Hyperliquid’s permissionless perps hit $5 billion daily volume as metals frenzy fuels record activity

Hyperliquid's HIP-3 permissionless perpetual markets recorded $5.2 billion in daily trading volume on Feb. 5. This was the protocol’s highest single-day figure since launching in October 2025.

TradeXYZ, the dominant market deployer on HIP-3, continues to capture nearly 90% of all volume through its perpetual contracts on precious metals, equity indices, and individual stocks. TradeXYZ’s Silver perps alone generated $4.09 billion in trading volume on Feb. 5, roughly 68% of total HIP-3 activity that day, as the commodity's price volatility attracted traders seeking alternatives to crypto.

The surge in HIP-3 volumes initially occurred in the last week of January, when gold broke $5,000 per ounce for the first time and silver crossed $100. In a twist of fate, both metals experienced a historically sharp correction just days later, falling by ~20% and 30% in a single day.

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Open interest (OI) on HIP-3 also reached a record $1.06 billion prior to the crash, with TradeXYZ making up 87% of it. HIP-3 OI currently stands at around $665 million, up 88% month over month.

Despite the correction, the bright side is that the precious metals frenzy has transformed Hyperliquid's perception from a crypto-native perpetuals platform into what can be considered a "full asset trading layer" where silver and gold now rank among the top five most-traded instruments.

Further testament to this comes from an analysis of how volume traded on HIP-3's gold and silver markets had reached approximately 1% of COMEX's volume, the world's largest derivatives exchange for metals.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.