Hyperliquid’s User Market Volume Surpasses $5 Billion

Hyperliquid's daily trading volume hit a record $5.2 billion in early February.

In early February, the daily trading volume on the HIP-3 platform of Hyperliquid reached a record $5.2 billion.

TradeXYZ remains the key market provider, accounting for nearly 90% of the segment’s turnover. The main instruments are contracts for precious metals, stock indices, and shares.

Silver has been the growth driver: on February 5, futures for this asset from TradeXYZ accounted for $4.09 billion (about 68% of all HIP-3 activity). The high volatility of the metal attracted traders seeking alternatives to cryptocurrencies.

At the end of January, the open interest volume for HIP-3 reached a historic high of $1.06 billion. TradeXYZ accounted for 87% of the liquidity.

As of February 10, the figure stands at around ~$633 million. Despite the decline, the monthly growth of the metric remains at 88%.

Despite the correction, the excitement around precious metals has transformed the perception of Hyperliquid. The project has outgrown the “crypto-perps” niche, becoming a universal platform: gold and silver have secured spots in the top five trading instruments, analysts at The Block noted. 

The success is confirmed by the numbers. The trading volume of metals on Hyperliquid reached approximately 1% of the figures of COMEX.

The leading perp-DEX confidently maintains its leadership in the segment, significantly outpacing competitors like edgeX, Aster, and Lighter:

Amid the growth of fundamental indicators, the native token HYPE has risen by 16.8% over the past 30 days, despite a deep correction of “blue chips.” The increase in the coin’s price was also aided by the implementation of the HIP-4 standard, which involves the launch of prediction markets.  

Earlier in February, Hyperliquid was integrated into the prime brokerage platform Ripple Prime.