Hyperliquid's HIP-3 single-day trading volume surpasses $5 billion, with the precious metals surge boosting activity

PANews February 11 News, according to The Block, the permissionless perpetual contract market HIP-3 of the decentralized derivatives protocol Hyperliquid set a daily trading volume record of $5.2 billion on February 5, the highest level since its launch in October 2025. This trading volume was mainly contributed by the mainstream market provider TradeXYZ deployed on HIP-3, which accounts for nearly 90% of the trading share through precious metals, stock indices, and individual stock perpetual contracts. On February 5, TradeXYZ's silver contract had a daily trading volume of $40.9 billion, approximately 68% of the total HIP-3 trading volume that day, indicating that price fluctuations in precious metals are attracting traders to seek alternative assets outside cryptocurrencies.
The surge in HIP-3 trading volume began in the last week of January, when gold first broke through $5,000 per ounce and silver surpassed $100. However, both metals subsequently experienced historic corrections of about 20% and 30% within a single day. Before the price corrections, open interest in HIP-3 also hit a record of $1.06 billion, with 87% coming from TradeXYZ; currently, open interest is approximately $665 million, an 88% increase week-over-week.
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