Speculative activity in metals has triggered a historic record of volumes on Hyperliquid HIP-3

On February 5th, the decentralized derivatives protocol Hyperliquid set a new daily trading volume record on the HIP-3 platform, reaching $5.2 billion since its launch in October 2025. According to The Block’s analysis, this volatility spike was primarily triggered by activity from major liquidity provider TradeXYZ, which accounted for approximately 90% of the total turnover through perpetual contracts on securities and alternative assets.

Trading Dynamics: Metals as a Volume Driver

The most influential factor behind this record was massive trading of silver contracts. TradeXYZ’s silver deals reached $40.9 billion in daily volume, representing 68% of the total platform volume on that day. These figures demonstrate the significant interest in traditional precious assets within derivatives trading.

Why Metals Attract Derivative Traders

The engagement of traders in metal contracts occurs amid rising price volatility in precious resources. Unlike pure crypto speculation, metals offer a diversified alternative for traders seeking exposure to various markets beyond the traditional cryptocurrency space. This trend indicates the evolution of derivative platforms toward expanding asset options for institutional and retail participants.

HIP-3 continues to position itself as a key player in the decentralized derivatives ecosystem, offering innovative solutions for trading alternative assets outside of traditional crypto assets.