, the comparison is compelling.

Topic Opinion:
The border between DeFi and traditional financial markets is blurring at a rapid pace. The demand is no longer just crypto; It is access, speed and freedom to operate any asset.
💬 Do you think on-chain derivatives can compete with traditional exchanges like COMEX?

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