The surging activity in silver and tokenized markets has driven more than $1 billion in daily volume on the HIP-3 platform.
Hyperliquid’s native token HYPE rebounded sharply on Tuesday, Jan. 27, as trading activity across the decentralized perpetual exchange’s ecosystem accelerated, driven by record volumes and open interest on TradeXYZ, a permissionless markets provider focused on real-world assets like stocks and commodities.
HYPE climbed more than 24% on the day and is trading at around $27.90 at the time of publishing, according to CoinGecko.
The rally came as onchain derivatives activity picked up across Hyperliquid, particularly in tokenized equity and commodity markets. TradeXYZ, which runs on Hyperliquid’s HIP-3 framework, crossed $1 billion in 24-hour trading volume on Monday and reached a new all-time high of about $790 million in open interest, up around 200% over the past month, The Defiant previously reported.
A lot of this recent activity was driven by silver perpetual contracts, which recorded a spike in volume and liquidations as precious metals continue to rally. On Tuesday, the SILVER-USDC market on TradeXYZ recorded more than $1.3 billion in 24-hour trading volume and roughly $142 million in open interest, according to onchain data.
Spot silver is currently trading around $106.89, up about 12% over the past week, after recently breaking above $100 for the first time.
The move in HYPE also underscores growing demand for decentralized perpetuals, which allow traders to access traditional markets around the clock. Unlike centralized exchanges (CEXs), platforms built on Hyperliquid let users trade products onchain without relying on market hours or intermediaries.
Hyperliquid remains one of the most active onchain perpetuals platforms in crypto. The protocol in recent months introduced Growth Mode, an upgrade designed to lower trading costs and attract liquidity to permissionless perpetuals launched under its HIP-3 framework. As previously reported by The Defiant, HIP-3 allows anyone staking 500,000 HYPE tokens to launch their own perpetual futures markets on Hyperliquid.