How Silver Became an Unexpected Catalyst Behind Hyperliquid’s Price Surge
Hyperliquid's (HYPE) price surged, driven by massive trading volume in its Silver-USDC perpetual market following the HIP-3 upgrade.Summary
Hyperliquid (HYPE) has been the top daily gainer among large cryptocurrencies, surging over 22% to reach its highest price since early December, with trading volume increasing by 93% to over $800 million.
The primary catalyst for this price action is the massive trading activity in the Silver-USDC perpetual market on the platform, which recorded approximately $1.1 billion in 24-hour volume, making it the third most-traded asset.
This surge is linked to Hyperliquid Improvement Proposal 3 (HIP-3), activated in October 2025, which democratized perpetual futures market creation, allowing anyone to deploy markets by staking HYPE tokens. Silver has become the most active asset in these new HIP-3 markets. Fees generated from these markets are split, with 50% going to the protocol, which uses 97% of its revenue to buy back HYPE tokens, reducing circulating supply and supporting price appreciation. Analysts estimate HIP-3 fee generation could lead to significant upside for HYPE.
(Source：BeInCrypto)