Cryptocurrency derivatives linked to traditional assets explode, Hyperliquid sets a new trading volume record

Trading activity in cryptocurrency derivatives linked to traditional assets is increasing significantly. According to data from Hydromancer, the perpetual contract tied to silver on the Hyperliquid platform has reached a total cumulative trading volume of $28.28 billion. Meanwhile, the perpetual contract based on oil prices has recorded nearly $400 million in volume since its launch in January this year.

Karim Dandashy, an OTC trader at Flowdesk, said that Hyperliquid is acting as a "price discovery" hub during weekends—when traditional markets are closed. Notably, the open interest for futures contracts linked to traditional assets has also reached record highs, reflecting growing hedging and speculative demand from investors.