Hyperliquid’s permissionless perps hit $5 billion daily volume as metals frenzy fuels record activity

Hyperliquid's HIP-3 permissionless perpetual markets achieved a record $5.2 billion in daily trading volume on February 5th, the highest since its October 2025 launch. TradeXYZ, the main market deployer, accounted for nearly 90% of this volume, with its Silver perpetuals alone generating $4.09 billion, or 68% of the total, as traders sought alternatives amid extreme volatility in physical metals. This surge followed gold breaking $5,000/oz and silver crossing $100, before both experienced sharp corrections. Despite the subsequent crash, the metals frenzy has shifted Hyperliquid's perception from a crypto-native platform to a "full asset trading layer," with gold and silver now ranking among its top five most-traded instruments, even reaching about 1% of COMEX's volume.

(Source：The Block)