TechFlow News, February 11: According to The Block, Hyperliquid’s HIP-3 permissionless perpetual markets achieved a new single-day trading volume record of $5.2 billion on February 5—the strongest performance since their launch in October 2025.
Trading in precious metals served as the primary growth driver, with TradeXYZ’s silver perpetual contracts reaching $4.09 billion in single-day trading volume—accounting for 68% of the total.
Earlier, at the end of January, HIP-3 trading volume began surging as gold broke above $5,000 per ounce and silver surpassed $100 per ounce for the first time. Although both metals subsequently corrected sharply—by approximately 20% and 30%, respectively—the momentum persisted.
Currently, HIP-3’s total open interest stands at approximately $665 million, up 88% month-on-month.
Analysis indicates that trading volumes for gold and silver on the HIP-3 platform have reached roughly 1% of those on COMEX—the world’s largest precious metals derivatives exchange—marking Hyperliquid’s evolution from a crypto-native platform into a full-asset trading layer.
